Housing Roundup: What To Watch as Foreclosures Surge Under Trump
Summary
Foreclosures in the United States increased in July during President Donald Trump's term, with about 1 in every 3,603 homes having a foreclosure filing. Rising mortgage rates and economic uncertainty are making it harder for some Americans to keep their homes, while many potential buyers wait for lower mortgage rates to enter the market.Key Facts
- In July, 39,906 homes in the U.S. had foreclosure filings, a 1% rise from June and 10% higher than the previous year.
- Foreclosure rates remain low compared to historical levels but are increasing due to financial pressures on homeowners.
- A Massachusetts home involved in a tragic family case was sold for over $100,000 below its market value earlier this year.
- The national average for a 30-year fixed mortgage rate rose to 6.66%, higher than the expected decline below 6%.
- The rise in mortgage rates happened partly because of economic uncertainty linked to the war in Iran.
- Higher borrowing costs and home prices are preventing many potential buyers from purchasing homes.
- Experts are watching key factors this September that could either help the housing market improve or lead to further problems.
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