Finance News
Home foreclosures are on the rise across the country, with the fastest increase seen in these top 5 states.
The number of home foreclosures is increasing across the country, with the most significant rise seen in these 5 states.,
‘Mansion Global’ host Katrina Campins has the latest on the real estate market on ‘The Bottom Line.’
Home foreclosures rose again in February as Americans continue to grapple with the ongoing cost-of-living crisis.
According to a new report by real estate data provider ATTOM, there were 32,938 properties in February with foreclosure filings, marking an 8% increase from the prior year but a 1% decrease from the previous month.
“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said ATTOM CEO Rob Barber. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices.”
Foreclosure completions fell in 28 states in February, with lenders repossessing 3,397 properties, down 14% from the previous month and 11% from the prior year. Major declines were seen in Georgia and New York.
Despite the rise in foreclosures, they remain well below the levels recorded during the 2008 financial crisis. However, factors such as high home prices, mortgage rates, and property taxes could exacerbate the issue.
Although foreclosures are rising, they remain well below the levels recorded during the 2008 financial crisis. (Nathan Howard/Bloomberg via Getty Images / Getty Images)
Housing affordability is currently at its worst due to soaring home prices and mortgage rates, leading to a significant increase in the salary required for homeownership.
Several factors contribute to the affordability crisis, including the Federal Reserve’s interest-rate hike campaign and limited housing inventory.
Housing affordability is the worst it’s been in decades, thanks to a spike in home prices and mortgage rates. (Orlando Sentinel/Tribune News Service via Getty Images / Getty Images)
The average rate for a 30-year fixed loan has risen significantly, impacting potential homebuyers despite stagnant home prices.
For detailed information on specific items or companies related to the real estate market, please refer to the FAQ section below.
### FAQ
– **Q:** How do rising mortgage rates affect homeowners?
**A:** Rising mortgage rates increase the cost of borrowing for homeowners, making monthly mortgage payments more expensive.
– **Q:** What role does the Federal Reserve play in influencing mortgage rates?
**A:** The Federal Reserve’s interest-rate decisions directly impact mortgage rates, as they determine the cost of borrowing money for home purchases.
– **Q:** Why is housing affordability currently at its worst?
**A:** A combination of factors, including high home prices, rising mortgage rates, and limited housing inventory, have contributed to the current housing affordability crisis.
Bespoke Investment Group co-founder Paul Hickey breaks down the current volatility in the market and discusses his current favorite investment opportunities on ‘Making Money.’
JPMorgan CEO Jamie Dimon still isn’t a fan of Bitcoin but he’s not letting his personal feelings get in the way of business at the bank.
“When I look at the Bitcoin universe, the leverage in the system, the misuse,” he said at the company’s annual investor day Monday in New York. Noting that bad actors can use it for sex trafficking and terrorism.
“I am not a fan of it. We are going to allow you to buy it. And we’re not going to custody it. We’re going to do is put it on statements for clients. So, you know, I don’t think we should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin, go at it”, he added.
JPMorgan Chase CEO Jamie Dimon Speaks at Investor Day 5/19
At JPMorgan’s Investor Day, Dimon said the bank will now allow clients to buy Bitcoin but that policy hasn’t changed his view on the cryptocurrency. (JP Morgan)
Bitcoin, the largest crypto by market value, is just shy of its all-time high of $106,734.51 reached last year.
DIMON SOUNDS OFF ON HIGH MORTGAGE RATES, LAYS BLAME
Dimon has long been a critic of Bitcoin, including these remarks from 2021:
“I personally think that Bitcoin is worthless,” Dimon said while speaking at a virtual event hosted by the Institute of International Finance. “But I don’t want to be a spokesman for that, I don’t care. It makes no difference to me.” Dimon has also likened the crypto to “fools gold.”
Shares of JPMorgan Chase are up over 10% outperforming the S&P 500 which is flat for the year.
In January 2024, the Securities and Exchange Commission greenlighted the first Bitcoin exchange-traded fund, prompting a slew of firms to launch their own, making the asset class more accessible for both institutional and retail investors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBIT | ISHARES BITCOIN TRUST – USD ACC | 60.66 | +0.68 | +1.13% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC | 93.14 | +0.98 | +1.06% |
| GBTC | GRAYSCALE BITCOIN TRUST ETF – USD ACC | 84.12 | +0.88 | +1.06% |
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iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin ETF and Grayscale Bitcoin Trust ETF are currently the largest funds by assets under management, as tracked by ETF.com.
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Hooters CEO Sal Melilli joins ‘Fox & Friends’ to discuss plans to return the brand to its roots as a ‘neighborhood restaurant.’
Italian restaurant chain Bertucci’s is closing more locations after filing for bankruptcy again to mitigate losses.
The Massachusetts-based business, which has locations along the East Coast and is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain’s third bankruptcy since 2018.
Bertucci’s also closed seven of its underperforming locations – five in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant locations in six states, according to court documents.
RESTAURANT CHAIN BERTUCCI’S FILES FOR BANKRUPTCY PROTECTION
Italian restaurant chain Bertucci’s has filed for bankruptcy for the third time since 2018. It has also closed seven restaurants to mitigate losses, according to an April 24 bankruptcy filing. (WFXT)
The company cited the “deterioration” of the U.S. economy and “lack of consumer demand for legacy casual-dining brands” as reasons why the restaurant chain has been operating at a loss, according to the filing.
FAST-FOOD CHAIN CLOSING UP TO 200 ‘UNDERPERFORMING’ LOCATIONS
“With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci’s] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline,” as stated in the bankruptcy documents.
Bertucci’s has assets and liabilities between $10 million and $50 million, according to the filing.
TGI FRIDAYS’ US FOOTPRINT HAS SHRUNK TO 85 RESTAURANTS ACROSS THE COUNTRY
The restaurant chain hopes bankruptcy will provide the business with a “breathing spell” so it can “determine the best path forward and formulate an overall reorganizational plan,” it said in the filing.
In April 2018, Bertucci’s filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid challenges caused by the COVID-19 pandemic like the closure of restaurants and inflation, it declared bankruptcy for a second time and streamlined operations down to 23 locations, according to the filing.
Bertucci’s previously filed for bankruptcy in 2018 and 2022. (WFXT)
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Bertucci’s did not respond to FOX Business’ request for comment.
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