FORECLOSURES ON THE RISE
Foreclosure filings are up 181% in March 2022 from a year ago. Los Angeles is among the major metros in 2022 with the greatest number of foreclosure starts.
These numbers are a result of extreme lows that were created by forbearance programs during the pandemic. We are still only 57% of where it was in 2020 right before the pandemic started and should expect a steady increase in foreclosures to return to previous levels.
What does this mean for you?
Increased foreclosures on top of increasing interest rates may indicate a slowing down of housing price increases, but the supply of homes is still at a historic low. The market is changing constantly, so please let us know if you are thinking of selling or buying and we would be happy to discuss the implications for your specific situation.