Are there going to be a bunch of foreclosures coming on the market at the end of 2023?
Though foreclosure numbers were up heading into the fall, they are still below pre-pandemic numbers, and a good portion of them may be from the pandemic time frame, where foreclosure filings are still catching up.
ATTOM, which is a company that tracks foreclosure data, released a report on September 13, 2023 that shows there were a total of 33,952 U.S. properties with foreclosure filings by the end of August 2023. Foreclosure filings may include default notices, auctions being scheduled or full bank repossessions. This number is up 7% from July, but down 2% from this time in 2022.
There are some areas where foreclosure filings were more concentrated, but last month, that did not include Maryland.
Completed foreclosures were up – a total of 3,354 US properties were repossessed in August 2023. This is up 1 percent from July but is down 15% from last year at this time.
Why do economists think that there won’t be a wave of foreclosures coming? According to ATTOM CEO Rob Barber in a statement, “The overall market and the economy remain way too strong for imminent warnings to be sounded. But there are weak spots that are still popping up as areas to watch, especially if the market turns back downward.”
So yes, we may see more foreclosures in the next few months, but at this point, it does not appear that a large wave of foreclosures would be coming by the end of 2023.
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