Should You Be Worried About Foreclosures?

Should You Be Worried About Foreclosures?
Don’t let sensationalized news headlines about foreclosures scare you.
Ready for a quick real estate update? I want to talk about some recent headlines you may have seen regarding foreclosure data.
It can be pretty shocking when you read that foreclosures are up 150% compared to last year—it’s a little misleading, to say the least. The reality is that when you take a deep dive into the data and look at last year, there were actually 65,000 foreclosures in the country. It was the lowest in history. In the first six months of this year, there were 164,000 foreclosures, which is an increase of 155% in the foreclosure activity.
While that sounds alarming, let’s put it into perspective. In the last 20 years, the peak of foreclosures was in 2010 when there were 1.65 million foreclosures. The article could have been named “The Second Lowest Number of Foreclosures in History” instead of “Foreclosures Are Up 150%.” Both are true, but one is more alarmist, so it’s important to analyze the data and put it in perspective.
If you have any questions, reach out to me by phone or email. I can’t wait to hear from you.

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