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Study Finds Foreclosure and Recession Fears Point to Housing Slowdown
Study Finds Foreclosure and Recession Fears Point to Housing Slowdown

National Post

time6 days ago

  • Business
  • National Post

Study Finds Foreclosure and Recession Fears Point to Housing Slowdown

Article content ADA, Okla. — Legal requests related to foreclosures have reached their highest level in five years, coinciding with a new LegalShield survey showing that more than 70 percent of homeowners and prospective buyers worry that a potential recession and tariffs could disrupt their housing plans. Article content Article content LegalShield also saw a marked drop in inquiries related to home purchases and housing construction, suggesting a potential slowdown in the overall housing market. Article content 'The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse,' said Warren Schlichting, LegalShield CEO. 'The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders.' Article content Foreclosure Surge Reflects Mounting Economic Strain Article content Calls to LegalShield provider lawyers about foreclosures spiked in May to the highest level since April 2020. Article content 'Our data highlights a convergence of pressures: buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets,' said Matt Layton, senior vice president of consumer analytics. 'People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy.' Article content Signs of the Times: Home Sales and Construction Inquiries Sink Article content In a potential sign of a coming slowdown in housing transactions and construction, LegalShield saw significant declines in inquiries about buying and selling existing homes and home building. Article content LegalShield fields approximately 150,000 calls monthly from consumers nationwide covering more than 90 areas of law, including real estate-related issues. Article content In May, legal activity related to housing sales fell to its lowest level since July 2023, the last time the Federal Reserve raised interest rates. Both buyers and sellers face mounting friction amid affordability challenges due to mortgage rate uncertainty, elevated home prices and inventory challenges. Article content LegalShield's Housing Construction Index, which tracks closely with Housing Starts reported by the U.S. Census Bureau, is now at its lowest level since March 2020 and down 4.1% this year suggesting a potential slowdown in new home building. Article content Legal Problems Driving Buyers Away Article content The nationwide survey, conducted in May, found that over a third of current homeowners (38%) experience costly legal issues related to their property, and 30% of all respondents have walked away from buying a home due to preventable legal problems. Homeowners say they regret not consulting an attorney in their homebuying process (44%). Article content 'Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds,' said Schlichting. 'Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront—before they buy, before they renovate, before problems become expensive disasters.' Article content The LegalShield survey was conducted in May 2025 and surveyed 802 adults, ages 25-80, who live in the United States. The sample was balanced by age, among other demographic variables, according to the U.S. Census. Article content About LegalShield: Article content For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and Article content Article content Article content Article content

Study Finds Foreclosure and Recession Fears Point to Housing Slowdown
Study Finds Foreclosure and Recession Fears Point to Housing Slowdown

Yahoo

time6 days ago

  • Business
  • Yahoo

Study Finds Foreclosure and Recession Fears Point to Housing Slowdown

Five-year high: Calls from homeowners to lawyers about foreclosure surge More than 70 percent of homeowners and buyers worry a recession and tariffs will derail homeownership plans 44 percent of homeowners regret not using a lawyer during the homebuying process to protect their asset ADA, Okla., June 27, 2025--(BUSINESS WIRE)--Legal requests related to foreclosures have reached their highest level in five years, coinciding with a new LegalShield survey showing that more than 70 percent of homeowners and prospective buyers worry that a potential recession and tariffs could disrupt their housing plans. LegalShield also saw a marked drop in inquiries related to home purchases and housing construction, suggesting a potential slowdown in the overall housing market. "The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse," said Warren Schlichting, LegalShield CEO. "The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders." Foreclosure Surge Reflects Mounting Economic Strain Calls to LegalShield provider lawyers about foreclosures spiked in May to the highest level since April 2020. "Our data highlights a convergence of pressures: buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets," said Matt Layton, senior vice president of consumer analytics. "People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy." Signs of the Times: Home Sales and Construction Inquiries Sink In a potential sign of a coming slowdown in housing transactions and construction, LegalShield saw significant declines in inquiries about buying and selling existing homes and home building. LegalShield fields approximately 150,000 calls monthly from consumers nationwide covering more than 90 areas of law, including real estate-related issues. In May, legal activity related to housing sales fell to its lowest level since July 2023, the last time the Federal Reserve raised interest rates. Both buyers and sellers face mounting friction amid affordability challenges due to mortgage rate uncertainty, elevated home prices and inventory challenges. LegalShield's Housing Construction Index, which tracks closely with Housing Starts reported by the U.S. Census Bureau, is now at its lowest level since March 2020 and down 4.1% this year suggesting a potential slowdown in new home building. Legal Problems Driving Buyers Away The nationwide survey, conducted in May, found that over a third of current homeowners (38%) experience costly legal issues related to their property, and 30% of all respondents have walked away from buying a home due to preventable legal problems. Homeowners say they regret not consulting an attorney in their homebuying process (44%). "Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds," said Schlichting. "Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront—before they buy, before they renovate, before problems become expensive disasters." The LegalShield survey was conducted in May 2025 and surveyed 802 adults, ages 25-80, who live in the United States. The sample was balanced by age, among other demographic variables, according to the U.S. Census. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and View source version on Contacts LegalShield Media Contact: Hollon Kohtz, Director of Communicationshollonkohtz@ Sign in to access your portfolio

