Do you feel like everything has gotten more expensive in the last year or so? You are certainly not alone. Costs have been rising, and it is creating a financial crisis for many people. This is especially true for those whose wages have stayed stagnant and have not increased along with these costs.
One indicator of the financial pressures people are facing comes from the foreclosure rate. For the last six months in a row, foreclosure filings have been on the rise in the United States. Compared to last year, they are now 18 percent higher. In all of 2024, there were roughly 322,000 foreclosures on various properties across the country. By June, the number for 2025 had already reached 188,000 properties. This means, unless there is a significant change in the trend, there will be more foreclosures this year than there were last year.
What options do you have?
If you are facing foreclosure, it can be difficult to know what steps to take. Due to the increase in costs for many products and services, your budget may simply no longer work.
In some cases, the solution is to file for bankruptcy. The first way this helps is by creating an automatic stay that pauses the foreclosure case. The second benefit is that it can help to eliminate other debts, such as medical debt or credit card debt. For some people, this can make their mortgage payments affordable again, allowing them to eliminate other debt but keep their home, even as they face outside financial pressure.
The statistics show that this is going to be an issue for more people this year than last year, and that trend could very well continue for years to come. If you are facing foreclosure, be sure you understand all of your legal rights.