Headed for a ‘Foreclosure Surge’

Published by DSNews on September 28, 2020

As we enter the home stretch of 2020, many are speculating what the final months of the year will hold.

This has been a year full of unexpected developments and questions with no easy answers. As we enter the home stretch of 2020, many are speculating what the final months of the year will hold. A panel of real estate experts forecast what they anticipate for the final months of 2020, including a “substantial increase in foreclosures, short sales, and bank-owned properties” and more distressed property sales “as homeowners fall behind on their mortgages.”

The Real Estate Council for Forbes comprises senior-level executives in the industry, who, according to the economic-news outlet, “are selected for the council based on the depth and diversity of experience in the real estate industry.”

The foreclosure surge “will happen toward the end of the year and the beginning of next year,” said Lex Levinrad, a representative of The Distressed Real Estate Institute, “as banks start foreclosing on delinquent mortgages.”

The 15 panelists proceeded to discuss with Forbes this and other trends they expect to see in the latter half of this year.

The housing demand will remain robust, said member Gary Lanham, “as millennials and baby boomers power through to keep the economy moving.”

And existing home sales will return to early 2019 levels, panelists foretold.

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