Foreclosures were once a major source of housing inventory in Dane County, but not anymore. Check out this chart which shows the number of annual Dane County foreclosure filings dating back to the year 2000.
Will foreclosures rise in 2022?
Many people are wondering, now that the foreclosure moratorium has been lifted, if we'll see a spike in bank-owned properties in the months ahead. Although we do expect foreclosure filings to rise in 2022, we don't expect the increase to be significant.
The reason is the number of people with delinquent mortgages is relatively low right now. Plus, many of the people who are behind on their payments do have equity in their homes, so they'll be able to restructure their loans and avoid foreclosure once they are employed and earning income again.
Real estate will be a scarce resource for the foreseeable future.
With fewer foreclosures entering the market, fewer homes and condos being built, and with our population continuing to grow, we're expecting low home and condo inventory for many years to come. This is why we believe, despite historically high prices, that owning real estate will continue to be one of the best ways around for building wealth.
Do you need help getting into the real estate game and building your wealth?
Our team approach to buyer representation is working wonders for our clients in 2022, so please reach out to us and tell us about all of your real estate dreams and goals. We're well-prepared to serve you in this year's fast-moving market, and we're always available for a helpful consultation.
