Home foreclosures rose sharply last year in Columbus and throughout the nation, but continue to remain below pre-pandemic levels.
Home foreclosures rose sharply last year in Columbus and throughout the nation, but remain below pre-pandemic levels.
Last year, 74 properties in central Ohio were foreclosed on, up 150% from the previous year, according toThe foreclosures were among 2,311 foreclosure-related filings — including default notices, sheriff sales and repossessions — filed last year in central Ohio,Nationally, foreclosure filings rose 115% last year from 2021, but remain 34% below 2019, before the COVID pandemic. Foreclosures were well down in 2020 because of“Eighteen months after the end of the government’s foreclosure moratorium .
The sharp jump in home prices in recent years have allowed most of those behind on their mortgage payments to can sell their home for more than they owe, avoiding repossession. “Unlike foreclosure activity during the Great Recession, the majority of homes in foreclosure are not being repossessed by lenders,” Sharga noted. “Our recent homeowner equity report shows that 93 percent of borrowers in foreclosure today have positive equity, which they appear to be leveraging in order to avoid a foreclosure by refinancing their mortgage or selling the property at a profit. It seems likely that this is a trend that will continue in 2023.
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