Foreclosure Activity and 🏡 Search for Metro Detroit with Video 🎯

Are you trying to figure out how to buy a home and save money simultaneously? I would like to see if there are any opportunities to purchase a foreclosure in Metro Detroit. 

Forclosure Activity for Metro Detroit | Team Tag It Sold

Foreclosure Activity in Metro Detroit: What’s Happening?

Have you noticed those alarming headlines about rising foreclosures in Metro Detroit? It’s easy to feel uneasy. But take a step back before you worry. Those headlines don’t always paint the whole picture.

Comparing today’s foreclosure numbers to the usual market trends reveals no real cause for alarm. Let’s get into the facts.

Perspective on the Media Buzz

What is the increase in foreclosures you’re hearing about? It’s essential to look at it critically. The comparisons made were often when foreclosures were at their lowest, which can skew perceptions.

Remember, in 2020 and 2021, various support measures were in place to help homeowners through hard times. As these supports ended, a slight rise in foreclosures was anticipated. This isn’t an indicator of a failing housing market.

Looking at the Long-term Trends

Focusing on recent years alone can be misleading. A more accurate picture emerges when comparing current foreclosure activity to long-term trends. This comparison shows that, despite a minor uptick, we’re nowhere near the crisis levels of the past.

Foreclosure data from ATTOM shows that current levels (illustrated in orange) are still much lower than the peaks following the 2008 financial crisis (shown in red). This context is crucial for understanding the broader picture.

Foreclosure Activity | Team Tag It Sold

So, while foreclosure filings are up in the latest report, it’s clear this is nothing like it was back then.

We’re not even back at the levels we’d see in more normal years, like 2019. As Rick Sharga, Founder and CEO of the CJ Patrick Companyexplains:

Foreclosure activity is still only at about 60% of pre-pandemic levels. . .”

That’s mainly because buyers today are more qualified and less likely to default on their loans. Delinquency rates are still low, and most homeowners have enough equity to prevent foreclosure. As Molly Boesel, Principal Economist at CoreLogic, says:

“U.S. mortgage delinquency rates remained healthy in October, with the overall delinquency rate unchanged from a year earlier and the serious delinquency rate remaining at a historic low… borrowers in later stages of delinquencies are finding alternatives to defaulting on their home loans.”

While increasing, the data shows a foreclosure crisis is not where the market is today or where it’s headed. I’ve provided a list of all the foreclosures in Macomb and Oakland County for you directly from the Multiple Listing Service (MLS) searches. I’ve also provided a video on how to use the backdoor access to my MLS account. ⤵️ 

Play Video about Learn How to Use the MLS System Active Search | Team Tag It Sold

Foreclosure Activity in Metro Detroit

Filter to access the data criteria from the Multiple Listing Service. Check how to video ⤴️to get the most out of your filter search. 

Bottom Line

Even though the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst. We are expecting Home Prices to continue to climb in 2024 but at a much slower pace. If you have questions about what you’re hearing or reading about the housing market. 

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If you find this information useful, like and share it with your friends and family. 🥰💯
 

 

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Pam Sawyyer @ Metro Detroit Home Experts

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