The first half of 2023 has seen a marked increase in foreclosure proceedings across the United States. This uptick in the filing of foreclosure properties carries alongside it a 4.11 percent increase from the same period in 2021, now totaling 185,580 U.S. properties. Specifically, of these filings, 97,337 were for default notices, 53,508 were for scheduled auctions, and 34,735 were for bank repossessions.
The uptick of foreclosure proceedings in the U S has a ripple effect, impacting the mortgage industry and the buyers and sellers involved. The foreclosure market operates independently of traditional home sales, and is subject to a continually shifting landscape of government (federal and local) regulations and market forces. As such, industry experts play an important role in helping find a balance in navigating the increasingly complex sectors of the industry.
Short Summary:
The US foreclosure market saw a 4.11 percent increase in the first half of 2023 compared to 2021, with total filings on 185,580 U.S. properties for foreclosure, default notices, scheduled auctions or bank repossessions. Industry experts have an important role in helping to navigate the increasingly complex sector of the mortgage industry.
You can read this full article at: https://www.housingwire.com/articles/foreclosure-activity-ticks-up-in-the-first-half-of-2023/(subscription required)
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