U.S. Foreclosures Rise 21 Months in a Row

US Foreclosures Rise 21 Months in a Row

US Foreclosures Rise 21 Months in a Row

In Tampa, Florida, the 30-year fixed mortgage rate recently saw a slight increase after weeks of stability, reigniting concerns about housing affordability in the U.S., especially amid inflation and factors like inventory, costs, and equity.

ATTOM’s real estate analysis revealed a persistent national trend of rising foreclosures over nearly two years, with Florida among the states grappling with significant foreclosure levels, indicating challenges in housing availability and affordability.

For 21 consecutive months, ATTOM’s data showed a steady climb, with 31,557 properties facing foreclosure filings, marking a 36% surge from January 2022. While January 2023 saw a 2% increase in foreclosures from the previous month, Florida’s surging home values in 2022 offset some of the impact.

ATTOM’s CEO, Rob Barber, suggested a potential shift in the trend, noting the recent upturn in nationwide foreclosure filings might indicate a continuing pattern into 2023, despite momentary stalls in completed foreclosures and foreclosure starts.

The data also revealed varying trends among states, with Florida witnessing the largest annual decrease in repossessions by 53%, while other states experienced smaller declines or even increases in foreclosures, such as New York’s 76% surge in repossessions.

Despite a marginal 1% decline in foreclosure starts from December 2022 to January 2023, states like California, Texas, Florida, New York, and Illinois still reported high numbers, indicating persistent challenges.

Housing affordability remains a significant concern, with the 30-year fixed-rate mortgage climbing to 6.12%, following adjustments in interest rates by the Federal Reserve, influencing the cautious interest among potential homebuyers entering the spring homebuying season. Both state and federal authorities are actively addressing affordability issues through legislative measures and evolving relief programs.

Source: New Channel 8

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Felipe is our Director of Technology and also works in sales and acquisitions in his free time. Felipe has been in the real estate world since 2015. Felipe likes the dynamic, fast paced, day-to-day operations at Homeinc. He continually strives towards finding creative solutions to deliver the best quality service to our customers. When not at work, Felipe enjoys skydiving and spending time with his wife and son.

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