Metro areas in Upstate New York had some of the nation’s highest rates of increase in foreclosure filings during 2023, according to new numbers from ATTOM Data, a national property data provider.
Utica-Rome and Buffalo were both in the top 10 in the U.S. for the highest percentage increase in filings last year when compared with 2022. Filings in Utica rose more than 75%, No. 5 nationwide, while filings in Buffalo increased over 62%, No. 9 nationwide.
Binghamton ranked 28th in the nation with an increase of 37.9% and Syracuse was 37th at 30.5%, according to ATTOM.
You can see details of foreclosure filings in metro areas across New York in the table below. If you can’t see the table, click here to open it in a new window. ATTOM’s data covered 223 U.S. metro areas with a population of at least 200,000 people.
Despite the increases in filings from 2022, the ranks for Upstate New York metros by rate of filing were mostly more toward the middle of the nationwide pack.
Binghamton had the highest national rank by foreclosure rate of No. 30 with one filing for every 259.44 properties. Syracuse was 77th with 1 filing for every 351.16 properties.
Foreclosures in New York were largely halted in 2020 and 2021 due to the Covid-19 pandemic. Filings in 2023 were still below 2019 levels in every New York metro for which ATTOM had data.
Filings in 2023 in Syracuse, for example, were more than 19% lower than 2019, before the pandemic hit.
Rob Barber, CEO at ATTOM, said in a news release that foreclosures appear to be returning to more traditional patterns. He said recent increases are not a cause for alarm.
“Our data suggests that while foreclosure activity may fluctuate, it’s unlikely to approach the highs seen in the last decade,” Barber said in the release. “Instead, we foresee a market that is more reflective of broader economic trends, with foreclosure filings becoming a more predictable aspect of the housing landscape.”
Foreclosures peaked in 2010 at nearly 2.9 million in the wake of the housing market crash. Nationwide filings were down 88% from that figure in 2023 and 28% lower than the pre-pandemic figure from 2019.
Filings were up 10% from 2022.
A total of more than 357,000 properties in the nation had foreclosure filings last year, according to ATTOM.
ATTOM’s report provides a count of the total number of properties with at least one foreclosure filing entered in the company’s database for the year. The report includes data on properties in multiple phases of the foreclosure process, including those with an initial notice of default, those headed to foreclosure auctions and properties already foreclosed on and owned by a bank.
The numbers come from 3,000 counties nationwide, which are home to over 99% of the U.S. population, the company said.
You can browse and search foreclosure details for metro areas throughout the U.S. in the table below. If you can’t see the table, click here to open it in a new window.
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