Foreclosure filings spiked by more than 100% last month. It could just be the beginning. How can you make sure you are not next in line to lose your home?
According to Newsday, Long Island home sales have dropped by 17%. A new two year low. At the same time foreclosure filings are back again. ATTOM Data reports they rose 129% year over year to February 2022.
Far more foreclosures are likely in the works, with the foreclosure process likely to speed up in the months ahead as courts tackle backlogs. There are also many factors which are likely to finally tip property owners over the edge, and dump more into default and foreclosure.
These counts are in addition to the many properties being held by big companies that are failing, such as Zillow, with around 7,000 properties to unload and Opendoor, with $6B in properties it hasn’t been able to sell. Offerpad and similar companies could pile up even more distressed homes in the months ahead.
Your Home Is About To Get Much More Expensive
Recent data shows that many more business owners and consumers are defaulting on their loans and credit cards. Many of whom may soon not be able to pay their mortgages, too.
Then, there is massive inflation across the areas below, which are making housing and owning business property more expensive to hold onto.
Utility costs are going up, even beyond gas prices.
The Fed seems to be planning to rapidly increase interest rates. Which is one of the big culprits of the last real estate, financial, and housing crisis in 2008. Those with outstanding credit card debt and adjustable rate mortgages could find their payments up substantially this year.
Insurances are skyrocketing. Some by 30% or more. With no advanced warning.
Some condo and homeowners are reporting that their HOA dues are being raised by 300% to 400% or more. Not counting hits for special assessments.
The real icing on the cake is inflation in taxes, with many bracing for higher property tax bills this year.
No matter how wealthy you are, it is time to address this situation. Cut where you can now. Use it as advantage to sell your property if you can. Or, make your property cheaper to bunker down and weather this financial storm.
Shop for new insurance deals. Go vote at your HOA and condo meetings. Appeal your property tax bills with the help of Property Tax Adjusters Ltd.