A recent report found that foreclosures in January 2022 were up 29% from December 2021 and a whopping 139% from January 2021. However, foreclosures remain at historic lows compared to the overall housing market and that doesn't appear to be changing anytime soon. One reason for the dramatic increase in January is that lenders typically slow down on foreclosure filings during the holidays, instead choosing to put filings off until January.
However, Foreclosure completions are still extremely low with less than half the level pre-pandemic in January 2020. What this means is that year-to-year increases will continue to show significant increases throughout the year but overall foreclosures will remain at historic lows until the end of 2022.”
Florida does now rank No. 1 for foreclosures starts, homeowners entering the early stages of the foreclosure process with both Miami and Jacksonville making the top 5 for metro areas.
What all this means is that we will likely get back to a normal foreclosure market by the end of 2022 and into 2023. But at some point if the market is to even itself out from an extended housing boom we will see another foreclosure boom in the coming years.