Shopping for foreclosed homes? Be aware that fewer such properties will be available soon. Those that remain will cost more than the prices that foreclosed homes carried in the past, one expert tells us.
A February 2016 Equifax report indicates that the percentage of homeowners who are 90 days past due or in foreclosure decreased about 0.5 percentage points compared with a year earlier.
“Due to a diminished supply of foreclosed homes that are becoming available on the market, the competition for those are greater, because there are fewer, so the prices are driving up,” says Chris Pezza, who is a member of Chicago Association of Realtors.