‘I find this very worrying’: A friend lost her home. Why are foreclosures on the rise?

Foreclosure Trends - Foreclosure filings on U.S. properties increased by 14% to 367,460 in the previous year, following a 3% rise the year before, indicating a growing trend in foreclosures [5] - In January, foreclosure filings rose 32% year over year, totaling 40,534 properties, marking the 11th consecutive month of increasing housing foreclosures [6] Market Conditions - The current housing market is under stress due to high interest rates, with the 30-year mortgage rate exceeding 6%, alongside rising property taxes, insurance premiums, utility bills, and maintenance costs [7] - Despite the increase in foreclosures, overall delinquency rates remain low by historical standards, although Federal Housing Administration and Veterans Affairs home loans are experiencing higher delinquency rates compared to conventional loans [8]