Home foreclosures are at their highest level since the start of the pandemic as the 'financial aftermath' take a toll on buyers

Fri, 10/13/2023 - 09:48

Home foreclosure activity is surging in the US, attesting to financial pain among homeowners.
Foreclosure filings jumped 34% over the past year to the highest level since the start of the pandemic.
That comes amid an already-precarious time for the US housing market, which has been slammed by high rates.

Home foreclosure activity in the US surged to the highest level since the start of the pandemic, a sign that the financial aftermath of COVID-19 has been wearing out cash-strapped homeowners.

Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – jumped 28% in the third quarter from the prior quarter to 124,539, the real estate data group ATTOM said in a recent report. That represents a 34% surge from a year ago, attesting to growing financial distress among US homeowners.