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Home Foreclosures Soaring, Especially In These States, Report Shows

Home foreclosures are soaring across the nation, especially in certain states, new data shows.

Tens of thousands of houses were facing foreclosure as of last month, according to a report from real estate data provider ATTOM.

A total of 32,938 properties across the country had foreclosure filings in February, up 8% over a year ago, although that number was down 1% from January, the report found.

Foreclosure filings can consist of default notices, scheduled auctions, or bank repossessions.

Across the country, there was one foreclosure filing for every 4,279 housing units last month.

Some states fared better than others. South Carolina had the highest foreclosure rate with one in every 2,248 housing units. Delaware was next, followed by Florida, Ohio, and Connecticut.

“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM.

“These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices,” Barber said.

Columbia, South Carolina, was the major metropolitan area with the highest foreclosure rate.

Orlando had the highest foreclosure rate for cities with a population greater than a million, followed by Cleveland, Riverside, Philadelphia, and Miami.

Overall, lenders started the foreclosure process for 22,575 properties in February, up 4% from January and 11% from a year ago.

Florida saw the most foreclosure starts with more than 2,700, followed by California, Texas, New York, and Ohio.

The cities that saw the most foreclosure starts were New York City, Houston, Los Angeles, Chicago, and Miami.

Completed foreclosures also rose in several states.

South Carolina again topped the list with completed foreclosures up 51% compared to a year ago. Missouri was next with completed foreclosures up 50%, then Pennsylvania at 46%. Texas saw a 7% jump, and Indiana saw a nearly 1% increase over last year.

Out of major metropolitan areas, Chicago saw the most completed foreclosures, a total of 207. Philadelphia, New York City, Pittsburgh, and Detroit also had high rates of completed foreclosures.

However, completed foreclosures were down from a year ago in several states. In Georgia, they were down 52%, in New York 41%, North Carolina 34%, New Jersey 28%, and Maryland 26%.

Despite foreclosure rates rising, they are still well below the foreclosure rates of the 2008 financial crisis.

However, the new data come as concerns mount about soaring house prices, rents, and mortgage rates, which are driving home ownership out of reach for more and more families.

Prices for everyday items such as groceries also remain high due to spiking inflation over the last several years, compounding the troubles for families who may be struggling to pay their rent or mortgage.

Article Published by  Mairead Elordi with The Daily Wire.