Quote:
Originally Posted by Boffin
As the cost of living in the U.S. continues to climb, foreclosures are also on the rise.
May foreclosure-related filings, which include default notices, scheduled auctions and bank repossessions, were up 7% from April and up 14% from a year ago, to 35,196 properties, according to the real estate data group ATTOM.
Lenders began the foreclosure process on 23,245 properties in May, up 4% from last month and up 5% from a year ago. States with the most foreclosure starts in May included Florida, where 2,901 foreclosures got underway, followed by California, with 2,451 foreclosures started, and Texas, where 2,286 properties fell into the foreclosure column.
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It’s complicated. In the USA, the unemployment rate is near an all time low yet foreclosures are higher according to OP’s information. What gives? Household demographics is a factor in the number of foreclosures.
People are making personal choices that affect the likelihood of home foreclosure over time. The average household size is near an all time low. Many people choose to live alone and don’t have a partner for a second income when personal circumstances change. Also, the marriage rate is near an all time low and the trend of single parent homes has been rising for decades.
U.S. has world's highest rate of children living in single-parent households | Pew Research Center