The number of Americans losing their homes to banks has risen for the twelfth consecutive month, highlighting mounting pressure in the US housing market.
In February, foreclosure activity reached 38,840 properties – a 20 percent increase compared with the same month last year.
Filings track the full spectrum of the process, from initial lender warnings to the formal repossession of homes after missed mortgage payments.
Although the February total was slightly lower than January, it marked the twelfth straight month of year-over-year increases, showing how Americans are increasingly struggling to pay their bills.
‘Foreclosure activity in February marked the twelfth consecutive month of annual increases, extending a gradual upward trend that began early last year,’ said Rob Barber, chief executive of ATTOM.
Foreclosure starts – when lenders officially begin reclaiming a property – have climbed 14 percent from last year, while completed repossessions have jumped 35 percent.
This strain is already being felt in neighborhoods. As more homes are seized, and the market is flooded with discounted properties, surrounding house values drop, eroding equity for nearby homeowners who have kept up with their payments.
The surge in foreclosures reflects broader financial stress for Americans. Rising taxes and interest rates are pushing some behind on mortgages, while unpaid credit card bills and auto loans add further pressure.