As the inflation-driven cost-of-living crunch continues to squeeze American households, foreclosures are on the rise, with May notching a 38 percent jump in repossessions and experts warning of more pain to come.
Foreclosure-related filings—which include repossessions, scheduled auctions, and default notices—climbed 7 percent from April to May to 35,196 properties, according to the real estate data group ATTOM. In year-over-year terms, the figures are up 14 percent.
The highest rate of foreclosure filings was observed in Illinois, with one filing for every 2,144 housing units. This was followed by Maryland (one in 2,203 units), New Jersey (one in 2,257 units), and Florida (one in 2,470 units).
“The recent increase in foreclosure filings nationwide indicates a trend that has been observed throughout the year, and what we have expected to occur,” ATTOM CEO Rob Barber said in a statement….