ATTOM says that foreclosure activity in the year just ended was at the lowest level since the company began tracking it in 2005. Foreclosure filings, including default notices, scheduled auctions, and bank repossessions or completed foreclosures, were made on 151,153 U.S. properties during the year, 29 percent fewer than in 2020 and down 95 percent from the peak of nearly 2.9 million in 2010. The filings impacted 0.11 percent of all housing units, compared to 0.16 percent in 2020 and a peak of 2.23 percent in 2010. “The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. “Government and mortgage industry efforts have prevented millions of unnecessary foreclosures, and while it’s likely that we’ll see a slight increase in the first quarter, we probably won’t see foreclosure activity back to normal levels before the end of 2022 .” Activity did tick higher toward the end of the year. Many homeowners were in or about to enter the last three months of forbearance eligibility and the federal foreclosure moratorium expired at the end of July. Filings in Q4 totaled 56,174, This accounted for 37.2 percent of the year’s total and was a 23 percent increase over Q3. One in every 2445 properties had a filing during the reporting period. In December, one in 7,647 properties received a filing. This was up 65 percent from the prior December but was 8 percent lower than in November 2021.
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January 14, 2022
Housing News
ATTOM says that foreclosure activity in the year just ended was at the lowest level since the company began tracking it in 2005. Foreclosure filings, including default notices, scheduled auctions, and bank repossessions or completed foreclosures, w... (read more)
Housing News
There was a small uptick in purchase mortgage activity during the first week of 2022. Refinancing held its own despite significant increases in interest rates. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of ... (read more)
Rob Chrisman
It’s Friday, things have slowed down a little bit, and I appreciate you taking a break from Wordle to check out today’s Commentary. Here’s a riddle: What’s bad when it is down, just right when it’s a little, and bad when it is too much? Answer: infla... (read more)
Mortgage Rates
In almost every case, a day of bond market improvement results in rates moving lower.  That makes sense considering mortgage rates are based primarily on bonds.  But there are days when the correlation breaks down.  Today is one of them! These periodic breakdowns can happen for several reasons.  The most common is due to the timing and... (read more)
MBS / Treasuries
Just Enough of a Rally to Keep Things Interesting Coming into the day, we were pondering the fate of this week's friendly little correction.  Rates had done a good job of pushing back against last week's spike, but was that destined to be an example of a 3-4 day push that ends with the resumption of broader risi... (read more)