Home foreclosures are soaring nationwide – and rising fastest in these 5 states
'Mansion Global' host Katrina Campins has the latest on the real estate market on 'The Bottom Line.'
Home foreclosures rose again in February as Americans continue to grapple with the ongoing cost-of-living crisis.
That is according to a new report published by real estate data provider ATTOM, which found that there were 32,938 properties in February with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks an 8% increase from the prior year, although it is down 1% from the previous month.
«The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,» said ATTOM CEO Rob Barber. «These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices.»
However, the number of foreclosure completions fell in 28 states in February. Lenders repossessed 3,397 properties in February, down 14% from the previous month and 11% from the prior year. The biggest declines took place in Georgia, where completed foreclosures fell 52%, and in New York, with a decline of 41%.
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Although foreclosures are rising, they remain well below the levels recorded during the 2008 financial crisis. (Photographer: Nathan Howard/Bloomberg via Getty Images / Getty Images)
Still, foreclosures surged in other states. In South Carolina, foreclosures surged 51%, while Missouri saw a 50% jump and Pennsylvania a 46% increase. Foreclosures in Texas rose 7%, and in Indiana they climbed 0.8%.
Although foreclosures are rising, they remain well below the levels recorded during the 2008 financial crisis.
But the problem could
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