Foreclosure Starts Spike by 700% in January

As borrower protection measures due to the pandemic fade foreclosure starts have risen dramatically with 32,900 loans referred to foreclosure, according to analytics company Black Night. This is still 20% lower than pre-pandemic levels.

Currently there are 1.9 million properties in the US that are 30 or more days past due date or in foreclosure down by approximately 1.4 million from January 2021.

The states with the highest percentage of non-current loans are Mississippi with 6.9%, Louisiana with 6.9%, West Virginia with 5.3%, Alabama with 5.1% and Oklahoma with 5.0%.

The states showing the fastest improvement in percentage of non-current loans were Hawaii, California and Nevada and those showing the quickest deterioration were Louisiana. Michigan and Iowa.