Study Finds Foreclosure and Recession Fears Point to Housing Slowdown
Study Finds Foreclosure and Recession Fears Point to Housing Slowdown

Business Wire

time6 days ago

  • Business
  • Business Wire

Study Finds Foreclosure and Recession Fears Point to Housing Slowdown

ADA, Okla.--(BUSINESS WIRE)--Legal requests related to foreclosures have reached their highest level in five years, coinciding with a new LegalShield survey showing that more than 70 percent of homeowners and prospective buyers worry that a potential recession and tariffs could disrupt their housing plans. LegalShield also saw a marked drop in inquiries related to home purchases and housing construction, suggesting a potential slowdown in the overall housing market. "The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse," said Warren Schlichting, LegalShield CEO. "The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders." Foreclosure Surge Reflects Mounting Economic Strain Calls to LegalShield provider lawyers about foreclosures spiked in May to the highest level since April 2020. "Our data highlights a convergence of pressures: buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets," said Matt Layton, senior vice president of consumer analytics. "People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy." Signs of the Times: Home Sales and Construction Inquiries Sink In a potential sign of a coming slowdown in housing transactions and construction, LegalShield saw significant declines in inquiries about buying and selling existing homes and home building. LegalShield fields approximately 150,000 calls monthly from consumers nationwide covering more than 90 areas of law, including real estate-related issues. In May, legal activity related to housing sales fell to its lowest level since July 2023, the last time the Federal Reserve raised interest rates. Both buyers and sellers face mounting friction amid affordability challenges due to mortgage rate uncertainty, elevated home prices and inventory challenges. LegalShield's Housing Construction Index, which tracks closely with Housing Starts reported by the U.S. Census Bureau, is now at its lowest level since March 2020 and down 4.1% this year suggesting a potential slowdown in new home building. Legal Problems Driving Buyers Away The nationwide survey, conducted in May, found that over a third of current homeowners (38%) experience costly legal issues related to their property, and 30% of all respondents have walked away from buying a home due to preventable legal problems. Homeowners say they regret not consulting an attorney in their homebuying process (44%). 'Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds,' said Schlichting. "Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront—before they buy, before they renovate, before problems become expensive disasters." The LegalShield survey was conducted in May 2025 and surveyed 802 adults, ages 25-80, who live in the United States. The sample was balanced by age, among other demographic variables, according to the U.S. Census. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and

More Americans teetering on the edge of bankruptcy. Here's why.
More Americans teetering on the edge of bankruptcy. Here's why.

CBS News

time22-04-2025

  • Business
  • CBS News

More Americans teetering on the edge of bankruptcy. Here's why.

The number of Americans considering bankruptcy is soaring to its highest level since just before the pandemic, a potentially alarming sign as clouds gather over the economy. Personal bankruptcy inquiries surged in the first three months of the year, according to data from LegalShield, a provider of consumer legal services. The jump could augur a potential wave of bankruptcy filings as consumers start to buckle under a record level of debt and as tariffs fuel inflation , the company warned in a report this week. Personal bankruptcy filings in the U.S. averaged about 750,000 a year before COVID-19, but fell sharply during the pandemic itself as Americans were buoyed by trillions of dollars in government aid and relief. LegalShield now expects bankruptcies to surge as soon as this this summer. "Consumers are calling lawyers to ask questions because they can't pay their bills or are having trouble, and they ask about the process of filing for bankruptcy," Matt Layton, LegalShield senior vice president of consumer analytics, told CBS MoneyWatch. Heavy consumer debts, years of stiff inflation and higher interest rates are squeezing Americans' budgets, according to Layton. Billing disputes, debt collections and other leading indicators of bankruptcy are also on the rise. "Our members are calling and saying, 'I don't have enough money at the end of month to pay my bills.' They're asking which ones to pay and which ones to put off. They're saying, 'They're coming to get my car — what can I do about these things?'" Layton said. The jump in Americans who are considering declaring bankruptcy reflects the tough economic economic and financial conditions that have prevailed 2020, experts said. Total household debt as of the end of 2024 hit an all-time of $18 trillion , while the percentage of Americans falling seriously behind on their debts also rose last year, according to the Federal Reserve Bank of New York. "Quarterly filings from the U.S. courts will come out soon, and I'd expect to see a quarter-over-quarter increase in personal bankruptcy filings from the end of 2024 to the beginning of 2025," Pamela Foohey, a bankruptcy professor at the University of Georgia School of Law, told CBS MoneyWatch. "I am not surprised attorneys say they're hearing from people who are looking to file for bankruptcy now because it's April. This is when people get their tax returns, so they have money to file for bankruptcy with," she added, noting that it costs money to file for Chapter 7 bankruptcy, the most common type of personal filing. "If they are getting their tax return, that's the time to file because they have an infusion of money." Economists warn that the Trump administration's economic policies, including heavy tariffs on China and other key trading partners, is likely to stoke inflation while dampening economic growth. Still, the flood of people weighing bankruptcy now reflects the steady rise in financial stress in recent years rather than current economic conditions, Foohey emphasized. "Rising [bankruptcy] filings will show that people have been struggling with their finances for years when they do file, and things have been getting incrementally worse month after month now for years," she said. "It's been building, and it's only going to get worse unless something is done about inflation, unless something is done about tariffs." As Foohey notes, bankruptcy typically comes after a prolonged period of financial stress. Although some Americans struggle to overcome the stigma of bankruptcy, experts recommend filing for protection sooner rather than later in order to shield their assets from creditors. Filing for bankruptcy can help an individual liquidate their assets to pay off their debt or create a repayment plan. Individuals may file for file Chapter 7 or Chapter 13 bankruptcy, and all bankruptcy cases are handled in federal courts. But bankruptcy expert Robert Lawless, a professor at the University of Illinois Urbana-Champaign College of Law, said declaring bankruptcy accomplishes one thing: wiping out people's debt. "It doesn't get you a job, it doesn't get you a raise, it doesn't put money on the table," he said. "Filing for bankruptcy protection doesn't make sense when things are still on the way down. It makes sense to file when you're in the hole, but starting to climb out of it."

