[ad_1]
Sharga attributes this to government and mortgage industry efforts during the pandemic, coupled with a strong economy, which helped prevent millions of unnecessary foreclosures.
The report also showed there were 30,822 properties with foreclosure filings, an increase of less than 1% from the previous month and a 72% surge from a year ago. In December 2022, one in every 4,558 properties had a foreclosure filing nationwide.
But unlike foreclosure activity during the Great Recession, the majority of homes in foreclosure are not being repossessed by lenders, Sharga noted.
“Our recent homeowner equity report shows that 93% of borrowers in foreclosure today have positive equity, which they appear to be leveraging in order to avoid a foreclosure by refinancing their mortgage or selling the property at a profit,” he said. “It seems likely that this is a trend that will continue in 2023.”
Want to make your inbox flourish with mortgage-focused news content? Get exclusive interviews, breaking news, industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
[ad_2]
Source link
