In early 2025, thousands of homeowners, particularly in major U.S. cities like Chicago, New York City, and Houston, faced difficulties making mortgage payments, leading to increased foreclosure proceedings. Chicago reported the highest number of foreclosure initiations at 3,789 cases in Q1, followed closely by New York City with 3,566 cases. Despite these alarming figures, financial analysts suggest that overall foreclosure rates remain historically low, as many homeowners possess significant home equity, allowing them to manage their mortgages more effectively.
"During the first three months of 2025, Chicago led the nation in the number of foreclosure starts with 3,789 cases, signaling increasing financial stress among homeowners."
"Realtor.com senior economic research analyst Hannah Jones states that despite high foreclosure numbers in large markets, most households can leverage home equity to avoid default."
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