Explaining the truth behind the rise of foreclosure activity.
Have you seen the headlines about foreclosures rising? While they’re technically true, they don’t give you the full picture. Let me share with you the reality.
In the video above, there’s a graph that shows even though foreclosure activity has grown, it’s still below pre-pandemic levels. The slight uptick in the graph on the far right shows the latest number of foreclosure filings. If you compare that to the high point that happened around the 2008 crash, you’ll find that foreclosures in recent years are still nowhere near that number.
The number of foreclosures went down to record lows in recent years due to buyers being more qualified and less likely to default on their loans. On top of that, in 2020 and 2021, the forbearance program helped millions of homeowners stay in their homes. As the government’s moratorium came to an end, there was an expected rise in foreclosures, but we’re nowhere close to that.
If you have any questions about the headlines and want the facts about what’s really happening in our local market, call or email me. I’m always happy to help.