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63 April 2025 J O U R N A L April 2025 » In February 2025, there were 40,260 bankruptcy files overall, up 3% from the 39,034 cases in February 2024. Individual bankruptcy filings rose from 36,458 in February 2024 to 38,108 in February, a 5% increase. In February 2025, 22,899 individual Chapter 7 files were made, which is 8% more than the 21,151 submis- sions that were made in February 2024. On the other hand, February 2025 saw 15,128 individual Chapter 13 filings, a 1% drop from the 15,247 files in February of the previous year. "Inflation, elevated interest rates, tighter lending terms, and geopolitical tensions are creating more challenges for distressed consumers and businesses looking to alleviate their growing debt loads," said Amy Quackenboss, ABI Ex- ecutive Director. "Bankruptcy provides an established process for struggling households and businesses looking to access a financial fresh start." 'EVOLVING MARKET PRESSURES' DRIVING RECENT FORECLOSURE INCREASES A TTOM has released its Feb- ruary 2025 U.S. Foreclosure Market Report, which shows there were a total of 32,383 U.S. prop- erties with foreclosure filings—default notices, scheduled auctions, or bank repossessions—a total that was up 5% from the prior month, but down 1.7% year over year. "February's rise in foreclosure filings suggests evolving market pressures," said Rob Barber, CEO at ATTOM. "While some increase may re- f lect seasonal trends, the uptick in fore- closure starts both month over month and year over year signals potential shifts. We'll continue monitoring how economic factors inf luence foreclosure activity moving forward." Lenders repossessed 3,031 U.S. properties through completed foreclo- sures (REOs) in February 2025, up just under 2% from last month, but down 11% from a year ago—continuing a trend of declining annual REO num- bers seen in 12 of the last 13 months. States that had at least 50 or more REOs and that saw the greatest annual decline in February 2025 included: • New York (down 49%) • South Carolina (down 44%) • New Jersey (down 43%) • Pennsylvania (down 35%) • Ohio (down 34%) Among the 225 metropolitan statis- tical areas with a population of at least 200,000, that saw the greatest number of REOs included: • Chicago, Illinois (154 REOs) • Houston, Texas (101 REOs) • St. Louis, Missouri (91 REOs) • Detroit, Michigan (87 REOs) • Philadelphia, Pennsylvania (78 REOs) Where Are Foreclosures Most Prevalent? Nationwide, one in every 4,395 housing units had a foreclosure filing in February 2025. States with the highest foreclosure rates were found in: • Delaware (one in every 2,278 housing units with a foreclosure filing) • Illinois (one in every 2,333 housing units) • Nevada (one in every 2,435 housing units) • New Jersey (one in every 2,695 hous- ing units) • South Carolina (one in every 2,816 housing units) Those major metropolitan statistical areas (MSAs) with a population greater than 200,000, with the highest foreclo- sure rates in February 2025 were found in: • Modesto, California (one in every 1,486 housing units with a foreclosure filing) • Lakeland, Florida (one in every 1,863 housing units) • Columbia, South Carolina (one in every 2,006 housing units) • Chicago, Illinois (one in every 2,007 housing units) • Atlantic City, New Jersey (one in every 2,032 housing units) Other than Chicago, among the metropolitan areas with a population greater than one million, those with the worst foreclosure rates in February 2025 included: • Las Vegas, Nevada (one in every 2,044 housing units) • Riverside, California (one in every 2,166 housing units) • Philadelphia, Pennsylvania (one in every 2,195 housing units) • Jacksonville, Florida (one in every 2,445 housing units) • Foreclosure Starts Increase Monthly Lenders started the foreclosure process on 22,730 U.S. properties in February 2025, a total that was up 8% from last month and up 1% from a year ago. Those states that had 100 or more foreclosure starts and saw the greatest monthly increase in foreclosures starts in February 2025 included: • New Jersey (up 78% from last month) • Colorado (up 58%) • Iowa (up 57%) • Georgia (up 42%) • South Carolina (up 29%) Among those major MSAs with a population of at least 200,000, those with the greatest number of foreclosure starts in February 2025, included: • New York, New York (1,387 foreclosure starts) • Chicago, Illinois (1,367 foreclosure starts) • Houston, Texas (1,050 foreclosure starts) • Philadelphia, Pennsylvania (743 fore- closure starts) • Dallas, Texas (651 foreclosure starts)