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.
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The Claman Countdown panelists Dolly Lenz and Jenny Lenz analyze top places Americans want to live.
The housing inventory shortage that has been plaguing the U.S. for years appears to finally be easing, but a significant factor behind what is driving up supply provides little encouragement that the stagnant market will get moving again anytime soon.
A new report from Redfin says the number of homes for sale jumped to a four-year high in November, surging 12.1% year over year. But the major reason for the increase is that most homes on the market just aren’t selling.
Redfin data shows housing supply hit a four-year high in November, but mostly because a majority of houses for sale have sat on the market for more than two months. ( Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)
More than half (54.5%) of homes on the market last month had been listed for more than 60 days, with many deemed too expensive by would-be buyers. According to Redfin data, that is up 49.9% from a year ago, and is the highest share of stale inventory for a November since 2019.
The report said that the typical home that went under contract last month did so in 43 days, which is also the slowest November pace since 2019.
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“A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough,” said Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon.
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“I explain to sellers that their house will sit on the market if it’s not fairly priced,” Loggins said. “Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.”
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The data shows Texas and Florida have the highest rates of old listings on the market. Miami has the greatest share of homes on the market for longer than 60 days than any other major metro at 63.8%, followed by Austin, which has 62.4% of listings that have sat for more than two months without going under contract.
The affordability crisis has led to the majority of the homes on the market sitting unsold for more than 60 days. (Fox News)
The housing market saw a flurry of activity driven by high demand during the pandemic, but has become stagnant as soaring home prices and mortgage rates have led to an ongoing affordability crisis that has pushed homeownership out of reach for many Americans.
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Housing costs repeatedly broke records in 2024, and a report from the National Association of Realtors’ (NAR) annual survey of buyers and sellers found the share of first-time homebuyers dropped from 32% in 2023 to 24% in 2024, the lowest share since NAR began collecting data in 1981.
FOX Business’ Lindsay Kornick contributed to this report.
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