ReCasa Financial Blog

Foreclosures are a great opportunity for real estate investors. They can require a lot of time investment and work, but can be a financial success as foreclosures usually are sold at below market value. Before purchasing a foreclosed property, do your research. Each state has their own rules and regulations pertaining to foreclosed properties.   

Last year, 324,237 U.S. properties filed for foreclosure, while only 42,854 properties were repossessed.  These numbers are still lower than pre-COVID numbers.  

Read more here - U.S. Foreclosure Activity Doubles Annually in 2022 | ATTOM (attomdata.com)

2022 foreclosure filings reported a 115% increase compared to 2021. However, the 2021 housing market was affected by COVID-19 as most foreclosures were stopped. If we compare 2022 to 2019, the last “normal” year in real estate reported by real estate professionals, foreclosure filings decreased 34%. 

Read more here - What You Need to Know About Foreclosure Rates | Real Estate | U.S. News (usnews.com)

Keeping an eye on foreclosure rates will help those wondering if we are getting close to a housing market crash. What do you think will happen with foreclosures in 2023?