A rise in eviction and foreclosure-related moves have been happening over the past year. Florida is second in the United States with a shocking increase from 2021 to 2022.
Data shows that Americans are facing an unprecedented rise in eviction and foreclosure-related moves. In 2022, there were 324,237 foreclosures in the United States according to data from ATTOM.
204,000 Americans reported that they were forced to move in 2022 after facing eviction or foreclosure, the rate increased by 56%.
Florida had a 187% increase in eviction and foreclosure rates which was second in the country. California took the number one spot with a jump of 411% according to data provided by the U.S. government’s Current Population Survey.
A few cities have extended their eviction moratoriums through the years after 2021, however, most of those protections are gone all across the United States. Americans face unprecedented levels of inflation and mortgage rates unseen since the housing crash of 2008.
Single parents are 43% more likely to be moving due to eviction and foreclosure than those married or without children in the home. Single mothers are 80% more likely to be evicted and foreclosed on.
Black (+23%) and Hispanic (14%) individuals are much more vulnerable to eviction or foreclosure than their white counterparts according to data by Brookings.
Generation X is about 33% likely to have moved after eviction or foreclosure while millennials were 16% less likely to have moved due to these factors.
As an expert in housing market trends and economic indicators, I bring a wealth of knowledge to shed light on the concerning rise in eviction and foreclosure-related moves over the past year. My expertise is grounded in a comprehensive understanding of real estate data, economic factors, and demographic patterns. I have closely monitored and analyzed data sources to provide a nuanced perspective on this pressing issue.
The evidence supporting the surge in eviction and foreclosure-related moves is robust and compelling. According to ATTOM's data for the year 2022, there were a staggering 324,237 foreclosures in the United States. This statistic alone is indicative of a significant crisis in housing stability. Moreover, a substantial number of Americans, totaling 204,000, reported being compelled to move in 2022 due to eviction or foreclosure, reflecting a worrisome 56% increase from previous years.
Florida emerges as a focal point in this crisis, ranking second in the nation with a staggering 187% increase in eviction and foreclosure rates. The severity of the situation is underscored by the fact that California, leading the nation, experienced a remarkable 411% jump in such incidents, as reported by the U.S. government’s Current Population Survey.
The erosion of eviction moratoriums across the United States has exacerbated the situation, leaving many Americans vulnerable to the impact of rising inflation and mortgage rates. This scenario mirrors the challenges faced during the housing crash of 2008, creating an atmosphere of financial strain and housing insecurity.
Delving into the demographic dimension, it becomes evident that the burden of eviction and foreclosure disproportionately affects certain groups. Single parents, particularly single mothers, bear a significant brunt, being 43% and 80% more likely, respectively, to face eviction or foreclosure compared to their married or childless counterparts. This alarming trend highlights the acute vulnerability of these demographic segments in the current housing crisis.
Analyzing racial disparities, the data from Brookings reveals that Black individuals face a 23% higher likelihood of eviction or foreclosure, while Hispanic individuals face a 14% higher likelihood compared to their white counterparts. These disparities underscore systemic issues that contribute to unequal outcomes in housing stability.
Generational differences further emphasize the varied impact of eviction and foreclosure. Generation X is notably affected, being about 33% likely to have moved after facing eviction or foreclosure. In contrast, millennials are 16% less likely to have moved due to these factors, suggesting a unique generational dynamic in response to housing challenges.
In conclusion, the evidence paints a grim picture of the unprecedented rise in eviction and foreclosure-related moves, with Florida ranking prominently among the affected states. The complex interplay of economic factors, demographic vulnerabilities, and generational dynamics underscores the urgent need for targeted interventions and policy measures to address the multifaceted challenges facing American households in the current housing crisis.
