Home foreclosures increased in May as Americans struggle with the ongoing cost-of-living crisis, according to a report by real estate data provider ATTOM.

The report identified 32,621 properties with foreclosure filings, a 3% rise from the previous month but a 7% decrease from the same time last year.

ATTOM CEO Rob Barber noted that while foreclosure starts slightly increased, completed foreclosures declined, indicating resilience in some areas.

Nationally, about one in every 4,320 housing units had a foreclosure filing in May, with New Jersey experiencing the highest rate at one in every 1,939 homes, more than double the national average.

Delaware, Connecticut, and Florida also saw higher rates of foreclosure filings, Fox Business reported.

The situation could worsen due to high home prices, steep mortgage rates, property taxes, and rising insurance premiums.

Housing affordability has reached its lowest point in decades, with the salary required for homeownership now at $106,500, a 61% increase from $59,000 just four years ago, according to Zillow.

Written by B.C. Begley