Home foreclosures saw a “notable” increase in January as Americans continue to grapple with the ongoing cost-of-living crisis.
That is according to a new report published by real estate data provider ATTOM, which found that lenders repossessed 3,954 U.S. properties in January, a 13% increase from the previous month. It marked the first monthly increase in completed foreclosures since July 2023.
Foreclosures are up just 1% from the same time one year ago.
“We observed a slight uptick in foreclosure filings, which may be partially attributed to the typical post-holiday progression of filings through the legal system,” said ATTOM CEO Rob Barber. “However, other external factors may be at play such as escalating interest rates, inflation, employment shifts and other market dynamics.
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