Some great information from our friends at Keeping Current Matters.
According to the Year-End 2022 U.S. Foreclosure Market Report from ATTOM, foreclosure filings are up 115% from 2021, but down 34% from 2019. As media headlines grab onto this 115% increase, it’s more important than ever to put that percentage into context.
- There was a foreclosure moratorium during the pandemic
- There aren’t as many homeowners at-risk due to stricter lending standards in the last 15 years
- Most homeowners have more than enough equity to sell their homes, rather than foreclose
“The bottom line is there will be an increase in foreclosures over the next year (from record low levels), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.”
Whether you are facing foreclosure or just looking to make a move, contact Chris Simpson and lets discuss your situation and see how I can help you move. Chris Simpson 231-215-7229.
Nexes Realty Inc.
880 W. Broadway Ave
Muskegon, MI 49441