As more U.S. homeowners struggle to keep up with mortgage payments and maintenance costs, new data shows the number of property foreclosures is steadily rising.

Washington

Recent data indicates that foreclosure filings in the United States have been rising for six consecutive months, with an 18% increase compared to the same period last year. This trend is attributed to inflation and rising costs associated with homeownership, such as maintenance, insurance, and property coverage, which have significantly impacted household budgets.

Despite the increase, foreclosure rates remain below pre-pandemic levels. Various government and non-profit assistance programs are available to help homeowners facing financial difficulties. Experts advise those struggling with payments to seek help early from lenders or support organizations. The ongoing government shutdown adds uncertainty to the real estate market, though its impact on mortgage rates has so far been limited.

U.S. foreclosure filings on the rise, report finds

As more homeowners in the U.S. struggled to keep up with mortgage payments and maintenance costs, new data shows the number of property foreclosures is steadily rising. According to property data from Adam, foreclosure filings rose for six months straight year over year, and as of August, the number of float foreclosures that was up 18% from the same time last year, those numbers put the US on track to surpass the roughly 322,000 total properties that went into foreclosure last year. CBS News contributor Javier Davie joins us now. He is also a business editor for the Dallas Morning News. Javier, always very good to see you. So despite the surge, U.S. foreclosures, we should mention, do remain well below pre-pandemic levels. Given all that, though, what factors are behind this recent rise we're seeing? Yeah, honestly, it's not just one thing or the other, but one big reason, inflation. It's a stealth tax on everything, and when prices rise, and it evidently triggers a bunch of series of tradeoffs, especially for the working and middle class, and because housing is more than just one monthly payment, there's all sorts of costs associated with homeownership. The things you can't control plumbing, maintenance, storm damage, insurance. That's a really big cost. All of that costs money in an era of high inflation. It just costs more than it used to. So, for example, there's a statistic that single family homeowners with a mortgage today pay on average nearly $2,400 more a year for property coverage, nearly 70% from five years ago. That's a huge difference for people's budgets. What are the options that people have if they're struggling to keep up with these payments? Yeah, there are a slew of, you know, believe it or not, the government, which of course is now shut down, has a number of foreclosure assistance programs to help. HUD and FHA have lost mitigation programs. It's designed to ease financial hardships. Cities and states also have their own sort of programs, non-profit counseling that'll help cash-strapped borrowers. And a lot of people sort of tend to go into hiding whenever they owe money. And that's not a good idea because when you're behind, you can contact your bank or your mortgage issuer directly because they have their own sort of forgiveness and grace programs to address some of these hardship cases. And even if it's just temporary. Javier, you bring up the shutdown. How does the shutdown here impact mortgage rates and the real estate market? Yeah, it's a subterranean economic effect that kind of depends on how long it lasts. Basically, the shutdown is a source of uncertainty in markets, and that helps drive rates higher, which of course is bad, or lower, which would be good to help kind of stimulate demand for mortgages. Right now, thus far, we haven't seen much of an impact on rates. But the longer the impasse drags on, the more the uncertainty rises. And that's just not good for rate stability. All right, Javier Duvide, thank you very much for being with us here. Sure thing.

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