Home foreclosures starting to explode
Have you been looking around the housing market and thinking “There goes the neighborhood”? Well, you are not alone. In May of this year, ATTOM recorded a sharp uptick in foreclosure rates around the United States. Adding up notices of default, repossession by banks and auctions on the calendar, the U.S. Foreclosure Market Report found 35,196 American properties with foreclosure filings.
https://finance.yahoo.com/news/foreclosures-rising-experts-means-housing-180030618.html
https://www.cbsnews.com/news/home-foreclosures-rise-housing-real-estate-2023/
Car repossessions climb to new highs
The slowdown is starting to show up in Americans’ personal finances. According to a recent survey from Bankrate, 49% of U.S. adults have less savings compared to a year ago. Ten percent of those surveyed said they have no savings at all.
The upshot: The most disastrous outcomes for U.S. households, like auto repossessions and home foreclosures, have begun to climb.
“As a result of the expiration of government stimulus and current [economic] headwinds, we have seen delinquencies ticking up in this space over the last several months,” said Margaret Rowe, a senior director at Fitch ratings group.
‘It’s the perfect storm’: Vehicle repossessions rocket as the average monthly payment for a new car jumps 26% in three years and prolonged inflation put pressure on household budgets
Real estate prices starting to plummet in certain markets, a more widespread plummet expected across the board later this year
If you’re looking to buy a home in the near future, there is finally some good news for buyers: Home prices are falling around the country. After the pandemic-era housing boom that saw interest rates slashed and droves of homebuyers flocking to new locations, the market is finally correcting a bit.
Tiffany Grant, MBA and owner of Money Talk with Tiff, gives a few reasons for this.
“One is that the market became too hot during 2021 and the first part of 2022, so now it is correcting itself,” she said. “The second part is the Federal Reserve has been raising interest rates to curb inflation. This makes it more expensive to purchase a home. There are fewer buyers on the market than before, so now sellers have to lower their prices to meet the demand.”
But certain locations are falling harder than others. Here are six cities that are dropping home prices by a lot.
https://www.kiplinger.com/real-estate/home-prices-falling-rapidly-in-five-popular-housing-markets