Data shows nearly 119,000 US properties had foreclosure filings in first quarter, up 26% from a year earlier
Foreclosures rose to the highest level in six years in the first quarter of this year as homeowners are squeezed by rising costs related to insurance and property tax bills.
The Wall Street Journal reported that data from Attom shows the number of U.S. properties with a foreclosure filing has trended up to nearly 119,000 in the first quarter, an increase of 26% from the same period last year.
That figure is the highest since the first quarter of 2020, when mortgage relief measures implemented to mitigate the economic impact of COVID shutdowns led to a steep decline in foreclosures.
Analysts have noted that the current foreclosure rate represents a return to what were normal levels prior to the COVID-19 pandemic, as opposed to a sign of borrowers becoming increasingly distressed financially.
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