Foreclosure Filings Surge 21%: Top States Experiencing Increases
Foreclosure Filings Surge in 2023
Foreclosure filings surged 21% this year, indicating a troubling trend for U.S. homeowners facing financial difficulties. According to data from ATTOM, there were nearly 228,000 foreclosure filings from January to June, marking an increase of 28% compared to two years ago.
Financial Distress Indicators
- Rob Barber, CEO of ATTOM, stated that rising foreclosure rates reflect the growing number of homeowners in financial distress.
- Foreclosure occurs when homeowners default on mortgage payments due to circumstances like job loss.
- ATTOM categorizes foreclosures as default notices, scheduled auctions, or bank repossessions.
States with Rising Foreclosure Filings
The states seeing the highest increases in foreclosure activity in the first half of 2023 include:
- Idaho: Filings up 59%
- Colorado: Filings up 57%
- Georgia: Filings up 52%
Overview of Foreclosure Trends
Florida continues to dominate with the highest overall foreclosure rates. As of June, there was one foreclosure filing for every 2,106 housing units in the state. The rise in foreclosures comes as rates return to pre-pandemic levels, with ATTOM reporting 640,864 foreclosures in 2019.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.