Very dangerous!!! Foreclosure activity on the rise in the US
Illinois, Delaware and New Jersey had the highest foreclosure numbers
U.S. foreclosures have increased in recent months amid the uncertain economic environment, according to new data from ATTOM Data Solutions.
According to ATTOM’s Foreclosure Market Report, from July to September, there were approximately 92,634 U.S. properties with foreclosure claims, including notifications of default, pending auctions or bank repurchases. According to the data, this is 3% compared to the last three months and more than 100% compared to a year ago.
Lenders initiated the foreclosure process of more than $67,200. According to ATTOM, in three months real estate reached nearly pre-pandemic levels, up 1% year-on-year and 167% year-on-year.
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Foreclosure proceedings begin when borrowers default on their mortgage payments and the lender decides to go the foreclosure route. However, according to the National Bankruptcy Forum, most lenders will not initiate such procedures until a borrower is three to six months behind in their payments.
The entire process of foreclosure on a home can take months.
In the third quarter, one of 1,517 properties was filed across the country for foreclosure. But the highest foreclosure rates during the quarter were in Illinois, Delaware, and New Jersey, according to the data.
In Illinois, one of 694 homes had a foreclosure. In Delaware, this was the case for one of the 825 residential units. One of 855 homes in New Jersey had a foreclosure. In South Carolina and Ohio, however, this was the case for one in 971 and one in 1,027 units, respectively.
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Lenders eventually confiscated $10,515 over the quarter. Real estate by lien on real estate (REO), this means that the property is subject to foreclosure but cannot be auctioned and is the property of a bank or lender. According to the data, this figure increased by 18% and 39% year-over-year, respectively.
According to the data, Illinois, Michigan, New York, Pennsylvania, and Ohio had the most completed REO liens in three months.
Yet, “very few properties that go through foreclosures eventually return to the lender,” Rick Sharga, vice president of market intelligence at ATTOM, said in a statement.
Sharga noted that lenders seized almost three times more homes in the second quarter of 2019 than in the second quarter of 2022.
“We think this may be an indication that borrowers are using their equity and selling their homes, rather than risking losing their equity in a foreclosure,” Sharga said. Said.
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