Foreclosures Jumping By Double Digits As Pre-Pandemic Activity Returns
Overall foreclosure rates were up 11% month-over-month in February as foreclosure starts soared, according to ATTOM’s February 2022 U.S. Foreclosure Market Report. A total of 25,8333 properties had foreclosure filings (default notices, scheduled auctions, or bank repossessions). This is a 129% increase from the same time last year. Rick Sharga, executive vice president at RealtyTrac, an ATTOM company, said foreclosure activity this year will mimic February’s growth. “This isn’t an indication of economic turmoil, or of weakness in the housing market; it’s simply the gradual return to normal levels of foreclosure activity after two years of artificially low numbers due to government and industry efforts to protect financially-impacted homeowners from defaulting,” he said. Foreclosures hit their lowest level ever recorded…