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.
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https://www.foxbusiness.com/economy/home-foreclosures-rise-again-nationwide
Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away.
Mortgage rates surged in recent years, hitting the highest levels in more than two decades last fall. While rates have come down slightly since then, home prices remain painfully elevated and a limited inventory of housing is still failing to keep up with demand. Such conditions mean that housing has become woefully unaffordable.
Falling mortgage rates in recent weeks have helped, but home prices could remain sticky, according to economists. It’s still a cruddy time to be hunting for a home, but it’s even worse for young, first-time buyers who need to save up for a down payment and build up their credit score during a time when Baby Boomers are refusing to part with their big houses.
The situation isn’t a whole lot better for renters, with rents barely coming down from record highs and half of tenants in that market saying they can’t even afford their payments.
https://www.cnn.com/2024/02/03/economy/young-americans-giving-up-owning-a-home/index.html