The foreclosure avalanche has started: 181% surge to highest levels since March 2020

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In March 2022, foreclosures surged 181% to highest levels since March 2020, with Chicago, New York, LA and Houston lead the pack.

Some eight months after a nationwide moratorium on foreclosures expired, foreclosure filings soared to the highest level since the pandemic began.

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Last month, 33,333 properties across the U.S. faced foreclosure, a 181 percent jump from March 2021 and 29 percent pop from February, according to a report by foreclosure tracker Attom. The first quarter saw 78,271 properties with a foreclosure filing, a 39 percent from the previous quarter and 132 percent from last year.

Those figures represent the highest number of foreclosures since March 2020 when nearly 47,000 U.S. homes held foreclosure filings, said Rick Sharga, executive vice president of market intelligence for ATTOM.

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August foreclosures jump 27% after federal moratorium expires
March marked the 11th consecutive month in which foreclosure activity posted a year-over-year increase.

Not only did foreclosure activity hit a peak, the time it took properties to foreclose ticked down 3 percent from the previous quarter. Properties foreclosed on in the first quarter were in the process for an average of 917 days, down from 941 in the previous period and 930 in the first quarter of 2021.

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On a statewide level, California reported the highest number of foreclosure starts for the first three months of 2022 at 5,378. Florida and Texas took second and third place with 4,707 and 4,649 starts, respectively.

Among major metros, Chicago saw the greatest jump in new filings during the first quarter of 2022 with 3,101 homes in foreclosure. New York City was close behind with 2,580 starts, despite a statewide foreclosure moratorium that expired in January of this year.

Despite the rise in activity, Sharga said the growth will likely continue, but the country likely won’t see pre-pandemic levels “until the end of the year at the earliest, unless the economy takes a significant turn for the worse.” [Attom Data]

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5 Comments

  1. I fear the situation will be much worse here in Australia.
    And our reserve bank has not started raising rates yet.
    But that situation may change today.

  2. For ordinary Godfearing people in America there are many there are many TRUTHS. 1. Since the US Federal Government under submission to the corporate BANKERS and to President Franklin Delano Roosevelt together robbed the soveriegn citizens of America of their wealth looting all the gold from all Americas in 1933 , America has no sound money worth the paper that it is printed on. Is anyone old enough to remember when President Richard slammed the Gold Window shut in1971. And when in1973 Nixon and Kissenger finagled us into the PETRO DOLLAR in order to avoid USA Banruptcy. That was when the US CORPORATION became a COLONY of the middleeastern Oil States ,read OPEC under JIMMY CARTER and Israel Zionist and the House of Saud later.
    I know you were never ever actualy paying attention you where just trying to make a buck. Have you noticed that the real value of FIAT Buck that you have been trying to make has been declining quite percipitously since 1972 approximately 98%.

    The thought probably escaped you because you are trying so hard to make a Buck or could it be that you are just plain stupid ?

    The current crop of 3 rd generation CABAL of SATANISTS, those whose fathers and mothers assisted and collaborated in the assassination of US President Jack Kennedy in 1963 operate the US Corporation for a share of the quarterly profits This is the sole purpose of the U.S. Corporation. All Federal elections have been rigged since the 1960’s. The candidates have been mostly Blackmailed or Bribed by a CABAL of SATANISTS who have operated the US Federal Government for profit.

  3. BlackRock will purchase foreclosed homes for pennies on the dollar and turn around and rent them out for $3k, $4k, or $5k a month. The people evicted from foreclosed homes will be living in tents and under crumbling bridges or on downtown medians. Amerika will look like Kinshasa, Congo. But, don’t worry, the rich will be okay… Just remember, the billionaires and investment bankers made money during the Plandemic, while you lost money and what little wealth you had.

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