There were 30,881 foreclosure filings in the U.S. in May, equivalent to one in every 4,549 American homes. This figure represents just a 1% increase compared to April, but a staggering 185% increase compared to May 2021.
These figures come from real estate data curator ATTOM’s latest monthly U.S. Foreclosure Market Report. Based on that report, 24/7 Wall St. listed the 10 ZIP codes with the worst foreclosure rates in May 2022. Foreclosure rates are calculated by dividing the number of foreclosure actions — default notices, scheduled auctions or bank repossessions — per housing units. The number of housing units and the median household income of each ZIP code come from the U.S. Census Bureau and are five-year averages for 2020.
While nationwide one housing unit in every 4,549 had foreclosure filing in May 2022, the ZIP codes on this list had foreclosure rates that range from one in 476 housing units to one in 333 housing units that month.
Of the 10 ZIP codes on this list, four are in Ohio and five are in Illinois, the states with the second highest and highest foreclosure rates, respectively. (Find out more in this is the state with the most foreclosures.)
ATTOM analyst Rick Sharga noted that the dramatic year-over-year increase in foreclosure actions, which include default notices, scheduled auctions, and bank repossessions, has largely to do with expiration of the pandemic-related moratorium that had been placed on those activities by the federal government as well as many states and mortgage lenders.
Further, economic pressure on homeowners has put a great deal of pressure on homeowners. “[W]ith inflation now at a 41-year high, and runaway prices on necessities like food and gasoline, we may see foreclosure activity ramp up a little faster than most forecasts suggest,” Sharga said. These are the products whose prices have skyrocketed from inflation.
Click here to see the neighborhoods with the most foreclosures in May
10. ZIP 60628
> Place in ZIP code: Chicago, IL
> May 2022 foreclosures: 1 in 476 housing units
> Housing units in ZIP code, 2020: 28,634
> Median home value, 2020: $123,600 (Illinois: $202,100)
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9. ZIP 60545
> Place in ZIP code: Plano, IL
> May 2022 foreclosures: 1 in 466 housing units
> Housing units in ZIP code, 2020: 4,970
> Median home value, 2020: $197,200 (Illinois: $202,100)
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8. ZIP 44112
> Place in ZIP code: Cleveland, OH
> May 2022 foreclosures: 1 in 436 housing units
> Housing units in ZIP code, 2020: 14,259
> Median home value, 2020: $64,100 (Ohio: $151,400)
7. ZIP 44108
> Place in ZIP code: Cleveland, OH
> May 2022 foreclosures: 1 in 424 housing units
> Housing units in ZIP code, 2020: 13,463
> Median home value, 2020: $49,700 (Ohio: $151,400)
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6. ZIP 60153
> Place in ZIP code: Maywood, IL
> May 2022 foreclosures: 1 in 394 housing units
> Housing units in ZIP code, 2020: 8,784
> Median home value, 2020: $158,900 (Illinois: $202,100)
5. ZIP 11701
> Place in ZIP code: Amityville, NY
> May 2022 foreclosures: 1 in 368 housing units
> Housing units in ZIP code, 2020: 9,377
> Median home value, 2020: $368,500 (New York: $325,000)
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4. ZIP 44128
> Place in ZIP code: Cleveland, OH
> May 2022 foreclosures: 1 in 362 housing units
> Housing units in ZIP code, 2020: 14,584
> Median home value, 2020: $68,300 (Ohio: $151,400)
3. ZIP 60478
> Place in ZIP code: Country Club Hills, IL
> May 2022 foreclosures: 1 in 358 housing units
> Housing units in ZIP code, 2020: 6,239
> Median home value, 2020: $133,900 (Illinois: $202,100)
2. ZIP 44105
> Place in ZIP code: Cleveland, OH
> May 2022 foreclosures: 1 in 354 housing units
> Housing units in ZIP code, 2020: 19,196
> Median home value, 2020: $51,000 (Ohio: $151,400)
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1. ZIP 60419
> Place in ZIP code: Dolton, IL
> May 2022 foreclosures: 1 in 333 housing units
> Housing units in ZIP code, 2020: 9,027
> Median home value, 2020: $106,200 (Illinois: $202,100)
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