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To say it's a tough time to buy a home would be an understatement. Not only are mortgages expensive due to elevated rates, but home prices are up on a national scale. In April, the median previously lived-in home sold for $407,600, representing a 5.7% increase from April 2023, according to the National Association of REALTORS® (NAR).
If you're looking to buy a home but are having a hard time finding one in your price range, then you may be eager to find a foreclosure. The upside of buying a foreclosure is that you might pay a lower price than you would for a home being sold under normal circumstances. But right now, you might struggle to even find a foreclosure to buy, due to the state of the housing market.
Distressed sales, which include foreclosures and short sales, made up just 2% of total sales in April, reports the NAR. And the reason there are so few foreclosures available today boils down to elevated home values.