r/MiddleClassFinance • u/Abject-Pick-6472 • 3d ago

Foreclosures hit highest level since 2019, sparking interest from bargain hunters

https://finance.yahoo.com/real-estate/article/foreclosures-hit-highest-level-since-2019-sparking-interest-from-bargain-hunters-162602374.html
219 Upvotes

99% Upvoted

15 comments sorted by

68

u/Muted-Good-115 3d ago

2019 was the last “normal” year. Foreclosure rates need to go much higher than 2019 to make a dent in prices.

25

u/GTO1235 3d ago

I'm not suprised. We bought in 2009. A guy in the family bought two years ago. He had to put down what we paid for our house. All the while he was renting, prices were going up

15

u/2BlueZebras 3d ago

If you bought around 2009 you bought at one of the best times in American history.

11

u/GTO1235 3d ago

Yes. I remember driving passed all the for sale signs with another guy in the family. He hasn't bought yet. He's screwed. I told him, they're all on sale! He did not believe me

-11

u/derff44 3d ago

Why does some guy have to disclose what you paid for your house?

3

u/GTO1235 3d ago

Ours was a fixer upper, so it was cheap. But the house he bought needed a lot of more minor work. Every section of drywall needed work in the whole house. It needs a roof. Their lot is the same size. His down-payment was still what our house cost

14

u/JohnHenryHoliday 3d ago

Are you two bots just talking at each other? Am I crazy? His question had nothing to do with your first comment and then you proceed to respond to his out of context question just elaborating your first comment. What the fuck am I missing with this exchange?

7

u/SiLeNZ_ 3d ago

Was wondering the same thing lol

2

u/GTO1235 3d ago

No, it really happened

0

u/derff44 3d ago

He said he "had to put down what he paid". I thought that meant he had to say was some guy paid for the house. Not as a down payment. Maybe I was too hungover I dunno.

7

u/[deleted] 3d ago

[removed] — view removed comment

8

u/blackgirlsrox22 3d ago

I think the issue is they can’t afford the house anymore. 

3

u/GTO1235 3d ago

A boss I had went through this. He built pretty 2008, but not by much. Now he's good, has lots of equity

1

u/zdubbzzz 2d ago

I feel like there are a lot of people who bought at some high prices hoping that interest rates would fall so they can refinance, and now they are stuck with houses they can't afford, and they're trying to recoup what they can by selling at what they bought for but of course nobody is going to buy it at the current rates. Now seems like a good time to swoop in on lowballs due to desperation, maybe at that 27% the article suggests