Foreclosure Activity Highest Since Pandemic Began

Since the pandemic began, foreclosure activity has been on the rise across the country. According to recent reports, New Jersey has seen the highest increase in foreclosure filings since the COVID-19 pandemic began in March 2020. Before the COVID-19 pandemic, most people would never imagine that New Jersey could have one of the highest foreclosure rates in the country. But as more and more families are being forced into quarantine, property abandonment is on the rise. In fact, according to a recent report by ATTOM Data Solutions, New Jersey now has the third highest foreclosure rate in America. If you’re a homeowner in this state, it’s time to take action to protect your investment.

Completed foreclosures have reached their highest level since March 2020. Foreclosure filings, which include default notices, scheduled auctions, or bank repossessions, jumped by 29% in January over December and are up by 139% compared to a year ago, according to the January 2022 U.S. Foreclosure Market Report, released by ATTOM Data Solutions.

Should the housing market be concerned?

The numbers are still below historical levels of foreclosure activity, housing experts say. There are still less than half as many foreclosure completions now as in January of 2020 before the pandemic surged in the U.S., and there are about 60% less than in 2019.

“We’re likely to continue seeing large year-over-year percentage increases for the rest of the year,” says Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data company.

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