Here’s everything that you need to know about foreclosures and our market.

How will foreclosures affect the real estate market, and are they on the rise? Can we expect to see a wave of foreclosures like we did in 2008? The short answer is no. There may be an increase, but the impact will be very minor.

What are foreclosures, exactly? These are the properties where homeowners have fallen behind on their payments. In this situation, the bank can go through a legal process called foreclosure and take ownership of the property. A more accurate description of a foreclosure home would be a “bank-owned property.”

During the last real estate crash in 2008, we saw a huge influx of these properties due to the financial crisis. The question I’m often asked is, “Are we heading there again?” In my opinion, no. We still have an abnormally low inventory, and any foreclosures will likely have no negative effect beyond those who have endured that process. We need that additional inventory.

“We won’t see a repeat of the 2008 crash.”

For foreclosures to harm the market, we would have to see multiple months of foreclosures coming onto the market in fairly large numbers. There’s no evidence that this is happening at all. With no wave or surge coming, we’re simply moving toward a more normal real estate market. What we’re seeing right now in terms of foreclosures and short sales is natural for a normalizing market.

So, if you are a frustrated buyer looking for a home, you may now have more options. If I can help you in any way, please visit our website. You can also give us a call at (513) 657-2500. Talk to you soon.

 

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