US home foreclosures rise for 12th straight month, with owners of nearly 40K homes affected: report

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The Housing Affordability Crisis: 12th Consecutive Month of Foreclosure Increases

The number of Americans facing home foreclosures rose for the 12th consecutive month last month, affecting nearly 40,000 homeowners. This surge in foreclosures has raised concerns about the housing affordability crisis, according to a recent report by data provider ATTOM.

In February, there were 38,840 US properties that received foreclosure filings, including default notices, scheduled auctions, or bank repossessions. This marks a 20% increase compared to the same month last year.

“Foreclosure activity in February continued its upward trend, marking the 12th consecutive month of annual increases,” said ATTOM CEO Rob Barber.

The number of Americans facing repossession in February jumped for the twelfth month in a row.

Despite a slight decrease from January, both foreclosure starts and completed foreclosures remain higher than the previous year, indicating ongoing challenges in the housing market.

The average family now needs to earn $110,000 annually to afford a typical home, which is significantly higher than the median household income. This disparity highlights the growing affordability issues in the real estate market.

President Trump’s initiatives to address the housing crisis, such as a $200 billion mortgage bond-buying program and a homebuying ban on large investors, have been met with skepticism regarding their effectiveness.

While foreclosure rates are still below historical levels, economic pressures could intensify due to external factors like the conflict with Iran, which has led to a surge in oil prices, potentially impacting inflation and consumer prices.

States like Indiana, South Carolina, Florida, Delaware, and Illinois reported the highest foreclosure rates last month, with cities like Lakeland, Punta Gorda, Indianapolis, Evansville, and Columbia having the worst foreclosure rates among metro areas.

A row of residential houses with varied siding colors and styles lining a curved street in a suburban neighborhood. — Nearly 40,000 homes faced foreclosure filings last month, according to ATTOM. Konstantin L – stock.adobe.com

In February, lenders initiated the foreclosure process on 25,928 US properties, a 14% increase from the same period last year. States like Texas, Florida, California, Georgia, and Indiana reported the highest numbers of foreclosure starts.

Additionally, there were 4,077 US properties repossessed through completed foreclosures, showing a significant 35% yearly increase. States with the most repossessed homes in