Low mortgage interest rates, pandemic-related stimulus checks, and an increased demand for work-at-home space in the suburbs have supported a boom in housing demand over the past couple of years. (Check the mortgage rate in America every year since 1972.)
Now that demand appears to be subsiding, in part because of rising interest rates, home foreclosures seem to be returning to pre-pandemic levels, aided by the end of state and federal pandemic-era foreclosure moratoriums.
To determine the big cities or metropolitan statistical areas (a measure used by the U.S. Census to define larger urban zones that in some cases overlap state lines) whose foreclosure rates are above the national average, 24/7 Wall St. reviewed the Midyear 2022 U.S. Foreclosure Market Report published by ATTOM, a curator of real estate data. (Median home value and MSA populations are five-year data from the U.S. Census Bureau’s American Community Survey for 2020.
According to the report, nationwide foreclosure filings were up 153% in the first half of the year compared to the same period last year, though they are still slightly lower than they were in the first half of 2020.
About one in every 854 properties was in foreclosure in the first six months of 2022, with some states reporting rates as high as one in 354 (Illinois) and one in 410 (New Jersey). These are the states with the most foreclosures so far this year.
The rates in two MSAs were higher, led by the Cleveland-Elyria metro area in Ohio with one in 250 properties in foreclosure, followed by the Chicago-Naperville-Elgin area of Illinois-Indiana-Wisconsin with one in 336 properties. California and Florida each have four big cities or MSAs among the 30 with the highest foreclosure rates in the nation.
Click here to see the big cities with the most foreclosures so far this year.
Population size is widely distributed among these high-foreclosure areas. Eight cities or MSAs on this list have populations below two million, including Fresno with a population of about a million residents, while nine have populations above four million, including New York and Los Angeles, the country’s two largest metro areas.
Ohio’s Columbus and Cleveland-Elyria MSAs have the lowest median home prices of the places on this list. The median home in these areas is priced below $160,000. Eleven big cities on this list have median home prices below $200,000. (These are the cities with the lowest housing costs.)
Source: DutcherAerials / E+ via Getty Images
30. Los Angeles-Long Beach-Anaheim, CA
> Foreclosure rate: 1/988 housing units
> Properties with foreclosure filing: 4,781 – #5 highest
> Housing units: 4,721,766 – #2 highest
> Median home value: $641,300 – #6 highest
> Population: 13,200,998
[in-text-ad]
Source: Gian Lorenzo Ferretti Photography / E+ via Getty Images
29. Minneapolis-St. Paul-Bloomington, MN-WI
> Foreclosure rate: 1/932 housing units
> Properties with foreclosure filing: 1,621 – #18 highest
> Housing units: 1,510,283 – #16 highest
> Median home value: $271,600 – #47 highest
> Population: 3,705,097
Source: DenisTangneyJr / iStock via Getty Images
28. Charlotte-Concord-Gastonia, NC-SC
> Foreclosure rate: 1/918 housing units
> Properties with foreclosure filing: 1,196 – #25 highest
> Housing units: 1,098,329 – #23 highest
> Median home value: $216,700 – #86 highest
> Population: 2,638,274
Source: Sean Pavone / iStock via Getty Images
27. Tucson, AZ
> Foreclosure rate: 1/902 housing units
> Properties with foreclosure filing: 521 – #53 highest
> Housing units: 470,132 – #51 highest
> Median home value: $199,400 – #99 highest
> Population: 1,043,433
[in-text-ad-2]
Source: Kruck20 / iStock via Getty Images
