Home Foreclosures Rise in Many States As Housing Affordability Worsens

• Home foreclosures rose 8% nationally in February 2022 compared to February 2021, although they fell 1% from January.

• South Carolina saw a 51% surge in foreclosures, while Missouri had a 50% jump and Pennsylvania a 46% increase.

• High home prices and mortgage rates have made housing affordability the worst in decades, with the salary now required for homeownership up 61% in 4 years.

• The Federal Reserve's interest rate hikes sent mortgage rates above 8% last year, slowing retreating to near 7% now.

• A lack of homes for sale has kept prices high, as sellers with low rates have been reluctant to list their homes.