3 States with highest Foreclosures

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Small business uncertainty near record-high levels link

• The February NFIB survey shows small business uncertainty is near the highest levels recorded since the 1970s. Businesses are struggling to plan due to inconsistent economic signals and policy uncertainty.

• High inflation and interest rates are increasing costs for small businesses, making it harder to maintain profitability. Many business owners report difficulty in securing financing and managing expenses.

• Labor shortages remain a major concern, with many small businesses struggling to hire and retain workers. The tight labor market is adding pressure on wages and operational stability.

Single women homebuyers are outpacing single men by a 2-to-1 ratio link

• In 2024, 20% of homebuyers were single women compared to just 8% single men. The highest share of single women buyers was in 2006 at 22%.

• Single women buying for the first time have a median income of $71,300, compared to $87,500 for single men. Despite lower incomes, single women are more likely to make financial sacrifices, with 44% cutting back on nonessentials.

• The median age for single women buying a home is 40, while it’s 34 for single men. Women are also more likely to have children under 18 at home and buy multigenerational properties.

3 States With the Highest Numbers of Foreclosures in February link

• Delaware had the highest foreclosure rate in February, with 1 in every 2,278 housing units facing foreclosure. Illinois followed at 1 in every 2,333 units, and Nevada ranked third at 1 in every 2,435 units.

• Nationally, 32,383 properties were in foreclosure, up 5% from January but down 1.7% from February 2024. New Jersey (1 in every 2,695 units) and South Carolina (1 in every 2,816 units) also had foreclosure rates well above the national average.

• Foreclosure starts jumped 8% from January and 1% year-over-year, with New Jersey seeing the largest monthly spike at 78%. New York City had the most foreclosure starts among major metros, followed by Chicago, Houston, Philadelphia, and Dallas.

Major Criminal Trend Hits Southern California Neighborhoods link

• Criminals in Southern California are planting hidden cameras on properties to study homeowner routines and find the best times to break in. A woman in Encino found a small camera in a tree, and police have also discovered hidden cameras in Arcadia, Alhambra, Chino Hills, Garden Grove, and Goleta.

• Police believe a sophisticated ring of foreign nationals is behind the activity, targeting wealthier areas for burglaries. Three Colombian men were arrested in Temecula after a camera disguised with black tape was found in a homeowner’s landscaping.

• Los Angeles County homes are popular targets due to their high value and accessible front yards. Police response times have increased due to overwhelming caseloads, which criminals are exploiting to their advantage.

It Will Take 7 Years To Fix the Housing Shortage at Current Construction Pace, Economists Say link

• The U.S. housing shortage stands at 3.8 million units, and at the current pace of 1.4 million units per year, it would take 7.5 years to close the gap. New household formations were at a nine-year low in 2024.

• The South could close the housing gap in 3 years due to faster construction, while the West would take 6.5 years, the Midwest 41 years, and the Northeast will see little improvement.

• Single-family home construction has been flat at around 1 million units per year since 2022. Tariffs on Canadian lumber could raise costs further, limiting future construction.

A growing Fannie Mae ‘blacklist’ is paralyzing home sales

• Fannie Mae has blacklisted 5,175 condo properties due to inadequate insurance or needed repairs, making it hard for buyers to secure a mortgage. This trend worsened after the 2021 Surfside condo collapse in Florida.

• Shadow Ridge, a condo complex in Los Angeles, was blacklisted in December due to a shared insurance policy. Getting separate coverage would raise monthly fees from $570 to over $1,100.

• Condo associations are opting for cheaper insurance policies that fail to meet Fannie and Freddie Mac’s standards. High insurance costs, especially in California, Texas, and Florida, are driving lenders and insurers out of these markets.

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