Home Foreclosures Spike in January, Raising Concerns of Worsened Housing Affordability Crisis
• Home foreclosures increased 13% in January 2023 compared to December 2022, the first monthly increase since July 2022
• 37,679 US properties had foreclosure filings in January, up 10% from December 2022
• Foreclosures remain below 2008 financial crisis levels but could worsen due to high home prices, mortgage rates, and property taxes
• Housing affordability is the worst in decades due to spiking home prices and mortgage rates
• Lack of homes for sale preventing prices from dropping despite mortgage rates nearly doubling in past 3 years