Foreclosure Rates on the Rise: Homeowners Struggle with Affordability Amid Housing Market Slowdown
Despite a housing market slowdown, foreclosure rates across the US have increased for almost two years. Real estate data analysis by Attom showed that Florida had some of the highest levels in the past year, highlighting issues of availability and affordability. Mortgage lenders completed almost 4,000 repossessions in January, up 6% from December but down 19% from the year before, according to Attom’s data. The ability to afford a home remains difficult, with the 30-year fixed rate increasing to 6.12%, and addressing the affordability concern remains an issue that both federal and state officials and lawmakers are trying to solve.