Thursday, April 21, 2022

Foreclosures Hit Post Pandemic Highs

Irvine-based ATTOM, which provides foreclosure data and also runs RealtyTrac, says that U.S. foreclosure activity has set a new, post-pandemic high. According to the company, there were a total of 78,271 U.S. properties with a foreclosure filing during the first quarter of 2022, up 39 percent from the previous quarter and up 132 percent from a year ago. The company says the new high comes as a result of the expiration of the government's foreclosure moratorium and the CFPB's enhanced mortage serving guidelines. That said, the company said the foreclosure activity is still below pre-pandemic numbers. ATTOM said the areas with the most foreclosure activitity include Chicago, Illinois (3,101 foreclosure starts), New York, New York (2,580 foreclosure starts), Los Angeles, California (1,554 foreclosure starts), Houston, Texas (1,431 foreclosure starts), and Philadelphia, Pennsylvania (1,375 foreclosure starts).