For the second year in a row, foreclosures in the U.S. are on the rise. Records from the first six months of 2023 showed foreclosure filings for roughly 186,000 homes. For perspective, however, this is roughly 15 times less than the number of homes in foreclosure during the mortgage crisis of 2007 and 2008.

“When you think about why there’s been an increase in foreclosure listings, it’s a backlog from when everything was put on hold [during the pandemic] for three years,” explained Linda Kody, broker owner of Kody & Company.

Rising property taxes, an urban exodus that has led to economic hardship in many cities and the paperwork finally catching up to homeowners who fell behind on their mortgages during the pandemic has led to an increase in foreclosure rates in at least 10 mid-sized metro areas, spanning from New Jersey to California.

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