Foreclosure Rates Soar in Florida, California, and Texas.

Foreclosure-related filings in the US rose by 7% in May from April and 14% YoY, with 35,196 properties affected, according to ATTOM. Florida, California and Texas had the most foreclosure starts, with 2,901, 2,451 and 2,286, respectively. Despite the increase, foreclosure rates remain at pre-pandemic lows. However, US workers' incomes remain below their pre-pandemic highs, putting them at greater risk of falling behind on payments. The unemployment rate remains low, meaning there is unlikely to be a widespread increase in foreclosures similar to the one during the global financial crisis from 2007 to 2009.