Economic data showed that the number of foreclosures and unit withdrawals in the United States US during the first quarter of this year increased by 22% compared to the same period last year. <Bloomberg News reported that while data from real estate data analytics firm A.T.T.O.M. showed that the foreclosure rate is still below pre-pandemic levels, the number of cases is increasing at an annualized rate for the 23rd consecutive month. The upward trend reflects rising unemployment, continued economic challenges and a backlog of foreclosure filings following the end of a government subsidy program for homeowners during the pandemic, said Rob Barber, CEO of A.T.T.O.M.

Rob Barber, CEO of A.T.T.O.M.

The number of foreclosure filings has been on the rise since the government subsidy program ended in mid-2021. During the pandemic, the number of homeowners who defaulted on their mortgages reached nearly 2 million. Large cities with more than 200,000 residents had the most foreclosure filings during the first quarter of this year, including New York (4,674), Chicago (3,549), Los Angeles (2,210), Houston (2,120) and Philadelphia (1,985).

Large cities with populations of more than 200,000 had the most foreclosure filings during the first quarter of this year.