Everyone said that because people have 3% mortgage rates they will hold onto those houses forever because they’ll never get a deal like that again in our lifetime. Unfortunately, a lot of people who have those 3% mortgages are now struggling to afford that home and going into foreclosure. You also have a lot of investors that have, ruined entire neighborhoods and are now starting to offload homes substantially bringing down the value of the local real estate market.
Certain areas are experiencing significant spikes in foreclosure activity in 2024. Here are some notable examples:
- South Dakota: 93% increase
- North Dakota: 86% increase
- Kentucky: 73% increase
- Massachusetts: 46% increase
- Idaho: 30% increase
Additionally, some metropolitan areas with high foreclosure rates include Longview, TX, Trenton, NJ, Atlantic City, NJ, Lakeland, FL, and Bakersfield, CA.
Sources:
https://metroatlantaceo.com/news/2024/06/us-foreclosure-activity-sees-monthly-increase-may-2024/