EDITOR'S NOTE: The home sales report is a key indicator for the real estate sector, but it presents a mere segment of the larger economy. Under certain conditions, however, it’s a proverbial iceberg warning of something much more sinister hiding beneath the waters of economic obfuscation. The article you’re about to read explores this phenomenon. While home sales are down 12.6% year over year, home foreclosures are up an astounding 181%. The expiration of the moratorium on foreclosures released a storm of debt repayments that ultimately triggered a string of financial collapses among households across the American landscape. The erosive effects of runaway inflation and the rising cost of borrowing capital added to the weight of household debt burden. Has the foreclosure trend hit a peak in its upward trajectory, or are we seeing the beginning of a much larger trend?
Another Joe Biden record!
Foreclosures are up 181% in one year. Home sales are down 12.6% year over year.
Home Sales in March were 763,000 vs. 835,000 in February and down 12.6% vs. the last March number of 873,000. Last month 33,333 properties across the U.S. faced foreclosure, a 181% jump from March 2021. The first quarter saw 78,271 properties with a foreclosure filing.
— Inflation Tracker (@TrackInflation) April 29, 2022
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SOME EIGHT MONTHS AFTER A NATIONWIDE MORATORIUM ON FORECLOSURES EXPIRED, FORECLOSURE FILINGS SOARED TO THE HIGHEST LEVEL SINCE THE PANDEMIC BEGAN.
LAST MONTH, 33,333 PROPERTIES ACROSS THE U.S. FACED FORECLOSURE, A 181 PERCENT JUMP FROM MARCH 2021 AND 29 PERCENT POP FROM FEBRUARY, ACCORDING TO A REPORT BY FORECLOSURE TRACKER ATTOM. THE FIRST QUARTER SAW 78,271 PROPERTIES WITH A FORECLOSURE FILING, A 39 PERCENT FROM THE PREVIOUS QUARTER AND 132 PERCENT FROM LAST YEAR.
THOSE FIGURES REPRESENT THE HIGHEST NUMBER OF FORECLOSURES SINCE MARCH 2020 WHEN NEARLY 47,000 U.S. HOMES HELD FORECLOSURE FILINGS, SAID RICK SHARGA, EXECUTIVE VICE PRESIDENT OF MARKET INTELLIGENCE FOR ATTOM.
MARCH MARKED THE 11TH CONSECUTIVE MONTH IN WHICH FORECLOSURE ACTIVITY POSTED A YEAR-OVER-YEAR INCREASE.
NOT ONLY DID FORECLOSURE ACTIVITY HIT A PEAK, THE TIME IT TOOK PROPERTIES TO FORECLOSE TICKED DOWN 3 PERCENT FROM THE PREVIOUS QUARTER. PROPERTIES FORECLOSED ON IN THE FIRST QUARTER WERE IN THE PROCESS FOR AN AVERAGE OF 917 DAYS, DOWN FROM 941 IN THE PREVIOUS PERIOD AND 930 IN THE FIRST QUARTER OF 2021.
Originally published on Borisov News.