


“The United States faces a possible foreclosure surge over the coming months that could more than double the number of households threatened with eviction for not paying their mortgages.”That number may sound massive, but it is actually much smaller than it seems at first glance. Today’s actual quarterly active foreclosure number is 74,860. That’s over 7.5x lower than the number of foreclosures the country saw at the peak of the housing crash in 2009. When looking at the graph below, it’s clear that even if the number of quarterly foreclosures today doubles, as ATTOM Data Solutions indicates is a possibility (not a given), they will only reach what historically-speaking is a normalized range, far below what up-ended the housing market roughly 10 years ago.

“Alone, economic hardship and a lack of equity are each necessary, but not sufficient to trigger a foreclosure. It is only when both conditions exist that a foreclosure becomes a likely outcome.”While our hearts are with anyone who may end up in foreclosure as a result of this crisis, we do know that today’s homeowners have more options than they did 10 years ago. For some, it may mean selling their house and downsizing with that equity, which is a far better outcome than foreclosure.
Bottom Line
Homeowners today have many options to avoid foreclosure, and equity is surely helping to keep many afloat. Even if today’s rate of foreclosures doubles, it will still only hit a mark that is more in line with a historically normalized range, a very good sign for homeowners and the housing market.If you have any questions about the buying or selling process, OUR TEAM CAN HELP! Call or text me today!!!!
Read Our Client Reviews: CLICK HERE
ADDITIONAL RESOURCES- Buyer Resources
- Search For Homes: CLICK HERE
- Virtual Home Buying Program: CLICK HERE
- FREE Home Buyer Webinar: CLICK HERE (Mistakes to Avoid When Buying a Home!)
- Download our FREE Home Search Mobile App: CLICK HERE
- Ask about our credit repair program!
- Seller Resources
-
- FREE Instant Access To Your Home Value: CLICK HERE
- FREE E-Book “Protecting Your Equity”: CLICK HERE (Learn the secrets to selling your home for MORE MONEY in LESS Time)
- Home Sale Concierge Program: CLICK HERE
