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The current state of foreclosures in the Athens area market is a topic of concern for many. To shed some light on the situation, it’s important to consider the context and make comparisons. When comparing the last few years to today, there has been a slight increase in foreclosures. However, if we compare the current situation to before the pandemic, the number of foreclosures is lower. Furthermore, when comparing the present to the recession years of 2008 to 2012, the number of foreclosures is minuscule in comparison.
To understand why we’re not witnessing a significant surge in foreclosures, it’s important to consider the impact of the COVID-19 moratorium. During the pandemic, banks were prohibited from foreclosing on properties, resulting in a temporary halt in foreclosures. Despite expectations of a foreclosure rush after the moratorium ended, this did not occur. The reason behind this is the substantial rise in property prices during the pandemic, which led to increased equity for homeowners. Even if homeowners face financial difficulties and fall behind on payments, they can often sell their properties on the market and walk away with cash, avoiding the foreclosure process.
While there are some instances of foreclosures, they are not widespread. The majority of these properties are still selling at or near market value, making it challenging to find foreclosure deals with significant equity. Many of these properties require extensive repairs, and even at auctions, competition can drive prices close to fair market value.
If you find yourself in a situation where you’re behind on payments and facing foreclosure, it’s crucial to reach out to a real estate agent who can help you navigate the process and potentially avoid foreclosure. In many cases, homeowners have equity in their homes, and investors can offer quick solutions. Alternatively, listing your property on the market with the assistance of a real estate agent may yield even better results than a direct sale to an investor.
If you have any further questions or want to learn more about the current market conditions, feel free to call or email us. We’re here to provide the information you need.
