Home Foreclosures Surge Amid Rising Costs of Bidenomics

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Home Foreclosures Surge Amid Rising Costs of Bidenomics

Home foreclosures are on the rise

Home foreclosures are climbing across the United States as citizens grapple with escalating living costs, spotlighting concerns within our Constitutional Republic. The latest report from real estate data researcher ATTOM reveals that 32,621 properties faced foreclosure filings recently, marking a 3% increase from the prior month.

Rob Barber, CEO of ATTOM, noted the significance of these figures, stating that the data “highlights nuanced shifts in the housing market.”

This surge in foreclosures can be attributed to rising expenses that extend beyond fixed monthly mortgage payments. While homeowners secure their mortgage rates, other costs such as property taxes, home insurance, energy, and internet services are increasing, adding financial strain.

Property taxes have now reached an average of $18,118 annually for Americans, representing a 26% rise from four years ago. Home insurance premiums have increased by 11.3% over the past year alone. Since the Biden administration took office, electricity prices have surged over 25%, and internet service costs have risen by more than 11%.

On a national scale, one in every 4,320 housing units-initiated foreclosure proceedings recently.

States with the highest foreclosure rates include:

– New Jersey: 1 in 1,939
– Illinois: 1 in every 2,362
– Delaware: 1 in every 2,595
– Connecticut: 1 in every 2,600
– Florida: 1 in every 2,638

Zillow reports that home affordability is at its lowest in decades. The average salary required to purchase a home was $59,000 in 2020. Today, it has soared to $106,500, a staggering 61% increase.

As we approach the 2024 election, voters consistently express that inflation and the economy are their primary concerns, with many preferring former President Trump over President Biden on these issues by a 14% margin.

The rising number of foreclosures serves as a stark reminder of the financial challenges facing American homeowners, reflecting broader economic trends and policy impacts within our Constitutional Republic.

(Note: Opinion-based statements include the preference for Trump over Biden on economic issues and the characterization of financial challenges as a reflection of policy impacts.)

[Source: ATTOM, Fox Business, CPI 2022, CPI 2023, CPI 2024]

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