Mar 1, 2023 - Economy
Home foreclosures are ticking back up
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Home foreclosures have ticked back up over the past four months, according to data provider Black Knight. But don't be alarmed — they're still well below pre-2020 levels, and nowhere in the vicinity of the foreclosure crisis of 2008.
Why it matters: This is a return to the before times. Pandemic-era housing assistance programs are winding down. Folks who hadn't been paying their mortgage are either working out new arrangements with lenders, selling their homes or going into foreclosure.
- "We're moving into more of a normal market," says Andy Walden, vice president of enterprise research and strategy at Black Knight.
Plus: While foreclosure starts are increasing, overall levels of distress in the mortgage market are, well, not distressing.
- The national delinquency rate is down 15% from last year, per Black Knight data.
