Report: Elkhart, Ind., Leads Nation in July Home Foreclosures

In the past couple of years, foreclosures in the U.S. hit record lows largely due to Covid-19 relief efforts provided to families, according to a report by Stacker. Foreclosure is the process by which a bank or lender seizes a home after the homeowner fails to keep up with mortgage payments.

In 2022, foreclosure activity spiked: in the first six months of the year, 117,383 properties began the foreclosure process. California and Illinois, two states that have seen significant outbound migration during and after the pandemic, were among states with the highest number of foreclosures. Overall, foreclosure rates on homes across the country were up 143% in July, compared to the same month in 2021.

At the beginning of the pandemic, foreclosure moratoriums—which prevented lenders from foreclosing on homes due to missed payments—were implemented to protect homeowners who were going through financial hardship. As these measures expired during the fall of 2021, foreclosures began to rise. So far this year, there have been nearly 165,000 foreclosure filings, according to real estate data firm ATTOM Data, which is close to where filings were pre-COVID.

Stacker looked at the Metropolitan Statistical Area (MSA) data for July 2022 from ATTOM Data. The ATTOM Data report focused on metro areas with populations over 250,000. The foreclosure rate was calculated by dividing the total number of households in each metro area by the number of foreclosures filed.

10. Chicago, Illinois

Source: https://rvbusiness.com/report-elkhart-ind-leads-nation-in-july-home-foreclosures/