A new report from Realtor.com® is tracking the recent trajectory of foreclosures, shedding light on what happens when these properties become Real Estate Owned (REO). When a foreclosed home doesn’t sell at auction, the lender takes ownership and lists it for sale on various platforms.
Additionally, the research shows that the rate of foreclosures has increased in recent years. This follows a period of suppression due to federal programs enacted during the COVID-19 pandemic.
However, while foreclosures are now about as common as they were in 2019, the rate remains well below the levels seen during the Great Financial Crisis. This shift presents a complex picture for the housing market, creating challenges for some homeowners while opening doors for prospective buyers…