{"id":623846,"date":"2026-05-05T00:05:10","date_gmt":"2026-05-05T00:05:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/623846\/"},"modified":"2026-05-05T00:05:10","modified_gmt":"2026-05-05T00:05:10","slug":"us-foreclosures-hit-6-year-high-as-insurance-and-property-tax-costs-rise","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/623846\/","title":{"rendered":"US foreclosures hit 6-year high as insurance and property tax costs rise"},"content":{"rendered":"\n

Sothebys International Realty broker Jenna Stauffer analyzes the U.S. housing market, noting a shift in buyer behavior, on \u2018Making Money.\u2019<\/p>\n

Foreclosures rose to the highest level in six years in the first quarter of this year as homeowners are squeezed<\/a> by rising costs related to insurance and property tax bills.<\/p>\n

The Wall Street Journal<\/a> reported that data from Attom shows the number of U.S. properties with a foreclosure filing has trended up to nearly 119,000 in the first quarter, an increase of 26% from the same period last year.<\/p>\n

That figure is the highest since the first quarter of 2020, when mortgage relief measures implemented to mitigate the economic impact of COVID shutdowns led to a steep decline in foreclosures.<\/p>\n

Analysts have noted that the current foreclosure rate represents a return to what were normal levels prior to the COVID-19 pandemic, as opposed to a sign of borrowers becoming increasingly distressed financially.<\/p>\n

AVERAGE MONTHLY MORTGAGE PAYMENT HITS NEW HIGH, TOPPING $2K FOR FIRST TIME EVER<\/a><\/p>\n

\"Homes <\/p>\n

Homeowners are facing rising costs and foreclosure levels have returned to prepandemic levels. (Nathan Howard\/Bloomberg via Getty Images)<\/p>\n

However, the Journal’s report said that although many homeowners have low mortgage rates, rising costs for things like home insurance, property taxes<\/a> and dues for homeowners’ associations are ramping up spending on bills.<\/p>\n

A report by Insurify found that the average annual bill for homeowners insurance<\/a> rose $2,948 in 2025, up 12% from 2024, while Attom data showed that average property tax burdens were up 3% to $4,427.<\/p>\n

CALIFORNIA BUILT MORE HOMES THAN PEOPLE OVER SIX YEARS \u2013 SO WHY IS HOUSING STILL SO TIGHT?<\/a><\/p>\n

\"Home <\/p>\n

Homeowners are facing rising bills from property taxes, insurance and neighborhood association dues. (iStock\/Getty Images Plus)<\/p>\n

Those who purchased homes within the past few years may be in worse shape after purchasing at higher mortgage rates<\/a>, as some areas have seen declines in home values that could leave some owners underwater.<\/p>\n

Homeowners who are facing financial distress and the risk of slipping into delinquency or foreclosure have fewer options for relief than what was available a few years ago before pandemic-era programs<\/a> were sunset.\u00a0<\/p>\n

For example, the Federal Housing Administration (FHA) announced in October that homeowners are limited in resorting to measures like loan modification to avoid foreclosure once every 24 months.<\/p>\n

PROPERTY TAX BURDEN ON AMERICANS CLIMB AS HOME VALUES DIP, NEW DATA SHOWS<\/a><\/p>\n

\"Foreclosure <\/p>\n

Many federal pandemic-era foreclosure relief programs have ended. (Getty Images)<\/p>\n

The data comes as data shows the average monthly payment<\/a> for all outstanding mortgages reached a new high at the end of last year, as it rose to $2,005 in the fourth quarter, according to Realtor.com data.<\/p>\n

The uptick covers the full portfolio of mortgages in the U.S., including a large group of borrowers who took out loans before 2022 and have mortgage rates of 4% or lower \u2013 whereas new buyers face significantly higher payments given the elevated mortgage rates.<\/p>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/a><\/p>\n

The average monthly payment for new homebuyers passed the $2,000 threshold for the first time in September 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"Sothebys International Realty broker Jenna Stauffer analyzes the U.S. housing market, noting a shift in buyer behavior, on…\n","protected":false},"author":2,"featured_media":623847,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-623846","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/623846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=623846"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/623846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/623847"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=623846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=623846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=623846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}