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9 Journal YOY BANKRUPTCY FILINGS INCREASE FOR SECOND STRAIGHT MONTH Year-over-year, U.S. bankruptcy filings increased 7% across all chapters for the second consecutive month in September, according to new data from Epiq's Bankruptcy Analytics platform. e analysis revealed there were 33,184 total filings registered in September 2022, up 7% from last September's total of 30,922. Commercial Chapter 11 filings also rose, with 437 in September, a 76% increase compared to 249 filings in September 2021. ere were 1,994 commercial filings in September 2022, an increase of 16% compared to 1,721 in September 2021. e 31,190 individual filings in September also represented a 7% increase from the September 2021 total of 29,201. Subchapter V small business filings registered the largest percentage increase with 150 filings in September 2022, a nearing 80% increase over the 84 filings in September 2021. "While year-over-year comparisons indicate bankruptcies are trending upward, all chapter year-to-date new filings are nine percent lower than they were at the end of the third quarter last year," said Gregg Morin, VP of Business Development and Revenue at Epiq Bankruptcy. "While we anticipate economic pressures will continue to push new filing trends higher overall, we are still seeing mixed results month-over- month by individual chapters and debtor types." Although September saw significant year- over-year increases, 2022 year-to-date filings continue to run below 2021 levels. Total U.S. bankruptcy filings decreased 9% during the first nine months of the year, as the 284,773 filings dropped from 312,647 filings in 2021. e 268,901 total individual filings through the first three quarters of 2022 also represented a 9% decrease from the individual filing total of 295,166 through the first three quarters of 2021. Commercial bankruptcy filings during the first nine months of the year dipped 9% to 15,872 from the 17,481 filings during the same period in 2021. Commercial Chapter 11 filings decreased 3% during the first nine months of 2022 from the same period a year ago, as the 2,831 filings declined from the 2,915 filings in 2021. Conversely, the 1,079 subchapter V filings during the period increased roughly 8% over the 995 subchapter V filings during the first nine months of 2021. "e weight of inflation, rising interest rates and concern over supply chain channels continue to have an economic impact on companies and families," said ABI Executive Director Amy Quackenboss. "Bankruptcy provides distressed households and businesses with the opportunity to rebuild their financial futures." Where Does the Housing Market Go from Here? "Housing overvaluation is a function of three factors: house prices, household income, and mortgage rates. First American Data & Analytics' preliminary nominal house price index indicates that house price deceleration is likely to continue in September. Meanwhile, median household incomes are expected to continue to rise, as the supply and demand imbalance in the labor market persists, putting upward pressure on wages," said Fleming. "While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us. While the markets considered overvalued may need to adjust to the not-so-new reality of higher mortgage rates, housing market fundamentals still support a moderation of annualized house price appreciation rather than a sharp decline. "Nationally, while month-over-month house prices may decline, annual house price declines are not expected, given the ongoing supply-demand imbalance and continued strength in the labor market," said Fleming. "Prior to the pandemic, the historical average for annual house price growth was just below 4% so, as the market adjusts to a not-so-new normal pace of appreciation, some buyers who backed out due to the frenzy of the super sellers' market may jump back in." July 2022 Real House Price State Highlights » e five states with the greatest year-over- year increase in the RHPI are: Florida (+72.2%), South Carolina (+59.6%), Georgia (+59.4%), North Carolina (+58.5%), and Vermont (+58.2%). » ere were no states with a year-over-year decrease in the RHPI. July 2022 Real House Price Local Market Highlights » Among the Core Based Statistical Areas (CBSAs) tracked by First American, the five markets with the greatest year-over- year increase in the RHPI are: Miami (+68.5%); Tampa, Florida (+67.3%); Charlotte, North Carolina (+65.1%); Raleigh, North Carolina (+64.1%); and Orlando (+62.5%). » Among the Core-Based Statistical Areas (CBSAs) tracked by First American, there were no markets with a year-over-year decrease in the RHPI.