Approximately 92 percent of default servicing industry leaders expect completed foreclosure volume to increase in 2023 compared to 2022 while 85 percent expect home prices to decline in 2023 compared to 2022, according to Auction.com’s 2023 Seller Insights report.
The report also revealed that economic conditions will have the biggest impact on foreclosure volumes for the remainder of 2023.
“The default servicing industry is on the frontlines of efforts to prevent foreclosure and keep more people in their homes,” said Auction.com CEO Jason Allnutt. “Those efforts successfully prevented myriad foreclosures during the pandemic and are continuing in earnest, which helps to explain why most in the default servicing industry are expecting foreclosure volume to increase only slightly to close out 2023.”
The report also discloses:
- How much sellers expect home prices to decline in 2023
- Where loss mitigation ranks among sellers’ top disposition challenges
- How much servicers expect foreclosure auction roll rates to jump by year’s end
- And much more
Download the report for a comprehensive industry outlook closing out 2023.