More Americans are teetering on the edge of bankruptcy. Here's why.
More Americans are teetering on the edge of bankruptcy. Here's why.

CBS News

time22-04-2025

  • Business
  • CBS News

More Americans are teetering on the edge of bankruptcy. Here's why.

The number of Americans considering bankruptcy is soaring to its highest level since just before the pandemic, a potentially alarming sign as clouds gather over the economy. Personal bankruptcy inquiries surged in the first three months of the year, according to data from LegalShield, a provider of consumer legal services. The jump could augur a potential wave of bankruptcy filings as consumers start to buckle under a record level of debt and as tariffs fuel inflation , the company warned in a report this week. Personal bankruptcy filings in the U.S. averaged about 750,000 a year before COVID-19, but fell sharply during the pandemic itself as Americans were buoyed by trillions of dollars in government aid and relief. LegalShield now expects bankruptcies to surge as soon as this this summer. "Consumers are calling lawyers to ask questions because they can't pay their bills or are having trouble, and they ask about the process of filing for bankruptcy," Matt Layton, LegalShield senior vice president of consumer analytics, told CBS MoneyWatch. Heavy consumer debts, years of stiff inflation and higher interest rates are squeezing Americans' budgets, according to Layton. Billing disputes, debt collections and other leading indicators of bankruptcy are also on the rise. "Our members are calling and saying, 'I don't have enough money at the end of month to pay my bills.' They're asking which ones to pay and which ones to put off. They're saying, 'They're coming to get my car — what can I do about these things?'" Layton said. The jump in Americans who are considering declaring bankruptcy reflects the tough economic economic and financial conditions that have prevailed 2020, experts said. Total household debt as of the end of 2024 hit an all-time of $18 trillion , while the percentage of Americans falling seriously behind on their debts also rose last year, according to the Federal Reserve Bank of New York. "Quarterly filings from the U.S. courts will come out soon, and I'd expect to see a quarter-over-quarter increase in personal bankruptcy filings from the end of 2024 to the beginning of 2025," Pamela Foohey, a bankruptcy professor at the University of Georgia School of Law, told CBS MoneyWatch. "I am not surprised attorneys say they're hearing from people who are looking to file for bankruptcy now because it's April. This is when people get their tax returns, so they have money to file for bankruptcy with," she added, noting that it costs money to file for Chapter 7 bankruptcy, the most common type of personal filing. "If they are getting their tax return, that's the time to file because they have an infusion of money." Economists warn that the Trump administration's economic policies, including heavy tariffs on China and other key trading partners, is likely to stoke inflation while dampening economic growth. Still, the flood of people weighing bankruptcy now reflects the steady rise in financial stress in recent years rather than current economic conditions, Foohey emphasized. "Rising [bankruptcy] filings will show that people have been struggling with their finances for years when they do file, and things have been getting incrementally worse month after month now for years," she said. "It's been building, and it's only going to get worse unless something is done about inflation, unless something is done about tariffs." As Foohey notes, bankruptcy typically comes after a prolonged period of financial stress. Although some Americans struggle to overcome the stigma of bankruptcy, experts recommend filing for protection sooner rather than later in order to shield their assets from creditors. Filing for bankruptcy can help an individual liquidate their assets to pay off their debt or create a repayment plan. Individuals may file for file Chapter 7 or Chapter 13 bankruptcy, and all bankruptcy cases are handled in federal courts. But bankruptcy expert Robert Lawless, a professor at the University of Illinois Urbana-Champaign College of Law, said declaring bankruptcy accomplishes one thing: wiping out people's debt. "It doesn't get you a job, it doesn't get you a raise, it doesn't put money on the table," he said. "Filing for bankruptcy protection doesn't make sense when things are still on the way down. It makes sense to file when you're in the hole, but starting to climb out of it."

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