Nearly a Million Americans Fear Losing Their Home to Foreclosure.

Nearly a Million Americans Fear Losing Their Home to Foreclosure

The latest study from LendingTree show that many families across the country are struggling financially to afford the necessary expenses which has resulted in many of them falling behind on their mortgage payments and facing foreclosures.

The report shows that nearly a million people nationwide fear losing their homes to foreclosure in the coming two months. The company measured relevant data from the census Bureau how many AMerican Adults, 18 year plus risk losing their homes to foreclosure and here are the finding.

KEY FINDINGS:

Those living in owner-occupied homes: about 3.71 percent of American Adults in this types of housing are behind on their mortgage payments with a 60.43 percent in this category already caught upon their mortgage payments. An additional 35.47 percent do not ned to make the payments because they own their homes.

Of the 3.71 percent- the share that’s not caught up with their mortgage payments, about 19.62 percent all across the country report being very likely to leave their homes due to foreclosure in the next two-to-one-and-a-half months.

However, a significant portion of the 3.71 percent not current with their mortgage payments expressed the fear of being foreclosed on in the near future.

The states leading in the number of American adults likely to be foreclosed include South Dakota, Oregon and New Mexico. Across these states, an average of of 55.45 percent of the people behind on their mortgage payments say that they are they are very likely to leave their homes in the next 2 months. However, it is important to reiterate that an average of only 3.42 percent report living in households behind on their mortgage payments.

While in states like Nevada, Idaho and Kentucky report an average of 2.81 percent of adults living in owner-occupied homes that are reported not be current with their mortgage payment, nobody in these states report being at risk of losing their homes to foreclosures in the next two months.

Here’s a breakdown of states with the largest adults behind on mortgage payments at risk of losing home to foreclosure.

• Total adult population in owner-occupied households: 427,615 • Percentage of adult population in owner-occupied households caught up on mortgage payments: 54.66% • Percentage of adult population in owner-occupied households not caught up on mortgage payments: 2.38% • Percentage of adult population in owner-occupied households owned free and clear: 42.96% • Percentage of adult population in owner-occupied households behind on mortgage payments and somewhat or very likely to leave home due to foreclosure in the next two months: 71.28% • Percentage of adult population in owner-occupied households behind on mortgage payments and not very likely or not likely at all to leave home due to foreclosure in the next two months: 28.73%

OREGON NEW MEXICO

• Total adult population in owner-occupied households: 1,891,583 • Percentage of adult population in owneroccupied households caught up on mortgage payments: 65.90% • Percentage of adult population in owneroccupied households not caught up on mortgage payments: 2.80% • Percentage of adult population in owneroccupied households owned free and clear: 31.30% • Percentage of adult population in owneroccupied households behind on mortgage payments and somewhat or very likely to leave home due to foreclosure in the next two months: 49.59% • Percentage of adult population in owneroccupied households behind on mortgage payments and not very likely or not likely at all to leave home due to foreclosure in the next two months: 50.41% • Total adult population in owner-occupied households: 900,679 • Percentage of adult population in owneroccupied households caught up on mortgage payments: 50.24% • Percentage of adult population in owneroccupied households not caught up on mortgage payments: 5.07% • Percentage of adult population in owneroccupied households owned free and clear: 44.19% • Percentage of adult population in owneroccupied households behind on mortgage payments and somewhat or very likely to leave home due to foreclosure in the next two months: 45.47% • Percentage of adult population in owneroccupied households behind on mortgage payments and not very likely or not likely at all to leave home due to foreclosure in the next two months: 54.53%.

RISING COST OF LIVING AND HIGH HOME PRICES

Certainly, inflation, rising cost of homes and the pandemic play a huge role in in the situation we are in right now. But despite all of these facts, foreclosures are not a common thing in the country. Lately, many people have been speculating of an imminent recession threat which means that many homeowners face a bigger threat being foreclosed.

Foreclosure rates have increased since 2021 largely due to the pandemic-era foreclosure moratoriums but the number is still lower when compared to the 2019 rates. This, combined with fewer than 1 percent of all adults in the owner-occupied households across the U.S. reporting that they’re at a risk of losing their home to foreclosure in the next tow months, this shows that foreclosures arent a common thing in the United States.