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Foreclosure activity increases in the United States

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Foreclosure activity New data from ATTOM Data Solutions shows that the United States has increased in recent months in an uncertain economic environment.

According to ATTOM’s Foreclosure Market Report, approximately 92,634 US properties were foreclosed on between July and September. This includes a notice of default, a scheduled auction, or a bank foreclosure. That’s a 3% increase from the last three months and over 100% increase from a year ago. according to the data.

Lenders have initiated the foreclosure process on more than 67,200 US properties in three months, according to ATTOM. This was up 1% from the previous quarter and up 167% from the same period last year, almost reaching pre-pandemic levels.

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The foreclosure process begins when a borrower defaults on a mortgage payment and the lender decides to foreclose. However, according to the National Bankruptcy Forum, most lenders will not initiate such proceedings until the borrower’s payments are three to six months behind him.

The entire process of foreclosing a home can take months.

From July to September 2022, there were approximately 92,634 US properties foreclosed. (iStock/iStock)

One in 1,517 properties nationwide received a foreclosure application in the third quarter.However, the highest Foreclosure rate Data showed that he was in Illinois, Delaware, and New Jersey throughout the three months.

In Illinois, 1 in 694 homes has been filed for foreclosure. In Delaware, 1 in 825 homes did. In New Jersey, one of his 855 homes had a foreclosure application. In South Carolina and Ohio, the figure was 1 in 971 and 1 in 1,027, respectively.

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In three months, lenders have repossessed 10,515 US properties through real estate ownership (REO) foreclosures. In other words, the property is foreclosed, but cannot be sold at auction, and is owned by the bank or lender. The data shows an 18% increase from the previous quarter and a 39% increase from a year ago.

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A “For Sale” sign outside a home in Westwood, Massachusetts. (AP Photo/Steven Senne, Files/AP Newsroom)

Data shows that Illinois, Michigan, New York, Pennsylvania, and Ohio had the highest number of completed REO foreclosures in a three-month period.

Still, “few of the properties in the foreclosure process have returned to the lender at the end of the foreclosure process,” said Rick Sharga, ATTOM’s executive vice president of market intelligence, in a statement.

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Sharga pointed out: Lenders repossessed nearly three times as many homes in the second quarter of 2019 than in the second quarter of 2022

“We believe this may indicate that borrowers are using their assets to sell their homes rather than risk losing them in a foreclosure auction,” Sharga said. increase.

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