Home foreclosures are on the rise again nationwide
Real estate agent Kirsten Jordan breaks down struggles facing home buyers and shares her predictions for the housing market on 'Cavuto: Coast to Coast.'
Home foreclosures rose again in May as Americans continue to grapple with the ongoing cost-of-living crisis.
That is according to a new report published by real estate data provider ATTOM, which found that there were 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks a 3% increase from the prior year, although it is down 7% from the same time last year.
«May’s foreclosure activity highlights nuanced shifts in the housing market,» said ATTOM CEO Rob Barber. «While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas.»
Nationwide, about one in every 4,320 housing units had a foreclosure filing in May, according to the report. But the problem was worse in several states. New Jersey experienced the highest rate of foreclosures last month, with about one in every 1,939 homes receiving a foreclosure notice – more than double the national average.
RENT PRICES ARE STAGNATING, SUGGESTING HIGH INFLATION MAY STICK AROUND
Homes in the Issaquah Highlands area of Issaquah, Washington on April 16, 2024. (Photographer: David Ryder/Bloomberg via Getty Images / Getty Images)
Delaware registered foreclosure filings for every 2,595 homes, while Connecticut saw one for every 2,600 and Florida got one for every 2,638.
The problem could soon get worse as high home prices, steep mortgage rates, property taxes and rising insurance premiums bite Americans.
Housing affordability is the worst it has been in decades, thanks to a spike
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