A new report from Realtor.com® is tracking the recent path of foreclosures across the country. When a home is foreclosed on, it can become Real Estate Owned (REO), meaning the bank now owns the property and lists it for sale on the open market.
Additionally, the rate of these foreclosures has increased in recent years. This follows a period of suppression after the COVID-19 pandemic when various homeowner protections were in place.
However, the current foreclosure rate is now roughly on par with what it was in 2019. This level is still well below the numbers seen during the Great Financial Crisis…