Foreclosure activity in the U.S. has increased in recent months amid the uncertain economic environment, according to new data from ATTOM Data Solutions.
There were approximately 92,634 U.S. properties with foreclosure filings from July through September, including default notices, scheduled auctions or bank repossessions, according to ATTOM's Foreclosure Market Report. That's up 3% from the previous three months and up more than 100% from a year ago, according to the data.
Lenders started the foreclosure process on more than 67,200 U.S. properties throughout the three months, up 1% from the previous quarter and up 167% from a year ago, which is nearly reaching pre-pandemic levels, according to ATTOM.
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The foreclosure process begins when borrowers fail to make their mortgage payments and the lender decides to foreclose. However, most lenders won't start such proceedings until a borrower is between three and six months behind on their payments, according to the National Bankruptcy Forum.
The entire process of foreclosing a home can take months.