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Banks have continued to beef up their foreclosure activities, but the rate of growth is decelerating as the number of distressed properties remains well below normal levels.

More than 135,000 residential properties were slapped with new foreclosure filings in the first six months of the year, a number that was 15 percent higher than the same time the year before, according to a new report from real estate data provider Attom.

Attom CEO Rob Barber

“Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023,” Attom CEO Rob Barber said in a statement. “Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.”

In all, nearly 186,000 homes had foreclosure filings in the first half of 2023, up 13 percent year over year. That’s also nearly three times higher than in the first half of 2021 when the nation was still under a strict series of state and federal rules limiting foreclosures due to the economic hardships of the pandemic.

Chart by Attom

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