Home Foreclosure Trends Every Homeowner Needs to Know

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Foreclosure is quite common in the United States. According to some statistics, millions of Americans underwent foreclosure in 2008 because of the financial crisis. Many homeowners lost their properties as they couldn’t take any action to stop foreclosure. However, even though the foreclosure rate was diminishing during the past few years, the pandemic happened in 2020. 

At Detroit Cash For Homes, we have helped several homeowners sell their houses when facing foreclosure with a fair cash offer. So, if you are behind your mortgage and want to sell your house fast in Berkley, Detroit Cash For Homes can help. The best thing about working with us is we buy houses for cash in Berkley, as-is, without any repairs or improvements. Below, our experts list foreclosure trends every homeowner in the US needs to know.





Home foreclosure trends 


The foreclosure of homes represents the health of the United States real estate market. It happens when a homeowner fails to keep up with mortgage payments. As a result, the lender, whether a bank or financial institution, forecloses the property to cover the amount. 


Now, let’s have a look at these trends:

  • 1 in 12,448 houses in the United States is experiencing foreclosure.
  • As compared to the last year, bank repossessions have reduced by 79%. 
  • In 2020, active foreclosure cases across the nation were 214,323. 
  • Currently, the average time to foreclose the property has gone up to 830 days. 
  • The sale or disposition a foreclosed property depends on the marketing strategy of the lending institution. 


These trends speak volumes about the pattern of foreclosure in the United States. 


Are you facing foreclosure too? If yes, then it’s the right time to act proactively. One of the easiest ways to deal with this situation is to sell your Berkley house fast to cash home buyers like Detroit Cash For Homes. The cash you receive from selling your property can be used to pay-off your lender and stop the foreclosure. 


If you are looking for a reliable cash home buyer to sell your property, get in touch with us. We buy houses in any condition in Berkley at a fair sale price and offer a hassle-free selling process. 

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