Don't Expect A Tidlewave Of Foreclosures
The cost of things like food and gas is going up, and some people are worried that they won't be able to afford their mortgage payments. This could lead to a lot of foreclosures, which is when the bank takes a house away from the homeowner.
However, experts say that a flood of foreclosures is unlikely. One reason is that lending standards have tightened, so people who are buying homes are more likely to be able to afford them.
Another reason is that the number of homeowners who are seriously behind on their mortgage payments is declining. This means that most people are making their mortgage payments on time, so there is not a large number of people who are at risk of foreclosure.
So, if you're worried about a potential flood of foreclosures, there's no need to be. The data shows that this is unlikely to happen.