Illinois, Delaware and South Carolina had the highest foreclosure rates, while completed foreclosures increased 28% compared to the previous month, returning almost to pre-pandemic levels.
Although foreclosure rates are expected to continue rising, ATTOM pointed out that more than 90% of borrowers in foreclosure “have positive equity in their homes”.
The report nonetheless highlighted the “ongoing wide disparities in risks throughout the country” at a time when mortgage demand is at a two-decade low, sales of existing and new homes have slumped, rising mortgage interest rates have almost doubled to 6% in a year, and inflation is close to a 40-year high, all of which is conspiring to “slow down or end an 11-year surge in home prices”.
Despite this, the report said there was no suggestion of “an imminent fall in housing markets anywhere in the nation”, as home prices have risen more than 10% in most of the US over the past year, which has “kept homeowner equity and home-seller profits rising”.
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