Foreclosures up staggering 42% in just one year
Foreclosure activity across the US is rising sharply, with lenders taking back 5,098 homes in April, up 42% from the same period last year, according to property data firm ATTOM. That increase comes as elevated mortgage rates and persistent housing costs continue to strain household budgets.
Overall, 42,430 US properties saw some type of foreclosure filing, including default notices, scheduled auctions, or repossessions, an 18% increase year over year. Foreclosure starts also climbed 12% to 28,414, continuing a yearlong upward trend, though levels remain below pre-pandemic norms. Experts say the year-over-year gains point to growing financial stress in parts of the housing market after several years of higher borrowing costs.
By state, Delaware posted the highest foreclosure rate at one in every 1,739 housing units, followed by South Carolina at one in every 1,745, and Florida at one in every 2,092.
In terms of foreclosure starts, Florida led with 3,505, followed by Texas with 3,154, and California with 2,786.
In New York City, foreclosure activity edged down 3% year over year in the first quarter to 399 cases, the weakest start in three years.
