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Don’t Plan on Getting a Bargain Price on a Foreclosure Sale
Per a trusted source:
I’ve spoken with many clients recently who tell me “I’m going to wait to buy until the housing market crashes, then I’ll find a good deal on a foreclosed property or short-sale.” And I’ve said repeatedly, “Not going to happen.
The latest foreclosure stats are supporting my projection. According to ATTOM Data, there were just over 151,000 foreclosure filings in 2021, down 29% from 2020, and down 95% from the peak of the housing crisis in 2010 when there were over 2.9 million filings.
In fact, 2021 had the lowest foreclosure rates in recorded history, amounting to 0.11% of all housing stock. At its worst in 2010, foreclosure filings accounted for 2.9% of housing stock.
To be clear, a foreclosure filing does not mean the home will end up being sold at auction. A filing occurs when a mortgage falls 30 days late or more but there’s plenty of time to stop the process. A typical “non-judicial” foreclosure will take 120 days at its quickest but the average is closer to 180 days (6 months).
And with so much equity in our local market, it’s most likely that a home in foreclosure will be sold prior to a Trustee’s Sale (auction).