Foreclosures on the rise as interest rates, job losses and high grocery costs keep Americans strapped for cash


Important Takeaways:

  • Home foreclosures shoot up 10% amid soaring interest rates, job losses and higher grocery and utility bills eating into earnings – here are the state’s WORST affected
  • Home foreclosures are on the up across the US as Americans continue to battle against soaring interest rates and rising costs.
  • Last month, 37,679 properties had a foreclosure filing, according to fresh figures from real estate data provider ATTOM – up 10 percent from the month prior.
  • Foreclosure occurs when an owner can no longer make their monthly mortgage payments and must forfeit the rights to their property as a result. Foreclosure filings include default notices, scheduled auctions and bank repossessions.
  • The figures lay bare a growing housing affordability crisis in the US. But a disparity remains across America, with some states faring much worse than others.
  • Delaware recorded the highest number of filings last month, with one for every 2,269 housing units.
  • Nevada had the second highest number of foreclosure filings in January – at one in every 2,272 housing units.
  • Indiana had one in every 2,499 housing units, Maryland had one in every 2,588 and New Jersey had one in every 2,647.
  • Foreclosures have been on the rise since the end of 2021, as banks make up for lost time after state and federal foreclosure bans expired.

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