Foreclosure notices sent to homeowners are increasing, with over 65,000 properties entering foreclosure proceedings in the first quarter of this year, according to a recent report by real estate data firm ATTOM. This is a 3% increase from the previous quarter of 2022 and a 29% jump from last year. In March, one in every 3,813 homes received a foreclosure filing. Despite government efforts to reduce foreclosure rates, ATTOM CEO Rob Barber stated that the trend is unfortunately continuing due to several factors, including rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges.
Foreclosure filing data is collected by ATTOM from more than 3,000 counties, which represent more than 99% of the nation's population. However, there is no need to panic yet. Foreclosure filings started increasing in late 2021 after the federal foreclosure moratorium ended. This moratorium was put in place during the early days of the COVID-19 pandemic, when millions of Americans lost their jobs, to prevent a wave of homeowners from losing their properties. Therefore, some of the proceedings that are now taking place could have occurred during the pandemic but were delayed due to the moratorium, and this is simply a catch-up.
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