Posted on: October 21, 2023 11:32 AM

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NY is also on the radar

Banks that writes a lot of residential mortgages are laying off people after the fed hiked interest rates to double.

Before a $500,000 mortgage was 3% interest and now it's 8%. A difference of $3,000 per month changed to $6,000 per month mortgage due.

Also, the refi business is in a coma and sales volume is way down along with loans on commercial properties facing default.

The number of homeowners hit with foreclosure notices in the third quarter of the year jumped 34% from a year ago to nearly 125,000, per ATTOM.

They were up 28% from the previous quarter.

The number is expected to go up to 150,000 for next year.