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Foreclosure Filings up 18% YoY

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. 

About Author: Kyle G. Horst

Kyle G. Horst is a reporter for DS News and MReport. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography including best newspaper design by the Associated Press Managing Editors Group and the international iPhone photographer of the year by the iPhone Photography Awards. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at [email protected].

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