Don't Expect A Wave Of Foreclosures

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Inflation is on the rise, but there's one area where we won't be seeing a wave of change: foreclosures. While many buyers may be concerned about the impact of inflation on the housing market, the truth is that fewer people are behind on their mortgages than in years past. That means there's little to worry about when it comes to a sudden influx of foreclosure properties hitting the market.

According to recent reports, the rate of homeowners who are delinquent on their mortgage payments has dropped significantly in fact May data shows the lowest all time foreclosures.  

So why the drop in delinquent payments? For one, the economy is doing better. With more people employed and earning a steady income, it's easier for homeowners to keep up with their mortgage payments. Additionally, many lenders have stepped up to offer assistance to those that "may be" struggling to make payments. From forbearance programs to loan modifications, there are more options than ever before for homeowners who need help.

All of this is good news for buyers who are looking for their next home. With fewer foreclosures hitting the market, there's less competition for affordable properties. This means that buyers may be able to find the perfect home for their needs without having to worry about bidding wars or other buyers driving up the price.

In short, inflation may be on the rise, but the housing market is doing just fine. Buyers can rest assured that they won't be facing a wave of foreclosures anytime soon. So if you're in the market for a new home, now is the perfect time to start looking. With fewer people behind on their mortgages, you may be able to find the perfect property at a price that works for you. 🏠👀👍