Why the Increase in Foreclosure Filings Doesn’t Mean a Housing Market Crash

Understanding the Context Behind the Increase in Foreclosure Filings

As a realtor, staying informed about the latest trends and changes in the housing market is important. Recently, there have been a lot of headlines about an increase in foreclosure filings, and understandably, these numbers may seem alarming to me as a realtor and to my clients. 

However, it’s important to understand the context behind these numbers to advise my clients and help them make informed decisions accurately.

According to data from Adam, a leading curator of real estate data, foreclosure filings, default notices, scheduled auctions, and bank possessions were reported on 324,237 U.S. properties in 2022. While this is up 115 from 2021, it’s important to note that these numbers are still below pre-pandemic levels and 34 lower than in 2019. Additionally, foreclosure filings in 2022 were down 89% from the peak in 2010.

Why the Increase in Foreclosures Doesn’t Mean a Housing Market Crash

So, what does this mean for my clients? First, it’s important to note that the housing market is still recovering from the impact of the pandemic. The federal government’s eviction moratoriums and other economic relief measures have helped many homeowners avoid foreclosure. However, as the economy continues to recover and these measures are lifted, we will likely see an increase in foreclosure filings.

However, it’s important to remember that these numbers are still significantly lower than during the last housing crisis in 2008-2010. Additionally, the housing market is experiencing a shortage of inventory and high demand, helping keep home values steady and preventing a housing crash.

Navigating the Competitive Housing Market: Tips for Buyers and Sellers

As a realtor, I help my clients navigate the housing market and make informed decisions. While the increase in foreclosure filings is something to be aware of, it’s essential to understand that it’s not necessarily a sign of a housing market crash. The current market conditions are favorable for both buyers and sellers, and there are still many opportunities for success in the housing market.

Why Now is Still a Great Time to Buy or Sell a Home

To my clients considering buying a home, now is still a great time to buy. Interest rates are still low, and there is a shortage of inventory, so homes are selling quickly and for top dollar. However, it’s essential to be prepared for a competitive market and have a solid plan to make a strong offer.

For my clients considering selling a home, now is also a great time to sell. The current market conditions favor sellers with high demand and limited inventory. However, it’s important to know that the process may be more competitive than in the past. Working with a realtor who can help you navigate the market and sell your home quickly and for top dollar is essential.

Why Working with a Realtor is More Important Than Ever in Today’s Housing Market

Overall, it’s important to remember that the housing market is constantly changing, and it’s important to stay informed about the latest trends and changes. As a realtor, I’ll help my clients navigate the market and make informed decisions. While the increase in foreclosure filings is something to be aware of, it’s essential to understand that it’s not necessarily a sign of a housing market crash. The current market conditions are favorable for both buyers and sellers, and there are still many opportunities for success in the housing market.

Don’t hesitate to contact me if you’re considering buying or selling a home. I’m here to help you navigate the market and make the best decision for you and your family.