Foreclosures on the Rise in the US

One in every 4,000 homes in the U.S. was foreclosed on in May, according to a report from real estate data firm Attom. Foreclosure filings were up 7% from April and up 14% from the same month in 2022. The information was based on data from more than 3,000 counties, representing more than 99% of the U.S. population.

Last month, 4,000 homes were finalized foreclosure, up 38% from April and up 41% from the same period in 2022. Additionally, lenders initiated foreclosure proceedings on nearly 23,250 homes, up 5% from May 2022.

Many of these cases are the result of pandemic-era foreclosure moratoriums expiring. Many states extended the federal moratorium when it ended in 2021. But now homeowners who have been behind on their mortgage payments for the past several years are being served with foreclosure notices.

Across the United States, nearly 35,200 properties are under threat of foreclosure. Paul Urich, an attorney who handles foreclosure cases in Orlando, Florida, said many people cannot afford to buy the homes they live in.

“Everything became so expensive, and a lot of these people were stuck on floating-rate mortgages, so the payments just kept going up,” he said.

30-year fixed-rate mortgages have also risen from less than 3% two years ago to nearly 7% now, according to the Federal Home Loan Mortgage Corporation, Freddie Mac. Illinois, Maryland and New Jersey are the three states with the highest foreclosure rates. In Illinois, one in every 2,144 homes is in foreclosure.

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