by Calculated Risk on 12/06/2022 09:27:00 AM
Today, in the Calculated Risk Real Estate Newsletter: Q3 Update: Delinquencies, Foreclosures and REO
A brief excerpt:
…
Here is some data on REOs through Q3 2022 …
…This graph shows the nominal dollar value of Residential REO for FDIC insured institutions. Note: The FDIC reports the dollar value and not the total number of REOs.
The dollar value of 1-4 family residential Real Estate Owned (REOs, foreclosure houses) increased from $784 million in Q2 2022 to $818 million in Q3 2022. This is increasing, but still very low.
…The bottom line is there will be an increase in foreclosures over the next year (from record low levels), but it will not be a huge wave of foreclosures as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/
