Is 2024 the Year of the Foreclosure?

Welcome to our 2024 real estate update. The market is at a turning point with foreclosure filings up 167% from last year, nearing pre-pandemic levels. I’m Rich Barnes of Realty Experts in West Allis and Greenfield, WI. The rise in foreclosures indicates that many homeowners are finding it difficult to meet mortgage payments, with foreclosures starting just a few months after missed payments. Despite these challenges, there’s hope: about 80% of homeowners have significant equity in their homes. However, the impact varies, especially in areas with higher populations of color. New regulations aim to support homeowners and prevent foreclosures. The real estate landscape in 2024 is filled with uncertainties but also opportunities. With over 23 years of experience, my team and I are here to guide you. Contact us to navigate this evolving market together.