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84 84 84 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal FORECLOSURES HAVE LIKELY PEAKED FOR 2022 Foreclosure activity nationwide is up 57%, and completions of foreclosure went up 98% in No- vember compared to November 2021, when filings were just starting to increase in the aftermath of COVID-19-related moratoriums, according to ATTOM, curators of real estate data. Foreclosure initiations are not as plentiful as they were this time in 2019 before the pandem- ic-related bans were implemented. "Foreclosure starts in November nearly dou- bled from last year's numbers, but are still just above 80% of pre-pandemic levels," according to Rick Sharga, EVP of Market Intelligence at ATTOM. He predicts that "we may continue to see below-normal foreclosure activity, since unem- ployment rates are still very low, and mortgage delinquency rates are lower than historical averages." Foreclosure filings, affecting a total of 30,677 U.S. residential properties in November (that is one in every 4,580 housing units) are down 5% from October. Sharga says the U.S. may be at or near the peak level for foreclosure activity for 2022. "While foreclosure starts and foreclosure com- pletions both increased compared to last year's ar- tificially low levels, they declined from last month, and lenders often put a moratorium on foreclosures during the holiday season," he explained. By state, Illinois, Delaware, and New Jersey reported the highest overall foreclosure activity in November. By city, Cleveland, Ohio; Chi- cago; Riverside, California; and Philadelphia experienced the most. As for completed foreclosures or REOs, lenders repossessed 3,770 U.S. properties in November. at is down 9% from last month but up 64% from last year. Illinois, New York, Pennsylvania, Michigan, and Ohio reported the most completed foreclo- sure/bank repossessions in November. Major cities with the most completed foreclosures were Chicago, New York City, Philadelphia, Detroit, and Houston. As for foreclosure starts, nationwide, lenders initiated the foreclosure process on 20,686 U.S. properties in November, down 5% from last month but up 98% from a year ago. California, Texas, and Florida reported the most foreclosure initiations in the nation. Cities with the most starts included New York City, Chicago, Houston, Miami, and Los Angeles. ATTOM collects data from more than 3,000 counties nationwide, accounting for more than 99% of the U.S. population.