The uptrend reflects higher jobless rates, ongoing economic challenges and backlogged foreclosures working through the pipeline after the lifting of government interventions to help struggling homeowners during the pandemic, said Rob Barber, chief executive officer of ATTOM.
“However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay,” Barber said in a statement. The number of foreclosure filings has been climbing since the federal moratorium ended in mid-2021. During the pandemic, an estimated 2 million homeowners fell behind on their mortgages.
Major metropolitan cities with populations of more than 200,000 that had the most foreclosures starts last quarter included New York ; Chicago ; Los Angeles ; Houston ; and Philadelphia . Meanwhile, on a percentage basis, Michigan topped the list of states with a 41% increase in foreclosure filings from the previous quarter.