Spartanburg Tops List for Highest Foreclosure Filings in January

In January, Spartanburg had the highest rate of foreclosure filings among cities in the United States with a population of over 200,000, according to the recent Foreclosure Market Report by ATTOM Data. With one in every 1,579 homes experiencing a foreclosure filing, Spartanburg surpassed other cities in terms of foreclosure activity.

Following Spartanburg, Columbia was in second place, with one in every 1,651 homes facing foreclosure filings last month. The cities of Cleveland, Detroit, and Las Vegas also had high foreclosure filing rates in January.

When looking at states, South Carolina stood out with the seventh-highest overall rate of foreclosures filed in January. Remarkably, the state had the highest foreclosure rate in the South, with one in every 2,994 homes being affected. This rate was over 25 percent higher than the previous year, making South Carolina the 12th-fastest growing state in terms of foreclosures, surpassing the national average by five times.

Interestingly, while several states witnessed a decrease in foreclosure filings since January 2023, the United States as a whole experienced a 5.43 percent increase in foreclosure filings compared to the previous year. This rise was even higher when compared to December, with filings increasing by more than 10 percent.

According to Rob Barber, the CEO of ATTOM, the increase in filings during January can be attributed to the typical progression of filings through the legal system after the holiday season. However, Barber suggests that other factors such as rising interest rates, inflation, employment changes, and market dynamics could also be contributing to this trend.

It is worth noting that while foreclosure filings in Spartanburg are high, eviction filings in Greenville and Charleston, as tracked by Eviction Lab, decreased in 2023 compared to the previous year. This indicates that the situation in these cities may be improving in terms of housing stability.

Even though the core fact remains the same, each article can provide a distinct perspective on the subject matter.

FAQ:

1. What city in the United States had the highest rate of foreclosure filings in January?
Answer: Spartanburg had the highest rate of foreclosure filings among cities in the United States with a population of over 200,000 in January.

2. Which city ranked second in terms of foreclosure activity?
Answer: Columbia ranked second in terms of foreclosure activity, following Spartanburg.

3. Which states had high foreclosure rates in January?
Answer: South Carolina stood out with the seventh-highest overall rate of foreclosures filed in January. It also had the highest foreclosure rate in the South.

4. Did South Carolina’s foreclosure rate increase compared to the previous year?
Answer: Yes, South Carolina’s foreclosure rate in January was over 25 percent higher than the previous year, making it the 12th-fastest growing state in terms of foreclosures.

5. Did the United States as a whole experience an increase in foreclosure filings?
Answer: Yes, the United States experienced a 5.43 percent increase in foreclosure filings compared to the previous year. The rise was even higher when compared to December.

6. What factors could contribute to the increase in foreclosure filings?
Answer: According to Rob Barber, the CEO of ATTOM, factors such as rising interest rates, inflation, employment changes, and market dynamics could contribute to the increase in foreclosure filings.

Definitions:

– Foreclosure: The process by which a lender takes possession of a property from a borrower who has failed to meet their mortgage obligations.
– Filings: Official documents or paperwork submitted to a court or legal system.
– Eviction: The action of expelling someone from a property, typically due to non-payment of rent or a breach of lease terms.
– Housing stability: Refers to the state or condition of having secure and consistent housing.

Suggested Related Links:
ATTOM Data
Eviction Lab