Foreclosures are known for putting communities in a rut, especially those in majority Black neighborhoods.
Data shows that foreclosure listings, including default notices, scheduled auctions, and bank repossessions, have increased by 32% across the United States, but a few states, including popular tourist spots, lead the way.
Delaware had the highest foreclosure rate, at one in every 1,612 housing units. Real estate agent Carol Quattrociochi, who specializes in foreclosed properties, explains several reasons why. “The reasons I have heard for people foreclosing on their properties mainly are due to the increase in property taxes combined with the costs going up for your everyday things needed for a person to survive,” she said.
“In Florida, rising insurance costs could be preventing successful payments as well.”
Foreclosures are known for putting communities in a rut, especially those in majority-Black neighborhoods. In Cook County, Illinois, several Black residents were stripped of the title of “homeowner” and given the title of “felon” after many lost their homes over unpaid property taxes, according to Injustice Watch.
RELATED CONTENT: Research Shows Foreclosure Activity Is Up—Here’s Why
Source: Black Enterprise
