For almost the entire period from mid-2020 to recently, the real estate market has been more than healthy. The S&P Case-Shiller home price index was up 20% year over year for many months. However, the low interest rate mortgages that fueled that are gone. As the real estate market has started to level, foreclosures have begun to rise. Poor cities tend to have the highest foreclosure levels today. Peoria is at the top of a new list of foreclosure rates.
[in-text-ad]
Real estate research firm ATTOM’s Q3 2022 Foreclosure Market Report is titled “U.S. Foreclosure Activity Continues to Increase Quarterly Nearing Pre-Pandemic Levels.” If the past is any indication, a recession and higher interest rates will worsen this.
ATTOM defines foreclosure filings as “default notices, scheduled auctions or bank repossessions.” Based on this, there was one foreclosure for every 93,634 properties. Rick Sharga, executive vice president of market intelligence for ATTOM, commented: “Foreclosure activity is reflecting other aspects of the economy, as unemployment rates continue to be historically low, and mortgage delinquency rates are lower than they were before the COVID-19 outbreak.”
Peoria had a foreclosure filing for every 472 housing units in the third quarter. It was followed by another poor city, Cleveland at 589, then Jacksonville, N.C., at 593; Columbia, S.C., at 599, and Rockford, Ill., at 602.
24/7 Wall St.Peoria has a population of nearly 113,000. It is about equidistant from Chicago and St. Louis. It has an unusually high unemployment rate of 19.7%, according to the Census Bureau. The median household income of $51,736 is well below the national number.
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.