The coronavirus pandemic has had a huge impact on the housing market in the United States. In the last two years, two new factors related to COVID-19 have emerged that could affect a homeowner's ability to pay their mortgage: hospitalizations due to COVID-19 and the long-term financial effects of the virus. The demand for single-family homes has increased over the past two years due to the pandemic, resulting in a rise in house prices. This has caused some cities to become overpriced in terms of housing markets.
On the other hand, 12 states have seen a much higher rate of foreclosures, including Ohio (1 in 47), New Jersey (1 in 4), and Illinois (1 in 38). In May, these were the states with the most foreclosures: Florida had the highest number of housing units in foreclosure, followed by Ohio, New Jersey, and Illinois. Other states with high foreclosure rates include Michigan, Georgia, Texas, California, Pennsylvania, North Carolina, Virginia, and Arizona. It is important to note that these are only estimates and that foreclosure rates can vary from month to month. It is also important to consider other factors such as unemployment rates and economic conditions when looking at foreclosure rates.
For those who are facing foreclosure or are at risk of foreclosure, it is essential to seek help from a qualified professional. There are many resources available to help homeowners avoid foreclosure and stay in their homes. These include loan modification programs, debt consolidation programs, and other forms of assistance.
