Foreclosured Started To Increase Again In 2022, Sort Of...


Foreclosured Started To Increase Again In 2022, Sort Of...
By Scott Rogers • January 23, 2023
Foreclosures in Harrisonburg and Rockingham County increased 71% in 2022. Gasp! ;-) Well, yes, technically they did... after only 14 foreclosures in 2021 there were 24 in 2022. That's a 71% increase. But... that dip down to only 14 foreclosures in 2021 was due in large part to the moratorium on foreclosures during Covid. So, really, we need to skip that year of data. Looking back a bit further we'll note that the 24 foreclosures in 2022 was the lowest of anytime since 2008. Somewhat surprisingly, between 2008 and 2017 there were over 100 foreclosures a year. As such, the 24 foreclosures seen in 2022 is quite low - and a sign of general health in our local housing market - or a sign that home values are increasing, making foreclosures less likely to be a necessity. Looking ahead, will we see more foreclosures in 2023 and/or 2024? I suspect we'll only see a significant increase if home values were to flatten out or decline and/or if buyer demand were to significantly decline. Both of those seem relatively unlikely at this point, so we seem poised to see another year of fewer than 50 foreclosures in 2023. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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