STATES WITH THE MOST SCHEDULED FORECLOSURE AUCTION VOLUME IN THE FIRST HALF OF 2023
Except for Colorado and Michigan, all these states were coming off extremely low volume in the first six months of 2022, helping to explain some of the dramatic percentage increases. And despite the relatively large year-over-year increases, three of the states—Idaho, Utah, and Montana—were still below 2019 lev- els in terms of scheduled foreclosure auction volume. States with smaller increases, or even decreases (as is the case for New Jersey), may not necessarily be out of the woods when it comes to increasing foreclosure volume. That foreclosure volume may still be coming due to state-level variances in the foreclosure process. For instance, even though New Jersey’s scheduled foreclosure auc- tion volume is down year-over-year, it still had the eighth-highest inven- tory of properties that have started the foreclosure process among all states in the fourth quarter of 2022, according to data from the Mortgage Bankers Association (MBA) National Delinquency Survey. Although scheduled foreclosure auction volume nationwide was still 39% below 2019 levels in the first quarter of 2023, there were 15 states where first quarter volume was above 2019 levels. •
SCHEDULED FORECLOSURE AUCTIONS IN FIRST HALF OF 2023
STATE
ANNUAL INCREASE PCT OF FIRST HALF OF 2019 LEVELS
Texas
40% 37% 63%
69% 56%
California Michigan Colorado Georgia
130% 175%
127% 23% 10% -11% 41%
58% 56% 17% 48% 61% 50%
Illinois
New Jersey
New York
Pennsylvania
8%
Arizona
52%
STATES WITH SCHEDULED FORECLOSURE VOLUME ABOVE 2019 LEVELS
SCHEDULED FORECLOSURE AUCTIONS IN FIRST HALF OF 2023
STATE
ANNUAL INCREASE PCT OF FIRST HALF OF 2019 LEVELS
Colorado
127%
175%
lowa
50%
171%
North Dakota
26%
170%
Minnesota
46%
164%
Connecticut
64%
164%
Indiana
28%
145%
Michigan
63%
130%
West Virginia
44%
125%
Oklahoma
31%
122%
Alaska
194%
121%
Daren Blomquist is vice president of market economics at Auction.com. In this role, Blomquist analyzes and fore- casts complex macro and
Wyoming
29%
116%
New Hampshire
68%
115%
microeconomic data trends within the marketplace and industry to provide value to both buyers and sellers using the Auction.com platform.
Louisiana
24%
112%
Oregon
497%
104%
South Dakota
61%
103%
12 | think realty magazine :: july – august 2023
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