Published February 15, 2023
The Truth About the Rise in Foreclosures
Yes, foreclosures have risen by 140%, but it’s not as bad as it sounds.
It’s true that foreclosures in Memphis are up 140% from December 2021 to December 2022. However, the numbers are not as significant as they sound. In 2021, there were five foreclosures in December, and in 2022 there were 12. That is combining the numbers in Shelby, Tipton, and Fayette counties for the year.
To give you an idea of how different these numbers are from historical averages, in December 2009, there were 401 foreclosures, and in December 2008, there were 526. Therefore, since the numbers are so small today, they can make a small jump that looks big when put in a percentage. The truth is that there are very few foreclosures in our market.
What does this mean for you? First, if you or someone you know is waiting for prices to come down because of foreclosures, know that’s not going to happen. Record appreciation is causing historic lows in foreclosures. Therefore, prices are going up instead of down.
"Foreclosure numbers are not nearly as significant as they sound."
This brings me to a special program that the House Team offers. We’ve had this for years informally, but now it is official, and I am excited. In short, we can help people who are in economic distress or are worried about foreclosing by giving them the money they need to fix up their houses. We help them with repairs and give them a short-term loan to pay back at closing. It has helped a lot of people over the years, and we’re excited to continue assisting people in this way.
If you are interested in this program or know someone who might be, call or email us anytime! We would love to keep you informed on the market and help in any way we can.
Are you buying or selling a home?
When are you planning on buying a new home?
Are you pre-approved for a mortgage?
Would you like to schedule a consultation now?
When are you planning on selling your home?
or another way