Banks have started to foreclose on houses in the 2023 Housing Market. With ATTOM Data Solutions reporting a 14% increase in foreclosures compared to last year. With more foreclosures predicted later in 2023.
I fear that these foreclosures are going to get worse in the second half of 2023 and into 2024. Because there are lots of “house poor” homeowners in America who can barely afford their monthly payments.
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Currently foreclosures have returned back to their pre-pandemic levels. However, you can see they are still well below the highs experienced in the 2008 Housing Crash. Which taught us that foreclosures can increase very quickly.
Especially if the borrowers have low downpayments. Low downpayment are historically very correlated with mortgage defaults. Suggesting that the new 1% mortgage programs from lenders like Rocket Mortgage and United Wholesale will be problematic for the US Housing Market in the long-run.
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