26. Baltimore-Columbia-Towson, MD
> Foreclosure rate: 1/832 housing units
> Properties with foreclosure filing: 1,430 – #22 highest
> Housing units: 1,190,095 – #21 highest
> Median home value: $307,200 – #33 highest
> Population: 2,844,510
Source: SeanPavonePhoto / iStock via Getty Images
25. Hartford-West Hartford-East Hartford, CT
> Foreclosure rate: 1/796 housing units
> Properties with foreclosure filing: 656 – #44 highest
> Housing units: 522,472 – #48 highest
> Median home value: $242,900 – #67 highest
> Population: 1,213,531
[in-text-ad]
Source: Sean Pavone / iStock via Getty Images
24. Houston-The Woodlands-Sugar Land, TX
> Foreclosure rate: 1/794 housing units
> Properties with foreclosure filing: 3,450 – #8 highest
> Housing units: 2,740,182 – #5 highest
> Median home value: $208,100 – #92 highest
> Population: 7,122,240
Source: Sean Pavone / iStock via Getty Images
23. Columbus, OH
> Foreclosure rate: 1/793 housing units
> Properties with foreclosure filing: 1,137 – #27 highest
> Housing units: 902,082 – #33 highest
> Median home value: $146,300 – #170 highest
> Population: 2,138,926
Source: Brandon Williams / iStock via Getty Images
22. Sacramento-Roseville-Arden-Arcade, CA
> Foreclosure rate: 1/789 housing units
> Properties with foreclosure filing: 1,183 – #26 highest
> Housing units: 933,562 – #31 highest
> Median home value: $373,000 – #24 highest
> Population: 2,397,382
[in-text-ad-2]
Source: Sean Pavone / iStock via Getty Images
21. Birmingham-Hoover, AL
> Foreclosure rate: 1/782 housing units
> Properties with foreclosure filing: 662 – #43 highest
> Housing units: 517,799 – #49 highest
> Median home value: $171,400 – #133 highest
> Population: 1,180,631
Source: Kruck20 / iStock via Getty Images
20. Atlanta-Sandy Springs-Roswell, GA
> Foreclosure rate: 1/765 housing units
> Properties with foreclosure filing: 3,156 – #9 highest
> Housing units: 2,414,292 – #9 highest
> Median home value: $233,700 – #72 highest
> Population: 6,089,815
[in-text-ad]
Source: Eloi_Omella / iStock via Getty Images
19. New York-Newark-Jersey City, NY-NJ-PA
> Foreclosure rate: 1/758 housing units
> Properties with foreclosure filing: 10,887 – #2 highest
> Housing units: 8,251,272 – #1 highest
> Median home value: $465,400 – #15 highest
> Population: 20,837,691
24/7 Wall St.
Source: ABEMOS / iStock via Getty Images
18. Virginia Beach-Norfolk-Newport News, VA-NC
> Foreclosure rate: 1/729 housing units
> Properties with foreclosure filing: 1,021 – #32 highest
> Housing units: 744,347 – #36 highest
> Median home value: $253,800 – #55 highest
> Population: 1,763,143
Source: dszc / E+ via Getty Images
17. San Antonio-New Braunfels, TX
> Foreclosure rate: 1/727 housing units
> Properties with foreclosure filing: 1,397 – #24 highest
> Housing units: 1,015,678 – #26 highest
> Median home value: $183,000 – #118 highest
> Population: 2,558,143
[in-text-ad-2]
Source: f11photo / iStock via Getty Images
16. St. Louis, MO-IL
> Foreclosure rate: 1/672 housing units
> Properties with foreclosure filing: 1,873 – #16 highest
> Housing units: 1,258,862 – #18 highest
> Median home value: $161,100 – #143 highest
> Population: 2,820,253
Source: DenisTangneyJr / iStock via Getty Images
15. Fresno, CA
> Foreclosure rate: 1/657 housing units
> Properties with foreclosure filing: 515 – #55 highest
> Housing units: 338,441 – #71 highest
> Median home value: $271,000 – #48 highest
> Population: 1,008,654
[in-text-ad]
Source: Davel5957 / E+ via Getty Images
14. Tulsa, OK
> Foreclosure rate: 1/650 housing units
> Properties with foreclosure filing: 673 – #41 highest
> Housing units: 437,257 – #54 highest
> Median home value: $160,700 – #144 highest
> Population: 1,015,331
24/7 Wall St.
