Home foreclosures rose last month as budgets continue to get squeezed by higher prices that have lingered despite high interest rates and the housing market continues to be one of the most unaffordable in history with growing list prices and expensive mortgage rates.
Major metro areas with the highest completion rate included Chicago, Philadelphia, Riverside, California, Jacksonville, Florida and Las Vegas. Major metropolitan areas also accounted for many of the foreclosure starts in May. New York had the highest at 1,447 starts, Chicago had 1,272, Houston at 915, Miami had 750 and Philadelphia with 713.
People hoping to buy a home have not received any relief from skyrocketing home values that started during the pandemic when ultra-low interest rates flooded the market with buyers and drove up competition for a finite supply of houses.