A slight cooling in U.S. home prices did little to relieve pressure on homeowners in 2025, as property taxes climbed to nearly $400 billion and effective tax rates reached their highest level in five years, underscoring the growing disconnect between market values and local tax burdens.
The U.S. housing market entered 2026 on a subdued footing, with home-price gains cooling sharply and activity constrained by a persistent affordability crunch, according to the S&P Cotality Case-Shiller Home Price Index.
Persistent affordability pressures in the U.S. housing market are continuing to reshape who buys homes -- and who does not. New research from real-estate analytics firm Cotality shows that elevated mortgage rates and record-high prices are sidelining many owner-occupant buyers
U.S. foreclosure activity climbed on an annual basis for the 11th consecutive month in January 2026, underscoring mounting strain in pockets of the housing market even as overall distress levels remain far below post-financial-crisis highs.