Of all the headlines that have dominated the news cycle over the last decade, one of the biggest has been the foreclosure crisis. Thankfully, that trend seems to be changing. Foreclosure filings in the first half of 2019 are down 18% compared to this time last year. Real estate data company ATTOM data solutions reported less than 300,000 filings thus far this year, an 82% drop from the worst wave of foreclosures in 2010.
Part of the reason the foreclosure rate is down is that owners are selling their homes rather than going through foreclosure. The nationwide sellers market has increased home prices, allowing them to sell the home for more than they owe.
Bucking the Trend
There are a few places where this is not the case… thankfully Charlotte is not one of them. Cities like Buffalo, NY and Orlando, FL are still seeing the numbers of foreclosure filings rise. For example, Buffalo saw a 33% increase just this last year alone. The reasoning behind this process is that lenders believe they can recoup or minimize their losses by proceeding with the foreclosure process.
Thankfully, Charlotte’s strong seller’s market steels the city a bit against rising foreclosures. If, for whatever reason, a homeowner is struggling to pay their mortgage, there is a high likelihood of being able to sell their home for more than what they paid.
To read the full ATTOM study, visit Realtor.com News & Insights.