US Home Foreclosures Up as Interest Rates, Costs Rise

Home foreclosures are rising across the United States amid higher interest rates and living costs, new data shows.

Real estate data collector ATTOM reports that in February, there were a total of 32,938 properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 1% from January but up 8% from a year ago.

In January, foreclosures jumped 10% from the previous month, ATTOM reported.

Affordability is daunting around the country, but is worse in some states, the ATTOM tally shows.

• South Carolina recorded the highest number of filings in January, with one for every 2,248 housing units.
• Delaware, with the most filings in January, had the second highest number of foreclosure filings in February — one in every 2,428 housing units.
• Florida had one in every 2,632 housing units, Ohio had one in every 2,828 and Connecticut had one in every 2,884.

"The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market," ATTOM CEO Rob Barber said, the Daily Mail reported. "These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices."

Housing affordability across the country is the worst it's been in decades as house prices rise, fewer homes are up for sale and mortgage rates are higher, the outlet reported.

According to ATTOM, lenders repossessed 3,397 properties through completed foreclosures in February — down 14% from the previous month and 11% from a year ago, with the biggest declines in completed foreclosures in Georgia, where they fell 52%, and New York, where they were down 41%.

In contrast, South Carolina completed foreclosures surged 51%, Missouri had a 50% jump, and Pennsylvania saw a 46% increase.

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