Two percent of US home sales were distressed in May 2023

Only two of the home sales in America were distressed in May, meaning either a foreclosure sale or a bank-approved short sale. This is twice as much as last year’s one percent. It is still near historic lows and there seems to be plenty of buyers ready to buy when distressed properties come on the market. This is very different from the period 2008-2012 when distressed sales accounted for over a third of all home sales and there were no ready buyers.

In the UK, the housing market situation is much more precarious. This is because when the central bank raises interest rates, a large proportion of British homeowners have to pay more on their next month’s mortgage. In the US, around 90% of current homeowners’ mortgage payments are fixed and do not increase when the central bank raises interest rates. Only the new buyers face higher mortgage rates.

The mortgage disaster is unfolding in the UK and across Europe as millions are driven towards insolvency. In Sweden, we see a large share of all housing loans being converted this year, at significantly higher interest rates than just a few years ago.

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