There are many ways to measure the overall health of the housing market in the United States. For example, you could look at trends in home sales, sale prices, and other considerations linked with individuals and families buying new homes. On the other side of the coin, however, it is also important to look at the rate of foreclosures around the country, as foreclosure rates are often indicators of people struggling to afford their homes.
Earlier this month, ATTOM Data Solutions released a report that examined foreclosure filings across the nation in January 2020. The report looked at total foreclosure filings, which include default notices, bank repossessions, and scheduled auctions, as well as foreclosure “starts” and overall foreclosure rates. As it turns out, Illinois homeowners did not fare particularly well in January, as foreclosure continues to be an issue for many throughout the state.
A Look at the Numbers
According to the report, there were just over 60,000 total foreclosure filings nationwide last month—a 13 percent increase from December of 2019 and a 7 percent increase from January of last year. New foreclosures, also called foreclosure starts, however, were down by about 1 percent from December and about 9 percent from last January. Last month, lenders initiated foreclosure for the first time on 26,858 properties in the United States.
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