Banks Foreclosing on BAD LOANS. (Millions in DEFAULT. Huge Discounts Coming.)

Selling Real Estate
Foreclosure Surge is about to hit the US Housing Market. Millions in Default. The 2022 Housing Crash is about to get worse.

Foreclosure Starts are up by over 150% YoY as Banks are working through the Foreclosure Backlog built during the pandemic. These foreclosures are going to hit Housing Markets like Riverside, Phoenix, and Atlanta hardest.

One reason I believe these Foreclosure are going to be worse than anticipated is because of all the BAD LOANS across the US Housing Market. Homebuyer Downpayments have been consistently declining over the last 50 Years while Debt to Income Ratios have been rising. In fact – Homebuyers are putting less money down today than they were at the peak of the 2006 Subprime Bubble.

During the pandemic the US Government stopped these Defaults from turning into Foreclosures by enacting the Foreclosure Moratorium, which restricted Banks from foreclosing on defaulted borrowers. But now the Moratorium is gone, and there will be a wave of Homes that hit the market via Short Sale, Auction, and Pre-Foreclosure.

You can check Zillow to see the Foreclosure Listings in your area. Homes in Pre-Foreclosure have a Borrower that likely missed several mortgage payments. Some entrepreneurial real estate investors reach out to these owners directly to see buy the home off market at a discount. This can help the real estate investors secure a better deal than if the property goes to Foreclosure Auction.

The loans most likely to end up in Default are FHA, Investor, and 2nd Mortgages. The markets that have the highest concentration of these mortgages – and thereby the most Foreclosure Risk – include Riverside, Atlanta, Orlando, Las Vegas, and Phoenix.

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#HousingCrash #Forelcosures

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