Major Surge in Home Foreclosures Hits Certain States Harder Than Others

[Photo Credit: By User:Brendel at en.wikipedia.org - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=4750703]

There has been a significant increase in home foreclosures nationwide, particularly in specific states, according to recent data.

Last month, a report from real estate data provider ATTOM revealed that tens of thousands of houses were at risk of foreclosure.

In February, there were 32,938 properties across the country with foreclosure filings, which is an 8% increase compared to last year. However, this number decreased by 1% from January, according to the report.

Foreclosure filings can include default notices, scheduled auctions, or bank repossessions.

Last month, there was an average of one foreclosure filing for every 4,279 housing units across the country.

Certain states had more success than others. South Carolina had the highest foreclosure rate, with one in every 2,248 housing units being affected. Delaware came after, followed by Florida, Ohio, and Connecticut.

Columbia, South Carolina had the highest foreclosure rate among major metropolitan areas.

Orlando had the highest foreclosure rate among cities with a population greater than a million, followed by Cleveland, Riverside, Philadelphia, and Miami.

In February, lenders initiated the foreclosure process for 22,575 properties, which is a 4% increase from January and an 11% increase from the previous year.

Florida had the highest number of foreclosure starts, with over 2,700, followed by California, Texas, New York, and Ohio.

The cities that experienced the highest number of foreclosure starts included New York City, Houston, Los Angeles, Chicago, and Miami.

Foreclosures increased in multiple states.

Once again, South Carolina has claimed the top spot on the list, with completed foreclosures seeing a significant increase of 51% compared to the previous year.

Missouri experienced a significant increase in completed foreclosures, with a rise of 50%. Pennsylvania also saw a notable increase, with a 46% rise.

Texas experienced a 7% increase, while Indiana saw a nearly 1% rise compared to the previous year.

Among the largest cities, Chicago had the highest number of completed foreclosures, with a total of 207. Philadelphia, New York City, Pittsburgh, and Detroit also experienced significant numbers of completed foreclosures.

Nevertheless, there was a decrease in completed foreclosures compared to the previous year in multiple states. In Georgia, the numbers dropped by 52%, while in New York they decreased by 41%.

North Carolina saw a decline of 34%, followed by New Jersey with 28%, and Maryland with 26%.

[READ MORE: Shock Video Shows Wild Shoot Out on NYC Subway Train]

Leave a Reply

Your email address will not be published.

Previous Story

Boeing Plane Discovered with Major Panel Blown Off After Flight

Next Story

Politico Promotes Democrat Operative’s Decision to Have Himself Euthanized in Switzerland