U.S. Foreclosure Activity Continues to Climb in Q1 2023
Industry Update
April 19, 2023
Source: prnewswire.com
ATTOM, a leading curator of land, property, and real estate data, released its Q1 2023 U.S. Foreclosure Market Report, which shows a total of 95,712 U.S. properties with a foreclosure filings during the first quarter of 2023, up 6 percent from the previous quarter and up 22 percent from a year ago.
The report also shows a total of 36,617 U.S. properties with foreclosure filings in March 2023, up 20 percent from the previous month and up 10 percent from a year ago — the 23rd consecutive month with a year-over-year increase in U.S. foreclosure activity.
“Despite efforts made by government agencies and policy makers to try and reduce foreclosure rates, we are seeing an upward trend in foreclosure activity,” said Rob Barber, chief executive officer at ATTOM. “This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.”
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