RealtyTrac reports that foreclosure filings in the United States have increased by 39% in the first quarter of 2022. Even more alarming, foreclosure filings are up 139% from a year ago. With the cost of living continuing to increase, many homeowners are facing the reality that they really cannot afford their homes. To oncoming buyers, they made need to think more about what they can actually afford in comparison to what they wish they could afford. New Jersey residents facing foreclosure are not alone; Illinois ranks #1 in highest foreclosure rates, with New Jersey a close second. It is more important than ever to seek help in avoiding foreclosure, and we are here to help!

Excerpt:

March foreclosure activity was at its highest level in exactly two years – since March 2020, when there were almost 47,000 foreclosure filings across the country, according to the Foreclosure Market Report. Some other key findings:

  • Nationwide in March 2022, one in every 4,215 properties had a foreclosure filing.
  • States with the highest foreclosure rates in March 2022 were Illinois (one in every 1,825 housing units with a foreclosure filing) followed by New Jersey (one in every 2,022); South Carolina (one in every 2,299); Delaware (one in every 2,579); and Ohio (one in every 2,604).
  • 22,360 properties started the foreclosure process in March 2022, up 35% from February and up 248% from March 2021.
  • Lenders completed the foreclosure process on 4,406 properties in March 2022, up 67% from the previous month and up 180% from March 2021.
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