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Car Repossessions Surge 23% as Americans Fall Behind on Payments (www.bloomberg.com)

submitted 3 months ago by return2ozma@lemmy.world to c/personalfinance@lemmy.ml

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[–] sugar_in_your_tea@sh.itjust.works 2 points 3 months ago* (last edited 3 months ago)

There's data for that. At least as of Jan, it has largely stabilized (as in, rate of forclosures isn't increasing), and it's way below pre-2008 levels. The foreclosure rate seems to track pretty closely with rate increases, and that's held steady for about a year now, and there's talk of a small decrease.

So I don't think house repos are related at all to the trigger for the headline. I'm guessing a lot of the car repos are due to paying way too much for an EV (the used EV market is really attractive right now) or luxury ICE (average purchase price Is way above modest new car prices), and then losing a job (lots of tech layoffs recently). I'd like to see more details, but I highly doubt regular working class cars are getting repoed.