On a quarterly basis, home prices rose a seasonally adjusted 1.0 percent in Q1 2023 . . . the fact that prices rose slightly in the first quarter is evidence of significant pent-up mortgage demand, despite ongoing affordability constraints. – Doug Duncan, SVP & Chief Economist, Fannie Mae
Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February. – Andy Walden, VP of Enterprise Research, Black Knight
U.S. Foreclosure Activity Continues To Climb in Q1 2023
- There were 95,712 U.S. properties with foreclosure filings during the first quarter of 2023.
- A total of 65,346 U.S. properties started the foreclosure process in Q1 2023.
- Nationwide, 1 in every 1,459 housing units had a foreclosure filing in Q1 2023.
- Lenders repossessed 12,518 U.S. properties through foreclosure (REO) in Q1 2023.
There’s no reason to panic, at least not yet. Foreclosure filings began ticking up in late 2021, after the federal foreclosure moratorium ended. The moratorium was enacted in the early days of COVID-19, when millions of Americans lost their jobs, to prevent a tsunami of homeowners losing
their properties. – Clare Trapasso, Executive News Editor, Realtor.com
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