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Foreclosure Rates on the Rise: Homeowners Struggle with Affordability Amid Housing Market Slowdown

Posted by Sami Thalji | Feb 14, 2023

Foreclosures in the United States have been increasing for almost two years, and the real estate data analysis by Attom has shown that this trend has continued despite a cooldown in the housing market. In Florida, which has one of the highest levels of foreclosures in the past year, affordability and availability are major issues.

According to Attom, 31,557 properties had foreclosure filings for 21 months straight, indicating a 36% increase from January 2022. From December 2022 to January 2023, foreclosures increased by 2%. Attom's data shows that while completed foreclosures and foreclosure starts have stalled slightly over the past month, the annual increase in overall activity over the past 21 months indicates a more substantial trend that could continue into 2023.

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. Florida had the largest annual decreases in repossessions, down 53%, while states like Maryland, Michigan, New Jersey, and Texas had smaller decreases.

Despite a full 75% lower than the year before, nearly 21,000 properties started the foreclosure process in January, which is just a 1% drop from December 2022. The affordability of a home is a significant concern, and whether it is purchase or retention, it remains difficult to afford. The federally-backed mortgage company Freddie Mac reported that the 30-year fixed rate rose to 6.12%, up 0.03% from the week before.

For homeowners who cannot afford their mortgage payments, foreclosure can be a frightening prospect. However, Florida Consumer Lawyers helps with legal options such as foreclosure defense and loan modification. These options can help homeowners avoid foreclosure and keep their homes. Additionally, if selling the home is necessary, Florida Consumer Lawyers can help homeowners ensure that they receive a fair price for their property. We can list and sell your home instead of using a traditional realtor. It's important to work with a knowledgeable and experienced attorney who specializes in foreclosure defense and loan modification. By doing so, homeowners can receive the best possible outcome for their unique situation.

About the Author

Sami Thalji

Sami Thalji is a native Floridian, born in Clearwater and raised in St. Petersburg, Florida. Sami graduated from Osceola High School in Seminole, Florida before attending and receiving both his Bachelor of Science and Juris Doctor from the University of Florida in Ga...

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