The U.S. foreclosure market experienced a significant uptick in Q3 2023, with foreclosure rates showing a steep quarterly and annual rise, according to the latest report from ATTOM.

The report highlighted a 28% surge from the previous quarter, totaling 124,539 U.S. properties with foreclosure filings. This represents a 34% increase from the same period last year. In September 2023 alone, filings spiked to 37,679, marking an 11% jump from August and an 18% increase year over year.

Lenders started foreclosure on 68,961 U.S. properties in Q3 2023, down 1% from the previous quarter but up 3% from a year ago — nearly reaching pre-pandemic levels. States witnessing the most substantial annual hikes in foreclosure initiations included North Carolina (53%), Louisiana (47%), Pennsylvania (24%), Alabama (18%), and Nevada (16%).

To continue reading the rest of the article, please click on the source link below: