A new report from Realtor.com® is tracking the recent trajectory of foreclosures, which occur when a lender repossesses a property. When these homes don’t sell at auction, they often become Real Estate Owned (REO) and are listed by banks on various online platforms.
Additionally, the research shows that the rate of foreclosures has ticked up in recent years. This follows a period of suppression after the COVID-19 pandemic, when various homeowner protections were in place.
However, while foreclosures are now about as common as they were in 2019, they remain well below the levels seen during the Great Financial Crisis. For some prospective buyers, this shift may present an opportunity to enter the market…