A new report from Realtor.com® is tracking the recent trajectory of foreclosures, which can occur when a homeowner defaults on their mortgage. When these properties do not sell at auction, they often become Real Estate Owned (REO) and are listed for sale by banks on the open market.
Additionally, the rate of foreclosures has ticked up in recent years. This follows a period of suppression after the COVID-19 pandemic, during which various homeowner protections were in place.
As a result, foreclosures are now about as common as they were in 2019. However, the rate remains well below the levels seen during the Great Financial Crisis…