"Rising Foreclosure Rates Hit Homeowners in Top 5 States"

Home foreclosures rose 8% nationwide in February, with the biggest increases seen in South Carolina, Missouri, and Pennsylvania. However, foreclosures fell in 28 states, with significant declines in Georgia and New York. The housing affordability crisis is worsening due to soaring home prices and mortgage rates, with the typical salary required for homeownership increasing by 61% in the past four years. The Federal Reserve's interest-rate hikes have pushed mortgage rates above 7%, while the lack of available homes for sale has further exacerbated the situation.