Key Highlights
- Analysts predicting prospective rise in number of foreclosures over next several months
- During Q1 2020, foreclosure filings declined -3% from Q1 2019 and in March 2020, foreclosure filings -20% from March 2019, according to ATTOM Data Solutions.
- However, with some 42.6M currently unemployed and nearly 40% of small businesses projected to close in coming months, number of foreclosures could see a steep rise in near future
The foreclosure market may be one place to look for opportunities within the real estate industry for brokers/agents and investors alike. Despite the number of foreclosure filings dropping to near record low levels during 2019 and Q1 2020, the COVID-19 pandemic may well turn those record lows into a sudden surge of foreclosures in the very near future.
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True, the US Congress has temporarily enforced deferments on mortgage payments and true, several banks have suspended foreclosures and evictions during the COVID-19 pandemic, but who knows how long those deferments and suspensions will really last. And, for those homeowners currently struggling to keep up with mortgage payments who have been hit hard by reduced incomes or lost jobs due to COVID, who knows how long they’ll be able to really make those payments.
Industry analysts are definitely predicting a rise in the number of foreclosures this year and into next year as well because of COVID-related unemployment rates and smaller business worker pools and closures.
Even though your individual and investor clients may be a little gun shy of the real estate market due to the economic fallout of the pandemic, foreclosures just may be one of the smartest real estate investments to consider right now. Sharpening your skills and expertise in the foreclosure market may be one of the smartest investments you can make into your own professional development and business success.
Open your own and your clients’ eyes to both residential and commercial foreclosure opportunities that may soon be sitting on your doorstep. And if these opportunities don’t come to your doorstep, do the research, talk with lenders and go look for them. Remember too that most newly foreclosed properties often require minimal renovation and minimal renovation translates into higher returns on investments in both the short and long term.
Thanks to ATTOM Data Solutions.
Also read: Escalating War of Words @ Mortgage Servicer Relief, Pandemic Erodes Wealth of 500,000 Millionaires Plus Everyone Else’s, Why It’s Now Harder to Get a Mortgage/Refinance
