Banks are beginning to foreclosure on homeowners who can't pay their mortgage. With ATTOM Data Solutions reporting a meaningful uptick in foreclosure activity to start 2024. Particularly in this neighborhood in New York where defaulted homeowners are being kicked out of their homes by the banks.

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Now - the foreclosure rate in America's Housing Market is still at a fairly low level overall - about 0.2% of all houses. But it has now started to rise due to elevated debt-to-income ratios for existing homeowners. Many are struggling to pay their bills and going into default on credit cards, auto loans, and now mortgages.

In the last Housing Crash from 2008-12, the foreclosure rate in America peaked at 2.0% of all housing units. And in some markets, the foreclosure rate hit over 10% of all mortgages (like Miami and Las Vegas). It's unlikely the mortgage defaults in the housing market get that bad again.

However, the concern for home prices and existing homeowners is that even a small uptick in foreclosures from current levels could cause significant downward price action, particularly in areas that have low inventory.
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