ATTOM, parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, released its Q1 2022 U.S.Foreclosure Market Report. It found nationwide one in 1,795 housing units had a foreclosure filing in the first quarter, while in Ohio the number was nearly double that with 1 in 991 housing units, which was third highest in the nation behind Illinois and New Jersey.Across the country foreclosures in March were up 181% from a year ago.
Unfortunately, the way the Federal Reserve looks to bring inflation into check is by raising interest rates which cause yet another problem for some struggling homeowners. Another factor to watch in the future he said as those interest rates rise is the impact of that on those who financed with Adjustable Rate Mortgages or ARMs.
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