Over the past few years, foreclosures in the United States have reached record lows, largely due to Covid-19 relief efforts provided to families. A process in which a bank or lender forecloses on a home after it has been
2022 sees a surge in foreclosure activity. In the first six months of this year, 117,383 properties began the foreclosure process. His two states of California and Illinois, the states with massive immigration outflows during and after the pandemic, are among the states with the highest number of foreclosures. Overall, home foreclosure rates nationwide increased by 143% in July compared to the same month in 2021.
In the early days of the pandemic, a moratorium on foreclosures was in place. This was done to protect homeowners who were in financial trouble by preventing lenders from foreclosing their homes for nonpayment. As these measures expire in the fall of 2021, foreclosures have started to increase. Nearly 165,000 foreclosure applications have been filed so far this year, according to property data firm ATTOM Data. This is close to the number of filings before COVID.
Stacker looked at ATTOM Data’s July 2022 metropolitan statistical area (MSA) data. ATTOM Data’s report focuses on metropolitan areas with populations greater than his 250,000. Foreclosure rates were calculated by dividing the total number of households in each metropolitan area by the number of foreclosures.
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