Home foreclosure activity in the US  surged to the highest level since the start of the pandemic, a sign that the financial aftermath of COVID-19 has been wearing out cash-strapped homeowners.

Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – jumped 28% in the third quarter from the prior quarter to 124,539, the real estate data group ATTOM said in a recent report. That represents a 34% surge from a year ago, attesting to growing financial distress among US homeowners.

And foreclosure activity appears to have been increasing steadily through 2023. September alone saw an 11% jump in foreclosure filings to 37,679, up 18% from September of last year, researchers added.

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

https://markets.businessinsider.com/news/stocks/housing-market-outlook-foreclosures-affordability-crisis-prices-mortgage-rates-pandemic-2023-10