completed foreclosure activity even as pandemic foreclosure protections have lifted over the last 12 months. The gradual increase in completed foreclosures—rather than a hockey stick-shaped increase—is likely the byproduct of extensive loss mitigation efforts by servicers and the continued backlog of borrowers still working through loss mitigation waterfalls. Like the foreclosure start data, the completed foreclosure data pattern varies widely from state
to state. Although completed foreclosures nationwide remain below half of pre-pandemic levels, 24 states posted August 2022 numbers that were above 50% of pre-pandemic levels, including Alabama, Michigan, Arkansas, Louisiana, and Indiana. Completed foreclosures in August were above pre-pandemic levels in eight states, including Colorado, Kentucky, West Virginia, and Connecticut. “For us we are shifting too where we’re buying. … Some of
your more cyclical markets may take a 20% hit,” said Lizell, the Naples, Florida, real estate investor. “(We’ve) got to be nimble in this market. Super important; otherwise we’ll be out of business.•
Daren Blomquist is vice president of market economics at Auction.com. In this role, Blomquist analyzes and forecasts complex macro and
microeconomic data trends within the marketplace and industry to provide value to both buyers and sellers using the Auction.com platform.
30 | think realty magazine :: november – december 2022
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