Chat with us, powered by LiveChat

Home Sales Are Down And Foreclosures Are Up

John Galt

Updated: May 6, 2022

home sales foreclosures
Editor’s Note:

EDITOR'S NOTE: The home sales report is a key indicator for the real estate sector, but it presents a mere segment of the larger economy. Under certain conditions, however, it’s a proverbial iceberg warning of something much more sinister hiding beneath the waters of economic obfuscation. The article you’re about to read explores this phenomenon. While home sales are down 12.6% year over year, home foreclosures are up an astounding 181%. The expiration of the moratorium on foreclosures released a storm of debt repayments that ultimately triggered a string of financial collapses among households across the American landscape. The erosive effects of runaway inflation and the rising cost of borrowing capital added to the weight of household debt burden. Has the foreclosure trend hit a peak in its upward trajectory, or are we seeing the beginning of a much larger trend? 

Another Joe Biden record!
Foreclosures are up 181% in one year. Home sales are down 12.6% year over year.

FOX46 reported:

TRENDING: “Mitch McConnell and His RINO Friends Would Rather see a Democrat Like Biden be President than a Republican Like Me” – Trump RIPS McConnell and Disgusting DC RINOs Who Hate Trump and His Voters

SOME EIGHT MONTHS AFTER A NATIONWIDE MORATORIUM ON FORECLOSURES EXPIRED, FORECLOSURE FILINGS SOARED TO THE HIGHEST LEVEL SINCE THE PANDEMIC BEGAN.

LAST MONTH, 33,333 PROPERTIES ACROSS THE U.S. FACED FORECLOSURE, A 181 PERCENT JUMP FROM MARCH 2021 AND 29 PERCENT POP FROM FEBRUARY, ACCORDING TO A REPORT BY FORECLOSURE TRACKER ATTOM. THE FIRST QUARTER SAW 78,271 PROPERTIES WITH A FORECLOSURE FILING, A 39 PERCENT FROM THE PREVIOUS QUARTER AND 132 PERCENT FROM LAST YEAR.

THOSE FIGURES REPRESENT THE HIGHEST NUMBER OF FORECLOSURES SINCE MARCH 2020 WHEN NEARLY 47,000 U.S. HOMES HELD FORECLOSURE FILINGS, SAID RICK SHARGA, EXECUTIVE VICE PRESIDENT OF MARKET INTELLIGENCE FOR ATTOM.

MARCH MARKED THE 11TH CONSECUTIVE MONTH IN WHICH FORECLOSURE ACTIVITY POSTED A YEAR-OVER-YEAR INCREASE.

NOT ONLY DID FORECLOSURE ACTIVITY HIT A PEAK, THE TIME IT TOOK PROPERTIES TO FORECLOSE TICKED DOWN 3 PERCENT FROM THE PREVIOUS QUARTER. PROPERTIES FORECLOSED ON IN THE FIRST QUARTER WERE IN THE PROCESS FOR AN AVERAGE OF 917 DAYS, DOWN FROM 941 IN THE PREVIOUS PERIOD AND 930 IN THE FIRST QUARTER OF 2021.

Originally published on Borisov News.

No Investment Advice

GSI Exchange is a publisher and precious metals retailer. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Content on the Site is provided for information purposes only, and none of the information contained on the Site constitutes an offer, solicitation or recommendation to buy or sell a security. You understand that the GSI Exchange receives neither monetary or securities compensation for our services. GSI stands to benefit from the sell of retail cost precious metals on this site. To avoid hidden costs all prices are listed live 24/7 on this site. Read the full disclaimer

2022 Info Kit

GET YOUR FREE

GOLD SILVER INFO KIT

Precious Metals and Currency Data Powered by nFusion Solutions