COLUMBUS, Ohio (WCMH) — A tight housing market has helped borrowers who can’t make their mortgage payments with a simple solution: Sell.
Foreclosures dropped in the first quarter of 2022 by 17%, compared against the same quarter in 2021.
There were 109 lender-mediated properties in foreclosure, short sale or bank-owned from Jan. 1 to March 31, 2021, according to Columbus Realtors. In the first quarter of 2022, foreclosures dropped by 18 properties to 91 lender-mediated properties in foreclosure, short sale or bank-owned.
If homeowners can’t make a mortgage payment, there’s an opportunity for a buyer to take over the house. This is a different situation than years past, when recession left house buyers upside-down in their mortgages after properties crashed, according to Columbus Realtors.
“Right now the market is so hot it’s pretty easy to sell the house and get out from under it,” said President of Columbus Realtors Sue Van Woerkom. “Foreclosures are making up a very small part of our market at this point.
“Unemployment is so low — there are two jobs for every one person, so I don’t anticipate a rise in foreclosures. There is plenty of employment out there should people get in trouble,” she said.