(AURN News) – A new report from real estate data firm ATTOM Data Solutions shows foreclosure activity is on the rise across the United States. According to ATTOM, foreclosures were up 3% in the first quarter of 2024 compared to the previous quarter. While foreclosure levels remain less than 1% lower than a year ago, the report indicates a troubling trend.
The ATTOM data also found that bank repossessions, a key indicator of completed foreclosures, were up 7% in March 2024 compared to the previous month. Several states saw significantly higher foreclosure rates last month, led by Illinois, Connecticut, New Jersey, Florida, and South Carolina.
The rise in foreclosures comes as the Federal Reserve is set to make another decision soon on interest rates. So far, the Fed has held rates for the past couple of months. Their next meeting is scheduled to start on April 30.
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