Daily Newsletter: Pandemic Foreclosure Tsunami Not on the Horizon

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.

January 14, 2022 Housing News Pandemic Foreclosure Tsunami Not on the Horizon 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 MBA Says Rate Spike is Closing Door on Refinancing 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 Processing, Dashboard, CHLA Priorities; Comp Study; The Changing Face of the Fed 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 Mortgage Rates Move Up Despite Bond Market Gains 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) 30 Yr. Fixed Rate 3.65% +0.08% Rate Change Points Mortgage News Daily 30 Yr. Fixed 3.65% +0.08 0.40 15 Yr. Fixed 2.90% +0.05 0.40 30 Yr. FHA 3.25% +0.05 0.00 30 Yr. Jumbo 3.25% +0.02 0.00 5/1 ARM 3.64% +0.04 0.50 Updates Daily - Last Update: 1/14 15 Yr. Fixed Rate 2.90% +0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 3.45% +0.23 0.70 15 Yr. Fixed 2.62% +0.19 0.70 5/1 Yr. ARM 2.57% +0.16 0.30 Updates Weekly - Last Update: 1/13 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 3.52% +0.19 0.45 15 Yr. Fixed 2.73% +0.13 0.35 30 Yr. Jumbo 3.42% +0.11 0.36 Updates Weekly - Last Update: 1/12 MBS / Treasuries MBS Live Recap: Just Enough of a Rally to Keep Things Interesting 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) UMBS 30YR 3.0 102.22 -0.42 Price / Yield Change MBS UMBS 3.0 102.22 -0.42 UMBS 3.5 104.59 -0.17 GNMA 3.0 102.36 -0.36 GNMA 3.5 103.48 -0.20 Pricing as of: 1/14 5:21PM EST 10 Year US Treasury 1.7876 +0.0870 Price / Yield Change US Treasury 2 YR Treasury 0.971 +0.076 5 YR Treasury 1.559 +0.088 7 YR Treasury 1.733 +0.094 10 YR Treasury 1.788 +0.087 30 YR Treasury 2.125 +0.084 Pricing as of: 1/14 5:21PM EST Latest Video Retail sales fall 1.9% in December, far higher than estimates Millennials become driving force in high-end housing The 9am Bond Report - January 14, 2022 Fed Governor Lael Brainard to be tough on inflation, she vows during nomina... Around the Web Calculated Risk Blog Q4 GDP Forecasts: Around 6% CNBC Treasury yields climb, with focus on hawkish Fed comments CNBC Retail sales dropped 1.9% in December as higher prices caused consumers to curb spending CNBC New York's eviction ban expires Saturday. What renters need to know Redfin Housing Market Update: Home Prices Start New Year at New High CNBC Fed hikes are a certainty. It's the pace and endpoint that can rock markets: Rates expert Calculated Risk Blog 3rd Look at Local Housing Markets in December wellsfargo.bluematrix.com Retail Sales Plunged in December, Don't Panic Calculated Risk Blog Hotels: Occupancy Rate Down 15% Compared to Same Week in 2019 Calculated Risk Blog Industrial Production Decreased 0.1 Percent in December CNBC Wholesale prices up 0.2% in December, less than expected but still a new 12-month record CNBC Erdogan blames Turkey's currency woes on 'foreign financial tools' as central bank reserves fall Reuters Stocks slip, bond yields jump as rate hikes in focus

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