While foreclosures are rising, they remain well below the levels recorded during the 2008 financial crisis.
According to a recent real estate data provider ATTOM report, home foreclosures rose in February amid ongoing cost-of-living challenges for Americans. The report revealed 32,938 properties with foreclosure filings, encompassing default notices, scheduled auctions, and bank repossessions. This marks an 8% increase from the previous year, albeit a 1% decrease from the prior month.
The most significant declines occurred in Georgia, where completed foreclosures fell by 52%, and in New York, with a decline of 41%.RELATED: Home buyers need to make $47,000 more than in 2020 to afford a homeIn South Carolina, foreclosures surged 51%, while Missouri saw a 50% jump and Pennsylvania a 46% increase. Foreclosures in Texas rose 7%, and in Indiana they climbed 0.8%.Housing affordability has reached its lowest point in decades due to a surge in home prices and mortgage rates.
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