The U.S. economy has slowed and it's starting to show up in Americans' personal finances. The most disastrous outcomes for U.S. households, like auto repossessions and home foreclosures, have begun to climb.
A 57-year-old single mother living in East Hartford, Connecticut, LeSage needs to drive herself to medical appointments for injuries on her legs and to pick up her teenage daughter, who often suffers from seizures, from school.
LeSage is among a growing number of Americans who have found themselves confronting financial hardship as the U.S. economy has slowed. On Thursday, the U.S. Bureau of Economic Analysis reported gross domestic product Fitch data show U.S. auto loan delinquencies among subprime borrowers have just about returned to pre-pandemic levels from the record low set in summer 2021., a property analytics company, U.S. foreclosure filings totaled 95,712 in the first quarter of 2023. That's 6% higher than in the previous quarter and 22% higher than a year ago.
Overall, Barber said, the increase since then hasn’t been nearly as severe as some economists and industry experts expected. Many homeowners benefited from a strong pandemic-era economic rebound — one that included a yearlong home-buying spree during a period of low interest rates, he said. Unemployment also remains at historic lows; the relative job stability has allowed many delinquent homeowners to catch up on mortgage payments.
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