Foreclosure Remains Rare as Americans’ Fear IncreasesBy RISMedia Staff
Foreclosures remain a rare occurrence in the U.S, however many Americans fear this possibility, as observed by a new report from LendingTree released this week.
According to LendingTree’s foreclosure report, most American adults are neither living in households behind on their mortgage payments nor are they facing the threat of foreclosure in the near future. However, nearly 1 million nationwide fear losing their home to foreclosure in the next two months. The report states that foreclosure rates have increased since 2021, due largely to the end of pandemic-era foreclosure moratoriums, but they’re still slightly lower than in 2019. Fewer than 1% of all adults in owner-occupied households across the U.S. report that they’re at risk of losing their home to foreclosure in the next two months. Key highlights:
"If the economy does enter into a more serious recession over the coming months, and the unemployment rate in the U.S. rises, then it is entirely possible that the number of people who are at risk of foreclosure could increase,” said LendingTree's Senior Economist and report author Jacob Channel. “However, given that most current homeowners have fixed-rate mortgages -- meaning their payments won’t suddenly increase -- and have already proven their ability to keep up with their mortgage payments, even in the face of persistently high inflation, the number of new foreclosures is unlikely to reach Great Recession levels." For the full report, click here. |
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