Thinking that foreclosures might increase your odds of finding a home at a steep discount? Don’t Bet on Buying Foreclosures. I represent Main Line home buyers who are looking for great deals in this market, and tf you’ve been following the news lately, you might have noticed reports about the increase in foreclosures in the current housing market.
Recent data from ATTOM, a property data provider, shows a 2% rise in foreclosure filings compared to the previous quarter and an 8% increase since last year. However, it is necessary to put these numbers into perspective. In recent years, foreclosure rates reached record lows due to the availability of forbearance programs and other relief options for homeowners in 2020 and 2021. These measures allowed millions of homeowners to stay in their homes and recover.. Additionally, rising home values enabled many homeowners to tap into their equity and sell their houses instead of facing foreclosure under different circumstances. Moving forward, equity is likely to continue playing a significant role in preventing foreclosures.
As the government’s foreclosure moratorium came to an end, a predictable rise in foreclosures occurred. However, this doesn’t indicate a housing market crisis, or a flood of underpriced homes to The Main Line market. Real estate experts emphasize that many of these foreclosures were delayed by the moratoriums and don’t indicate a sudden inability of homeowners to afford their mortgage payments. Instead, the increase is attributed to lenders catching up with delayed proceedings.
It is crucial to put the data into context now more than ever. While foreclosures are experiencing an anticipated increase, it is essential to remember that the current situation bears no resemblance to the housing bubble burst, and the rise in foreclosures does not foreshadow a drastic decrease in home prices. As a buyer, it is important to focus on understanding the current market and making decisions based on reliable data and expert guidance from a reputable realtor. If you are looking for a home on The Main Line, let’s explore your options together. Contact me today for a curated list of homes in your area, in your budget.
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