Foreclosures are a given in any market conditions, but as rates rise and the cost to borrow money becomes more expensive, foreclosures are becoming a much more common occurrence.
According to a new report from ATTOM Data, they reported a total of 30,528 American properties with some sort of foreclosure filing against it, up 18% year-over-year.
“Foreclosure activity finally started to stabilize in February after 21 straight months of increases,” said Rob Barber, CEO at ATTOM. “The numbers don’t yet show a clear trend toward fewer foreclosures, partly because February is a short month. But with historically high levels of home equity flowing from a decade of rising values, we may be seeing a growing number of delinquent mortgage payers with at least the option to sell before facing foreclosure.”
Overall, lenders repossessed 3,831 properties in February 2023, dipping 2% from January, but up 45% from last year.
Foreclosure starts decreased monthly as lenders started the foreclosure process in 20,360 properties in February, down 2% but up 23% from a year ago.
All of this boils down to a nationwide figure of 1-in-4,574 homes with a foreclosure filing against it States with the highest foreclosure rates were New Jersey (one in every 2,271 housing units with a foreclosure filing); Maryland (one in every 2,390 housing units); Illinois (one in every 2,443 housing units); Nevada (one in every 2,854 housing units); and Indiana (one in every 2,956 housing units).
Click here to read the report in its entirety.