The past couple of years have been hard on people in Michigan and throughout the United States, not to mention the whole world. The pandemic has caused disruptions in many people’s lives, particularly with regard to working and earning a living. As such, a lot of people have struggled to make ends meet, leading to home foreclosures and other financial problems. A recent report shows a marked increase in the number of foreclosures nationwide in the 1st quarter of 2022.
The Foreclosure Market Report
ATTOM, a leading provider of foreclosure data, along with its subsidiary, RealtyTrac, one of the largest marketplaces online for distressed and foreclosed properties, recently released the U.S. Foreclosure Market Report for 1st quarter of 2022. In total, more than 78,000 properties throughout the country were foreclosed on in the first quarter of 2022. This is an increase of 39% from the previous quarter and a 132% increase from foreclosure rates the previous year.
This past March along, the United States saw 33,333 property foreclosures, which is a 29% increase from the previous month and a 181% increase from the previous year. March was also the 11th consecutive month with an increase in foreclosure activity across the nation. The states with the largest number of foreclosures were California, Florida, Texas, Illinois and Ohio. Incidentally, Michigan came in at number nine on the list.
Seeking legal counsel
Although experts believe that the foreclosure rates will eventually return to normal levels, that does little to help those who have already been foreclosed on or are facing imminent foreclosure. If a person is in danger of losing his or her home due to bank repossession, he or she should consult with an experienced foreclosure attorney in Michigan for help. A lawyer will advocate on behalf of the client to protect his or her rights will work aggressively to help the client achieve the most favorable outcome possible.