Data shows that foreclosure listings, including default notices, scheduled auctions, and bank repossessions, have increased by 32% across the United States, but a few states, including popular tourist spots, lead the way.
Realtor reports that data from real estate data firm ATTOM reveals a total of 40,534 U.S. properties were listed as foreclosures in January 2026, a 32% increase from 2025, with one in every 3,547 housing units having a foreclosure filing. But among the 50 states, three lead in listings, two of which are popular with tourists.
Delaware had the highest foreclosure rate, at one in every 1,612 housing units. Real estate agent Carol Quattrociochi, who specializes in foreclosed properties, explains several reasons why. “The reasons I have heard for people foreclosing on their properties mainly are due to the increase in property taxes combined with the costs going up for your everyday things needed for a person to survive,” she said.
Fellow realtor Don Ash puts the blame on the First State’s skyrocketing property taxes, saying since an assessment has been conducted in the last 40 years, “a lot of people’s property taxes have now increased, some by 50%, and they’re just not able to afford those payments.”
Nevada and Florida rank second and third, with one in every 1,983 and one in every 2,067, respectively. Realtor.com Senior Economist Joel Berner says states with close ties to tourism are often heavily impacted.
With median listings on a house in Nevada starting at $479,000 and $425,000 in the Sunshine State, it’s common for consumer spending to dial back during bouts of uncertainty. “This leads to job loss and struggles with paying mortgages. Also, both of these states have high rates of condo ownership, and as our recent research has shown, condos are experiencing more expensive monthly fees that could hinder owners’ ability to make mortgage payments,” Berner continues.
“In Florida, rising insurance costs could be preventing successful payments as well.”
Foreclosures are known for putting communities in a rut, especially those in majority-Black neighborhoods. In Cook County, Illinois, several Black residents were stripped of the title of “homeowner” and given the title of “felon” after many lost their homes over unpaid property taxes, according to Injustice Watch.
As of 2025, more than 1,000 homes, including more than 125 owned by senior citizens, have been captured through property tax foreclosure. While homes lost to tax foreclosure accounted for only a small share of Cook County’s 1.5 million residential properties, data from the Investigative Project on Race and Equity highlighted predominantly Black communities such as Roseland, Englewood, and Chicago Heights.
Some of the outstanding debt totaled $1,600 or less, with a dozen starting at under $200.
RELATED CONTENT: Research Shows Foreclosure Activity Is Up—Here’s Why
from Black Enterprise https://ift.tt/G2O67RS
via FWG
No comments:
Post a Comment