Have you heard the news stories lately about the rising number of foreclosures in today’s housing market? Well, here’s some context. The forbearance program allowed homeowners to pause their mortgage payments during the pandemic. And while some feared that this would lead to a surge in foreclosures, that isn’t happening.
Take a look at this. While foreclosure filings doubled over the last year, they’re still near record lows and they’re certainly nowhere near where they were when the housing market crashed. The latest data shows that foreclosures are also well below the housing market.
And what they have seen during more typical years, like 2017 and 2019. So what does this mean with a more qualified buyer and a program that’s helped to keep homeowners in their home? There’s no reason to fear a wave of foreclosures.
And as a trusted expert, I’m here to explain what’s actually happening using data that you can trust. If you have any questions, please let’s connect.