Foreclosure Filings Rise, But Economic Factors Temper Concerns

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Foreclosure filings have increased by 34% compared to the previous year, according to the latest ATTOM report.

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While filings are on the rise, they are still relatively low when compared to the past 13 years, thanks in part to a strong job market.

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New Jersey, South Carolina, and Delaware saw the highest foreclosure rates in the third quarter, with New Jersey experiencing one filing in every 595 households.

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A robust job market helps to keep foreclosures in check, as there's a direct link between employment and mortgage payments.

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Elevated interest rates, while less impactful than employment, can make it harder for struggling homeowners to refinance their loans.

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Increasing credit card debt and depleted savings are causing economic stress, which may lead to higher foreclosure rates.

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While distressed property levels are increasing, several factors, including low inventory and high home equity, are expected to keep foreclosure spikes in check.

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Read Also - Home Inventory Surges Amid Mortgage Rate Uncertainty

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Foreclosure Filings Rise, But Economic Factors Temper Concerns

Foreclosure Filings Rise, But Economic Factors Temper Concerns

Oaklakeapts.com

Oaklakeapts.com

Foreclosure filings have increased by 34% compared to the previous year, according to the latest ATTOM report.

Foreclosure filings have increased by 34% compared to the previous year, according to the latest ATTOM report.

While filings are on the rise, they are still relatively low when compared to the past 13 years, thanks in part to a strong job market.

While filings are on the rise, they are still relatively low when compared to the past 13 years, thanks in part to a strong job market.

New Jersey, South Carolina, and Delaware saw the highest foreclosure rates in the third quarter, with New Jersey experiencing one filing in every 595 households.

New Jersey, South Carolina, and Delaware saw the highest foreclosure rates in the third quarter, with New Jersey experiencing one filing in every 595 households.

A robust job market helps to keep foreclosures in check, as there's a direct link between employment and mortgage payments.

A robust job market helps to keep foreclosures in check, as there's a direct link between employment and mortgage payments.

Elevated interest rates, while less impactful than employment, can make it harder for struggling homeowners to refinance their loans.

Elevated interest rates, while less impactful than employment, can make it harder for struggling homeowners to refinance their loans.

Increasing credit card debt and depleted savings are causing economic stress, which may lead to higher foreclosure rates.

Increasing credit card debt and depleted savings are causing economic stress, which may lead to higher foreclosure rates.

While distressed property levels are increasing, several factors, including low inventory and high home equity, are expected to keep foreclosure spikes in check.

While distressed property levels are increasing, several factors, including low inventory and high home equity, are expected to keep foreclosure spikes in check.

Read Also - Home Inventory Surges Amid Mortgage Rate Uncertainty

Read Also - Home Inventory Surges Amid Mortgage Rate Uncertainty