Foreclosure Filings Increase in Multiple US States.

Foreclosures in the US have surged by 22% in Q1 2023, with Illinois, Delaware, and New Jersey being the hardest hit states. The expiration of foreclosure moratoriums implemented during the pandemic has created a backlog of foreclosure activity, causing lenders to catch up. The rise in foreclosures is attributed to ongoing economic challenges such as rising unemployment and persistent inflation, which has slammed US household budgets.