I believed they would return to my market. My trusted sources say NO they will not. To date, I am not seeing either short sales or foreclosures. That does not mean a wave, however small or large, is not coming. 

Haven't seen a short sale in 10 years and a few REOs, but there has continued to be a few all along.  There's always someone who doesn't pay their mortgage.

I am now out of the MLS loop Peter Mohylsky. BRIX REALTY BUT I do get the news paper and it lists foreclosures. From reading the paper I would say there is a slight tic upwards at this time.

Foreclosures and bank owned never stopped out here, just far fewer of them and you have to know where to look for them (hint: NOT the MLS).

Hav not seen them yet, but think we will see them soon.

Not yet ... but I know they are coming!  It's just a matter of time (and no money)

It's a cash market here.  Haven't done a loan for awhile. Haven't seen a foreclosure lately. 

I've heard foreclosures are rising. Doesn't surprise me since layoffs or common course now. We do have 1 short sale in our town

There always have been and always will be a certain amount of foreclosures. With the tremendous increase in equity growth over the last decade we are now seeing few foreclosures listings and VERY few short sale listing.

We've had them trinkle in for over a year but they are not prevalent.  The short sales are listed too high to sell or even get an offer.  Banks have no interest in losing money at this time.

No. No more than I have seen in 10 years, rare but...
they never truly left, they just got quiet and became rare -1 in 1,000 of our sales from my observations.

Not yet, but as you started seeing, "the writing is on the wall"; there will be more. Buyers overpaid, interest rates are going up and values are dropping. Perfect formula. Worse for those buyers who got tempted with an adjustable rate.

No they are not, thankfully.  Phoenix area is economically booming and didn't get shut down this past few years. Building is going on all around town and restaurants are full.  Haven't seen any foreclosures.

I've seen a very few REO properties and no short sales.   I don't think we will see too many short sales yet, most home owners still have equity.  Now down the road that may change.

Not short sales but every once in awhile I get a text on doing a BPO & just laugh & laugh.

Seriously, foreclosures are everywhere!

Not yet.  We had a pre-foreclosure in 2020, but the equity in the home more than covered the past mortgage payments and fines.  When we sold the home, the seller walked away with a lot of money in his pocket.  

haven't seen any short sales, a trickle of foreclosures, but that never stopped.

They probably are but in this beginning stage, snapped up by those in the know. Amazing this exists at all when you consider employers begging.

I haven't seen any yet.  I imagine they may start in the near future.  

Havent noticed any.

Not yet, Peter Mohylsky. BRIX REALTY.

I haven't seen any lately. I think banks are selling foreclosures to institutions and smaller lenders are flipping them. It's hard to find a foreclosure here. 

I just searched our MLS for REO or foreclosure  . . . none!

There is a wave forming. Unfortunately, it will impact the fixed income community in a devasting way.
Cost of EVERYTHING going up, no end in sight.
HOA financial stability standards will dramatically alter some condo realities.
Building engineering inspection costs and remediation will compel assessments beyond the reach of fixed income to adapt.
Exorbitant monthly maintenance fees, assessments and escalating living costs will put many into default.
There is a tragedy being written. I don't know the solution, but the ending is not a mystery.

There are always some foreclosures in our market. However, we are not seeing large numbers of properties in trustee sales (foreclosure auctions held in each county).

In Chicago, foreclosures are a regular thing but have not seen any short sales lately.

Just checked the Charlotte Regional MLS and found 3 short sale listings and 11 foreclosures in a 16-county metro market. So, we're still quite strong with minimal distressed property listings at the moment.

Hello Peter,

My very first listing in 2008 was a short sale!  I am ready to tackle them again should the need arise. I was on a webinar just yesterday were they said that due to the foreclosure moratorium (because of covid), is expiring soon, we shall see if that will cause a large amount of folks needing to sell their homes.  Hopefully they will still have some equity in them.  If not, then short sales will return.  Have a good weekend. 

Auction.com has an uptick. Blackrock just announced they may sell off Boise (and a few other cities). I'm looking in certain zip codes. Not seeing short sales, NOD up in 50 cities, servicers aren't playing ball with short sales. 

Nope. They are extremely rare in Manhattan. About half of all buyers are paying all cash. Most co-op's require 20% or more down PLUS Debt to Income Ratios of 28% or less PLUS post closing liquidity of 2 years or more of monthly maintenance and mortgage payments.

That said, In May, I finally completed the foreclosure in my building- just 2 weeks shy of the 13th Anniversary of when the owner defaulted on paying the condo association. While delays that extend that far out are rare- foreclosing in NYC is a long ugly process.