The national foreclosure rate has fallen to the lowest levels seen in two decades following housing reports from July 2019. Financial experts believe this drop is due to a stronger job market and a lower unemployment rate.
According to Bureau of Labor Statistics, the national unemployment rate fell to a 50-year low of 3.5 percent as of September 2019 with 136,000 jobs being added to the market. In addition, the hourly earning for all employees has gone up 2.9 percent from the prior year. As Americans have more money to spend, the chances of them falling short of meeting their monthly expenses also goes down.