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12/01/2023

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07/28/2023

If you've been keeping up with the news lately, you've probably come across headlines talking about the increase in foreclosures in today’s housing market. This may have left you with some uncertainty, especially if you're considering buying a home. It’s important to understand the context of these reports to know the truth about what’s happening today.

According to a recent report from ATTOM, a property data provider, foreclosure filings are up 2% compared to the previous quarter and 8% since one year ago. While media headlines are drawing attention to this increase, reporting on just the number could actually generate worry for fear that prices could crash. The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed.

In recent years, the number of foreclosures has been down to record lows. That’s because, in 2020 and 2021, the forbearance program and other relief options for homeowners helped millions of homeowners stay in their homes, allowing them to get back on their feet during a very challenging period.

As the government’s moratorium came to an end, there was an expected rise in foreclosures. But just because foreclosures are up doesn’t mean the housing market is in trouble. Basically, there’s not a sudden flood of foreclosures coming. Instead, some of the increase is due to the delayed activity explained above while more is from economic conditions.

06/29/2023