The number of Americans facing home foreclosures jumped for the 12th month in a row last month, hitting the owners of nearly 40,000 homes and raising concerns about the housing affordability crisis, according to a new report.
In February, 38,840 US properties faced foreclosure filings of all kinds, including default notices, scheduled auctions or bank repossessions – a 20% jump compared with the same month last year, according to a report released Thursday by data provider ATTOM.
“Foreclosure activity in February marked the 12th consecutive month of annual increases, extending a gradual upward trend that began early last year,” ATTOM CEO Rob Barber said in a statement.
“While filings dipped slightly from January, both foreclosure starts and completed foreclosures remain higher than a year ago.”
The cost of homeownership has increasingly soared out of reach for many Americans, with the average family needing to earn $110,00 a year to own a typical home, according to real estate broker Redfin – about 29% higher than what the median household actually makes.
President Trump has unveiled several initiatives aimed at addressing the housing affordability crisis, including a $200 billion mortgage bond-buying spree and a homebuying ban on large investors. Critics have questioned whether these plans will have a wide-reaching impact.
Meanwhile, economic pressures could multiply amid the war on Iran, which has sent oil prices soaring to $100 a barrel – the kind of shock that tends to ripple across consumer prices and reheat inflation, according to experts.
Indiana, South Carolina, Florida, Delaware and Illinois were the states with the highest foreclosure rates last month, according to ATTOM.
Among metro areas with populations of at least 200,000, Lakeland, Fla.; Punta Gorda, Fla.; Indianapolis, Ind.; Evansville, Ind.; and Columbia, SC, were the cities with the worst foreclosure rates, the report said.
Lenders started the foreclosure process on 25,928 US properties in February – a 14% jump from the same period a year ago.
Texas, Florida, California, Georgia and Indiana saw the highest numbers of foreclosure starts.
Some 4,077 US properties were repossessed through completed foreclosures, a whopping 35% yearly increase, according to the report.
The states with the most repossessed homes in February included Texas, Michigan, Florida, California and Pennsylvania.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
