Historic Plunge as U.S. Housing Market Falls to New Low
The U.S. housing market is at a turning point. High mortgage rates mean prices might drop, giving buyers a chance to get their foot in the door. Meanwhile, sellers face new challenges as interest rates and the number of homes for sale change.
Image Credit: Shutterstock / pics five
While these changing conditions bring hope for buyers, it continues to be a challenging period for homeowners and sellers.
Unyielding mortgage rates and an environment where price reductions are becoming increasingly common make things increasingly difficult.
Home foreclosures are on the rise again nationwide
More Americans lost their homes in May as foreclosures move higher
Home foreclosures rose again in May 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 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks a 3% increase from the prior year, although it is down 7% from the same time last year.
“May’s foreclosure activity highlights nuanced shifts in the housing market,” said ATTOM CEO Rob Barber. “While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas.”
Nationwide, about one in every 4,320 housing units had a foreclosure filing in May, according to the report. But the problem was worse in several states. New Jersey experienced the highest rate of foreclosures last month, with about one in every 1,939 homes receiving a foreclosure notice — more than double the national average.
https://www.foxbusiness.com/economy/home-foreclosures-rise-again-nationwide
Not sure if you’ve seen this one: https://t.co/FahJmTEDxw
— tea leaves (@tealeaven) June 16, 2024