Posted 1/16/2024, 8:21:09 PM
Home Foreclosures Inch Up in 2023 But Remain Well Below Historic Highs
- Foreclosures increased 10% in 2023 compared to 2022, but were down 30% from 2019 levels
- Over 357,000 homes were in foreclosure process in 2023, up slightly from 2022
- Foreclosure activity remains below peak levels seen over a decade ago
- Increase reflects a housing market correction rather than cause for alarm
- Economic factors like home prices, interest rates, and unemployment may impact future foreclosure activity