While many people view celebrities as immune from the money woes many “regular” people experience, there are plenty that find themselves in a financial pickle.
Take Johnny Depp, known for his iconic role as Captain Jack Sparrow in The Walt Disney Co.’s “Pirates of the Caribbean” franchise. Depp reportedly took out a $10 million loan in March to save his two West Hollywood, California, homes from foreclosure — a plight many other Americans can’t escape.
Foreclosure activity in the first half of the year is approaching pre-COVID levels. A total of 185,580 U.S. properties initiated foreclosure filings (default notices, scheduled auctions or bank repossessions) — up 13% from the same time frame last year, according to a report from real estate data analytics firm ATTOM.
Key takeaways from ATTOM’s report include:
- 1 in every 3,973 properties nationwide had a foreclosure filing.
- 24,019 U.S. properties started the foreclosure process in June, up 3% from the previous month and 8% from June last year.
- Lenders completed the foreclosure process on 3,215 U.S. properties in June 2023, down 20% from the previous month and 1% from June 2022.
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“Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching prepandemic levels in the first half of 2023,” ATTOM CEO Ron Barber said. “Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.”
Maryland saw the greatest increase in foreclosure activity, which rose 100% from a year ago. Oregon was up 99%; Alaska rose 95%; West Virginia climbed 83% and Arkansas increased 72%.
Bank repossessions (REOs) also rose in the first half of 2023 compared to last year. Lenders foreclosed on 22,672 U.S. properties, up 9% from the first half of 2022 and 133% higher than the first half of 2021. But repossessions were down 40% from the first half of 2020.
States with the most REOs in the first half of the year included Michigan with 2,423; Illinois with 2,059; Pennsylvania with 1,420; California with 1,362; and New York with 1,350.
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