Will short sales and foreclosures increase in 2023? The short answer to this question is yes. Home sales are low in Illinois and throughout the rest of the United States, and prices continue to skyrocket as inflation across the nation is getting worse. However, there has still been an increase in home sales as compared to 2021, so even though short sales and foreclosures are at an all-time high, these stats might tip the balance in a real estate investor’s favor.
When seeking an answer to the question of will short sales and foreclosures increase in 2023, West Chicago short sale lawyers must first look at both housing costs and foreclosure rates in Illinois.
When seeking an answer to the question of will short sales and foreclosures increase in 2023, West Chicago short sale lawyers know that in today’s housing market, there is the double whammy of both high mortgage and property tax rates along with an increased cost of living. Moreover, many areas are still recovering from the pandemic, which was a situation where homeowners being 120 days or more late on their mortgage payments was very common.
Of course, when the pandemic was at its peak, the government put a moratorium on foreclosure rates. However, now that life has largely gotten back to normal, there are many areas of the country where the foreclosure rates are going up again. Thus, considering all of these factors, there indeed is a strong possibility that foreclosure rates will continue to increase in 2023.
What can you do about it? The good news is that you have options. Contact Covert Marrero Covert LLP today,if you are ready for a professional that will advocate for you.
