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Foreclosure Risk | Beach Road Realty Blog

Monday, January 15, 2024   /   by Richard Eimers

UNDERSTANDING THE RISE IN FORECLOSURE RISK: A MARKET CORRECTION

In the past two years, the number of homeowners at risk of foreclosure has surged, with over 357,000 properties receiving foreclosure filings in 2023—an increase of 10% from the previous year and a significant 136% from 2021, as reported by real estate data firm ATTOM.

Contrary to concerns about a flood of cheap homes entering the market due to foreclosures, real estate experts, including ATTOM CEO Rob Barber, view this surge as a market correction rather than a cause for alarm. According to Barber, it signals a return to more traditional patterns after years of volatility.

Despite the seemingly high numbers, the foreclosure activity represents just 0.26% of all housing units nationwide, and there are approximately 28% fewer individuals at risk of foreclosure than before the COVID-19 pandemic in 2019.

The spike in foreclosure filings over the past two years can be attributed, in part, to foreclosure moratoriums implemented during the pandemic in early 2020. As these mora ...

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Beach Road Realty
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798
Beach Road Realty

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