Foreclosures are surging, thanks to higher home prices and property taxes biting into homeowner finances.
To be sure, there is no nation-wide wave of foreclosures coming like during the Great Recession, and the recent uptick hasn't been evenly spread across the housing market, according to a new Realtor.comBut foreclosure filings have surged in key pockets in the US, and Realtor.com identified 10 cities where activity has increased the most.
Atlantic City, New Jersey, saw the sharpest increase in June, with nearly 7 out of every 10,000 housing units facing foreclosure. That's followed by Florence, South Carolina, with 6 of every 10,000 homes, and New Haven, Connecticut, with 5.6 of every 10,000 homes.New Haven, Connecticut, 5.6 out of 10,000Orlando, Florida, 5.1 out of 10,000Peoria, Illinois, 4.
"As property values have exploded in some areas … property taxes have as well," Realtor.com research analyst Hannah Jones said in a statement."It can make these homes unaffordable even if the owner has a low mortgage rate."than before the pandemic, a separate Redfin analysis recently showed.
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