Foreclosures Surge Amid Economic Uncertainties and High Mortgage Rates
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Foreclosure filings jumped 28% in Q3 2022 from the prior quarter to 124,539, a 34% surge from a year ago, showing growing financial distress.
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September 2022 saw an 11% monthly jump in filings to 37,679, up 18% from September 2021, with activity increasing through 2023.
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Mortgage lenders began the foreclosure process on 68,961 US properties in Q3, up 3% from Q3 2021, as moratoriums ended.
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High inflation, economic uncertainty, and lingering pandemic financial impacts are straining cash-strapped homeowners.
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Rising foreclosures come amid a precarious housing market with near-frozen home sales and record-low inventory due to high mortgage rates.