"Rising Home and Commercial Foreclosures Signal Economic Strain in the U.S."

Home foreclosures in the US saw a notable increase in January, with lenders repossessing 3,954 properties, marking the first monthly increase since July 2023. The rise is attributed to factors such as escalating interest rates, inflation, and employment shifts. Housing affordability is at its worst in decades due to soaring home prices and mortgage rates, with the average portion of wages required for homeownership expenses reaching 33%. The Federal Reserve's aggressive interest-rate hike campaign has sent mortgage rates soaring, while the housing shortage has kept prices high, exacerbating the affordability crisis.