US foreclosure activity soars to almost pre-pandemic levels

He said: “Foreclosure activity is reflecting other aspects of the economy, as unemployment rates continue to be historically low, and mortgage delinquency rates are lower than they were before the COVID-19 outbreak.”

The States with the largest number of foreclosure starts during the third quarter were California (7,368), followed by Florida (6,671), Texas (6,217), Illinois (4,702), and New York (3,997).

The report also showed that New York topped the list of the 223 metropolitan areas with the highest number of foreclosure starts during the same period, followed by Chicago (3,950) and Los Angeles, (2,275).

In contrast, the metropolitan areas with a population of more than one million that saw a decline in foreclosure starts were Tulsa, Oklahoma (down 60%), Kansas City, Missouri (down 26%) and Birmingham, Alabama (down 25%).

Nationwide, one in every 1,517 properties had a foreclosure filing in Q3, and the States with the highest foreclosure rates during this period were Illinois (one in every 694 housing units), Delaware (one in every 825), New Jersey (one in every 855), South Carolina (one in every 971), and Ohio (one in every 1,027).