Home foreclosures are on the upswing nationwide

foxbusiness.com:

Taylor Morrison CEO Sheryl Palmer discusses the headwinds facing the housing market after a drop in August on existing home sales on 'The Claman Countdown.'

Home foreclosures are on the rise 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 foreclosure filings – which includes default notices, scheduled auctions and bank repossessions – surged 28% in the third quarter to 124,539. 

Foreclosures are up 34% from the same time one year ago.

«Even with the national economic upturn and job stability, it's evident that some homeowners are still grappling with the pandemic's financial aftermath or encountering new challenges,» said Rob Barber, ATTOM CEO.

WHY CAN'T YOU FIND A HOUSE FOR SALE?

Affordability is worsening across the country, thanks to a spike in both home prices and mortgage rates. (Andrew Caballero-Reynolds/AFP via / Getty Images)

The report also indicated that there were 37,679 properties with foreclosure filings in September – up 11% from the previous month and up 18% from 2022.

Although foreclosures are on the rise, they remain well below the levels recorded during the 2008 financial crisis. 

«Foreclosure starts are nearly back to where they were two years ago when the federal government lifted a pandemic-related moratorium on most foreclosure filings,» Barber said. «This rise in foreclosures might also be attributed to pending filings finally processing.» 

However, the problem may soon get worse, thanks to the resumption of student loan payments.

MORTGAGE CALCULATOR: SEE HOW MUCH HIGHER RATES COULD COST YOU

Real estate experts are bracing for a significant blow to the market since the