A new report from Realtor.com® is tracking the recent path of foreclosures, which have seen an uptick after a period of suppression following the COVID-19 pandemic. When these homes become Real Estate Owned (REO), they are listed by banks on various online platforms and multiple listing services, creating new inventory for buyers.
As a result, the rate of foreclosures is now roughly on par with what it was in 2019. This provides a potential pathway to homeownership for some buyers who have been sidelined by high prices.
However, the current foreclosure levels are still well below the numbers seen during the Great Financial Crisis. This indicates a more stable housing market overall, even with the recent increase…