Major metropolitan areas, especially those with high populations, are seeing an uptick in foreclosure filings.
In a housing market strained by an affordability crisis, where only 15.5 percent of homes for sale in 2023 were accessible to the typical household, the U.S. experienced an 8 percent annual increase in foreclosure filings.Last year's record-low affordability, as noted by a Redfin analysis, highlights a fundamental basis to data company ATTOM's 'February 2024 U.S. Foreclosure Market Report,' which recorded 32,938 properties facing foreclosure filings.
Regionally, among the 224 areas with a population of at least 200,000 that ATTOM tracked, the ones that saw the greatest number of REOs in February were Chicago with 207, Philadelphia with 182, New York City at 173, Pittsburgh with 105, and Detroit recording 88.That divergence calls for a nuanced understanding of foreclosure impacts, according to Barber. 'These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices.
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