Source: pawel.gaul / E+ via Getty Images
13. Cincinnati, OH-KY-IN
> Foreclosure rate: 1/649 housing units
> Properties with foreclosure filing: 1,460 – #21 highest
> Housing units: 947,819 – #28 highest
> Median home value: $175,300 – #129 highest
> Population: 2,234,099
Source: Sean Pavone / iStock via Getty Images
12. Oklahoma City, OK
> Foreclosure rate: 1/606 housing units
> Properties with foreclosure filing: 1,003 – #33 highest
> Housing units: 607,725 – #41 highest
> Median home value: $162,600 – #140 highest
> Population: 1,425,695
[in-text-ad-2]
Source: Sean Pavone / iStock via Getty Images
11. Indianapolis-Carmel-Anderson, IN
> Foreclosure rate: 1/576 housing units
> Properties with foreclosure filing: 1,550 – #20 highest
> Housing units: 893,492 – #34 highest
> Median home value: $172,300 – #131 highest
> Population: 2,111,040
Source: SeanPavonePhoto / iStock via Getty Images
10. Tampa-St. Petersburg-Clearwater, FL
> Foreclosure rate: 1/554 housing units
> Properties with foreclosure filing: 2,643 – #11 highest
> Housing units: 1,465,158 – #17 highest
> Median home value: $210,900 – #90 highest
> Population: 3,175,275
[in-text-ad]
Source: MattGush / iStock via Getty Images
9. Riverside-San Bernardino-Ontario, CA
> Foreclosure rate: 1/535 housing units
> Properties with foreclosure filing: 2,953 – #10 highest
> Housing units: 1,580,448 – #15 highest
> Median home value: $360,100 – #27 highest
> Population: 4,599,839
Source: pawel.gaul / E+ via Getty Images
8. Detroit-Warren-Dearborn, MI
> Foreclosure rate: 1/522 housing units
> Properties with foreclosure filing: 3,640 – #7 highest
> Housing units: 1,901,256 – #12 highest
> Median home value: $179,100 – #124 highest
> Population: 4,392,041
Source: SeanPavonePhoto / iStock via Getty Images
7. Orlando-Kissimmee-Sanford, FL
> Foreclosure rate: 1/501 housing units
> Properties with foreclosure filing: 2,172 – #13 highest
> Housing units: 1,087,949 – #24 highest
> Median home value: $242,100 – #68 highest
> Population: 2,673,376
[in-text-ad-2]
Source: Art Wager / E+ via Getty Images
6. Miami-Fort Lauderdale-West Palm Beach, FL
> Foreclosure rate: 1/498 housing units
> Properties with foreclosure filing: 5,303 – #4 highest
> Housing units: 2,641,002 – #6 highest
> Median home value: $310,700 – #32 highest
> Population: 6,138,333
Source: f11photo / iStock via Getty Images
5. Las Vegas-Henderson-Paradise, NV
> Foreclosure rate: 1/479 housing units
> Properties with foreclosure filing: 1,917 – #15 highest
> Housing units: 917,656 – #32 highest
> Median home value: $285,100 – #43 highest
> Population: 2,265,461
[in-text-ad]
Source: gangliu10 / iStock via Getty Images
4. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
> Foreclosure rate: 1/464 housing units
> Properties with foreclosure filing: 5,578 – #3 highest
> Housing units: 2,586,947 – #7 highest
> Median home value: $259,500 – #54 highest
> Population: 6,245,051
24/7 Wall St.
Source: SeanPavonePhoto / iStock via Getty Images
3. Jacksonville, FL
> Foreclosure rate: 1/436 housing units
> Properties with foreclosure filing: 1,584 – #19 highest
> Housing units: 690,609 – #40 highest
> Median home value: $220,000 – #80 highest
> Population: 1,605,848
Source: franckreporter / E+ via Getty Images
2. Chicago-Naperville-Elgin, IL-IN-WI
> Foreclosure rate: 1/336 housing units
> Properties with foreclosure filing: 11,752 – #1 highest
> Housing units: 3,943,945 – #3 highest
> Median home value: $247,400 – #58 highest
> Population: 9,618,502
[in-text-ad-2]
Source: Sean Pavone / iStock via Getty Images
1. Cleveland-Elyria, OH
> Foreclosure rate: 1/250 housing units
> Properties with foreclosure filing: 3,872 – #6 highest
> Housing units: 968,069 – #27 highest
> Median home value: $156,200 – #152 highest
> Population: 2,088,251
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
