U.S. foreclosure filings jumped 22% in the first quarter compared to the same period a year ago, according to a report from real estate data analytics firm ATTOM.
While still below pre-pandemic levels, foreclosure activity has increased on an annual basis for 23 straight months. The uptrend reflects higher jobless rates, ongoing economic challenges and backlogged foreclosures working through the pipeline after the lifting of government interventions to help struggling homeowners during the pandemic, said Rob Barber, chief executive officer of ATTOM.
“However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay,” Barber said in a statement.
