Cleveland Real Estate Foreclosures in U.S. Hit 16-Year Low in 2020

This is a great article from World Property Journal that talks about the foreclosures in the US Real Estate market.

“Year-End 2020 U.S. Foreclosure Market Report has revealed this week that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 214,323 U.S. properties in 2020, down 57 percent from 2019 and down 93 percent from a peak of nearly 2.9 million in 2010, to the lowest level since tracking began in 2005.”

Foreclosures are down 57% from 2020 to 2019, this is a good thing. There are some people who are behind on their mortgage payments and will not be foreclosed on. When this Covid-19 thing is over homeowners can add their back mortgage payments to their existing mortgage.

You also have to look at the equity positions in most of the real estate in Cleveland Ohio. It is very good and therefore a homeowner can sell their home and pay the mortgage off and get some cash.

In Cleveland Metro at the end of January there were just over 3100 listings. In 2016 there were around 7500 listings. The 7500 listings is a normal real estate market. Inventory is a huge problem, basically there are not enough homes on the market.