Nationwide Foreclosures as Federal Reserve keeps interest high

Inhabited and abandoned homes along Walbrook Avenue in West Baltimore, Md., on Nov. 9.Nathan Howard / Bloomberg via Getty Images file

Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Home foreclosures are rising nationwide, with Florida, California and Texas in the lead
  • As the cost of living in the U.S. continues to climb, foreclosures are also on the rise.
  • May foreclosure-related filings, which include default notices, scheduled auctions and bank repossessions, were up 7% from April and up 14% from a year ago, to 35,196 properties, according to the real estate data group ATTOM.
  • Still, U.S. workers’ incomes remain below their pre-pandemic highs as the cost of consumer goods and services remains elevated, putting them at greater risk of falling behind on payments
  • The Federal Reserve has said interest rates will most likely need to stay higher for longer to keep inflation in check.

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