Posted 2/23/2024, 6:03:21 PM
Home Foreclosures Rise 10% in January as Rates and Costs Pinch Homeowners
- Home foreclosures shot up 10% in January to 37,679 properties, amid rising interest rates and costs
- Delaware had the highest foreclosure rate at 1 filing per 2,269 housing units, followed by Nevada and Indiana
- Foreclosures have risen since 2021 as banks process backlogs after bans expired
- Mortgage rates are climbing again, hitting 6.90% last week, making payments unaffordable for many
- Bank repossessions also rose 13% in January to 3,954, the first monthly increase since July
