Riding the Rising Tide:

I’m Marvin Morrison, the steadying hand behind SFALLY.com, and an experienced Realtor with deep roots in Michigan. I’d like to take a moment to bring to light some numbers from the Midyear 2023 U.S. Foreclosure Market Report, released by the revered property data maestros at ATTOM. The report doesn’t just recite cold statistics, it tells a heartrending tale of the increasing struggle American households are facing – a tale that could be unfolding right in our Michigan neighborhoods.

The report states, “Foreclosure filings across 185,580 U.S. properties in the first half of 2023,” which signifies a 13% hike from last year, and an astonishing 185% surge from two years ago. It’s a scenario comparable to a geyser, steadily building pressure under the surface, edging closer to its pre-pandemic explosion with each passing day.

Rob Barber, the CEO for ATTOM, encapsulated this phenomenon in the report, saying, “Foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023.” The subtly of his words belies the magnitude of the challenge we may soon face.

Foreclosures are brewing across many states, building up an ominous storm. The report details: “States seeing the greatest increase in foreclosure activity compared with a year ago included Maryland (up 100 percent); Oregon (up 99 percent); Alaska (up 95 percent); West Virginia (up 83 percent); and Arkansas (up 72 percent).” This paints an alarming picture, hinting at a deluge of foreclosures that may soon wash over American homes.

The report further states, “Nationwide, 0.13% of all housing units (one in every 752) had a foreclosure filing in the first half of 2023.” Percentages may appear clinical, but it’s essential to remember the humanity behind the figures – each number represents a home, a family, a life struggling to keep afloat.

Illinois, New Jersey, and Maryland were states with the highest foreclosure rates, while metropolises such as Cleveland and Atlantic City were also hit hard, each with 0.33% of their housing units ensnared in the foreclosure net.

The report continues to reveal: “A total of 135,065 U.S. properties started the foreclosure process in the first six months of 2023, up 15% from the first half of last year and up 36% from the first half of 2020.” These figures unveil a tale of growing uncertainty and an escalating crisis for homeowners.

As the report further articulates, “Lenders foreclosed (REO) on 22,672 properties, up 9% from the first half of 2022 and up 133% from the first half of 2021, but down 40% from the first half of 2020.” Here, Michigan emerges in a dubious spotlight, contributing a significant 2,423 to the tally of REOs.

Examining the second quarter of 2023 alone, the report mentions: “There were 97,608 U.S. properties with foreclosure filings during the second quarter, up 2% from the previous quarter and up 8% from a year ago.” While this is 65% below the pre-recession average, the trending increase prompts concerns for future trajectories.

The report goes on to provide insights on the average duration of the foreclosure process. It reads: “Properties foreclosed in the second quarter had been in the foreclosure process an average of 1,212 days…” Shockingly, Michigan tops the list for the longest average foreclosure timeline, clocking in at a staggering 2,601 days.

In conclusion, these figures, as stark as they are, serve as a clarion call to homeowners and communities alike. They underline the critical need for taking proactive steps to prevent foreclosure. A storm is on the horizon, but remember, as the CEO of SFALLY.com and a seasoned Realtor, I, Marvin Morrison, am here to guide you through these turbulent waters and ensure we navigate safely to calmer shores.