Foreclosures up staggering 42% in just one year with this former Presidents home state hit the worst

Foreclosure activity across the US is climbing sharply with the number of lenders taking back homes ticking up a whopping 42% in April compared to the same period last year.There were 5,098 completed foreclosures, according to newly released data from property data firm ATTOM, raising fresh concerns about ongoing financial strain on homeowners as elevated mortgage rates and stubborn housing costs continue to squeeze budgets.A total of 42,430 US properties had some kind of foreclosure filing — default notice, scheduled auction or bank repossession — up 18% from a year earlier.Foreclosure starts rose 12% annually to 28,414, continuing a year-long trend of annual increases in foreclosure activity.Although activity remains below pre-pandemic levels, experts warned the year-over-year increases suggest distress is building in parts of the housing market after years of high borrowing costs.“While overall filings declined from the previous month, the year-over-year increases suggest lenders may be working through distressed inventory as higher borrowing costs and affordability challenges impact some homeowners,” Rob Barber, CEO at ATTOM, said in prepared remarks.Three states trounced the rest of the country in foreclosure rates, with Delaware posting the nation’s worst foreclosure rate at one in every 1,739 housing units, followed by South Carolina with one in every 1,745 homes; and Florida with one in every 2,092 housing units.Lenders started the foreclosure process on 28,414 U.S.

properties in April, up 12 percent from a year earlier.Three states topped the charts: Florida with 3,505 foreclosure starts; Texas, with 3,154 foreclosure starts; and California with 2,786 foreclosure starts.Meanwhile, in the first quarter of the year, New York City’s foreclosure rate slipped 3% year-over-year to 399, the weakest start in three years, The Post previously reported....