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Summary: Foreclosures Continue to Surge – Are They a Threat to the Housing Market?
- Foreclosure notices in Q3 2023 jumped 34% from a year ago to nearly 125,000.
- Foreclosures were up 28% from the previous quarter.
- Concerns arise about a potential repeat of the 2008 housing bust.
Implications of the Surge in Foreclosures on the Housing Market
According to a recent report from real estate data firm ATTOM, the number of homeowners hit with foreclosure notices in the third quarter of 2023 jumped 34% from a year ago to nearly 125,000, and they were up 28% from the previous quarter. Across the country, about 1 in every 1,121 properties had a foreclosure filing in the third quarter, returning to almost pre-pandemic levels.
This surge in foreclosures raises concerns about a potential repeat of the 2008 housing bust and its impact on the housing market. However, it is essential to consider the differences between the current situation and the 2008 crisis, such as stricter lending standards and a more robust economy. Additionally, the ongoing demand for housing, especially in high-growth areas, may help mitigate the impact of foreclosures on the overall market.
In conclusion, while the surge in foreclosures raises concerns about the housing market’s stability, it is crucial to consider the differences between the current situation and the 2008 housing bust. Ongoing demand for housing and a more robust economy may help mitigate the impact of foreclosures on the overall market.
Orginal article: Link To Article – provided by Kansas City Realtors
