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Home foreclosures rose again in February 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 32,938 properties in February with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks an 8% increase from the prior year, although it is down 1% from the previous month.
“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said ATTOM CEO Rob Barber. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices.”
The five states where home foreclosures have risen are:
- South Carolina – foreclosures surged 51%
- Missouri – 50% jump
- Pennsylvania – 46% increase
- Texas rose 7%
- Indiana – increased by 0.8%
The report notes that, although foreclosures on the rise, they are still well below the levels recorded during the 2008 financial crisis.
Thanks to a rise in interest rate and prices, housing affordability is currently the worst it’s been in decades.
BIDENOMICS: “Housing affordability is the worst it’s been in decades… the typical salary required nationwide for homeownership is up to $106,500 – a stunning 61% increase from the $59,000 required just 4 years ago”https://t.co/UytsHJtYzs
— Karoline Leavitt (@kleavittnh) March 15, 2024
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