August 11, 2022
Demand for single-family homes has surged over the past two years as the coronavirus pandemic pushed people to seek more living space. Increased demand driven by low interest rates, combined with supply constraints, led to higher house prices. (These are the 15 cities with the highest house prices.)
But now the US housing market appears to be on the mend, with early signs of trouble in parts of the country. Foreclosure applications — a measure of the health of the housing market at the local, state, or national level — are on the rise nationwide.
Home foreclosure applications (including default notices, bank foreclosures, and scheduled auctions) increased 153% in the first half of 2022 compared to the same period last year, according to land and property data curator Attom. doing.
California saw a 115.7% increase in foreclosures from 7,575 in the first half of 2021 to 16,340 in the first half of 2022. With a foreclosure rate of 1 in 881 homes, he ranks 14th highest in the nation.
According to a five-year estimate from the U.S. Census Bureau’s 2020 American Community Survey, 69.5% of California homeowners are paying off their mortgages, the fourth-largest share among states.