In todays show we look at the real Foreclosures in 2022 data and just how worried you should be!
The Current Headlines
We are all busy. Which means that we spend a great deal of time skimming the news rather than reading it. Of course, that means we will frequenly get left with the wrong impression when it comes to what is actually going on.
Herea are the headlines from a few popular news sources:
U.S. FORECLOSURE ACTIVITY IN JANUARY 2022 HIGHEST SINCE BEGINNING OF COVID-19 PANDEMIC
U.S. foreclosures are the highest since pandemic’s start
Foreclosures are on the rise. Here’s what that says about the housing market
The Actual Numbers
While many of those headlines are accurate, they do not paint a real picture of where we are with foreclosures. For the past two years, we have seem the lowest foreclosure rates for at least the last 17 years. The folks over at ATTOM – considered the very best source for this kind of data, included this image in a recent post.
So when these news outlets compare the current rate of foreclosure to last month or last year, remember that the last two years have had ridiculously low foreclosure rates. Even if foreclosures in 2022 double – we are below .5%. We would have to see foreclosure rates TRIPLE just to hit 2019 levels, which were already the lowest in at least 14 years.
So check out todays show as we explore this data and try to calibrate what we should be thinking about.