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The headline is: Home foreclosures are soaring nationwide – and rising fastest in these 5 states.
Reading the article, I suspect it is clickbait. Housing continues to sell at record highs. Good homes almost always are under contract less than after 72 hours after hitting the market. In many cases, good homes will be under contract the day the home is listed for sale. It should also be noted that foreclosures have been very low for the past few years, so a rise in foreclosures may be a meaningless statistic.
With home prices at record highs, homeowners should not be under water. My speculation is the homeowner that is not paying their mortgage is selecting to stay in the home and ride out the foreclosure process, which can take years. These distressed homeowners likely can find a buyer to buy same day for the balanced owed on the home (speculation). Maybe these homeowners think the American taxpayers will pay the mortgage for them, who knows.
Here are the top five states the article lists as "fastest rising foreclosures:
- South Carolina, foreclosures surged 51%,
-Missouri saw a 50% jump
-Pennsylvania a 46% increase
-Texas rose 7%
- Indiana climbed 0.8%.
I have come to the conclusion the article is in fact click bait/ fake news. If Indiana is in the top five, at under one percent rise in foreclosures- that speaks for itself. I might see how Pennsylvania and Missouri are in the top five. South Carolina and Texas have been such hot sousing markets, they likely had so very little foreclosures over the past five years.
Reading the article, I suspect it is clickbait. Housing continues to sell at record highs. Good homes almost always are under contract less than after 72 hours after hitting the market. In many cases, good homes will be under contract the day the home is listed for sale. It should also be noted that foreclosures have been very low for the past few years, so a rise in foreclosures may be a meaningless statistic.
With home prices at record highs, homeowners should not be under water. My speculation is the homeowner that is not paying their mortgage is selecting to stay in the home and ride out the foreclosure process, which can take years. These distressed homeowners likely can find a buyer to buy same day for the balanced owed on the home (speculation). Maybe these homeowners think the American taxpayers will pay the mortgage for them, who knows.
Here are the top five states the article lists as "fastest rising foreclosures:
- South Carolina, foreclosures surged 51%,
-Missouri saw a 50% jump
-Pennsylvania a 46% increase
-Texas rose 7%
- Indiana climbed 0.8%.
I have come to the conclusion the article is in fact click bait/ fake news. If Indiana is in the top five, at under one percent rise in foreclosures- that speaks for itself. I might see how Pennsylvania and Missouri are in the top five. South Carolina and Texas have been such hot sousing markets, they likely had so very little foreclosures over the past five years.
Home foreclosures are soaring nationwide – and rising fastest in these 5 states
Home foreclosures are on the upswing nationwide, according to a new report, a sign that homeowners are still struggling from the ongoing inflation crisis.
finance.yahoo.com
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