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US foreclosure rates surge in Q3 2023

November 14,2023 | By ERICKSON J OCASIO

Economy rebounds, but foreclosure filings tell a different story. Amid a turbulent economic landscape, the US has witnessed a significant uptick in foreclosure filings in the third quarter. A new ATTOM report paints a concerning picture, with foreclosure filings reaching 124,539, which marks a 28% surge from the last quarter and a significant 34% rise year-over-year. Delving deeper into the monthly data, September alone saw an 11% increase in foreclosure filings, up to 37,679 properties. “The number of new cases filed by lenders in the third quarter did rise just a small amount from the same period last year and actually dipped a bit quarterly – signs that the upward pattern may be easing,” ATTOM’s CEO Rob Barber said. “But foreclosure starts are nearly back to where they were two years ago when the federal government lifted a pandemic-related mo

Forbearances may have reached a floor

January 24,2023 | By ERICKSON J OCASIO

Forbearances may have reached a floor The share of mortgage loans in forbearance has remained steady over the past few months – a sign that “forbearances have reached a floor on further improvements,” according to the Mortgage Bankers Association. MBA’s latest loan monitoring survey revealed that the total number of loans in forbearance remained unchanged at 0.70% as of Dec. 31, 2022. Based on the survey’s estimate, 350,000 homeowners are currently in forbearance plans. The share of Fannie Mae and Freddie Mac loans in forbearance dropped by one basis point to 0.31%. Ginnie Mae loans in forbearance also decreased by one basis point to 1.45%, while the forbearance share for portfolio loans and private-label securities (PLS) grew by three basis points to 1%. “For three consecutive months, the forbearance rate has remained flat — an

US foreclosures continue to soar

December 14,2022 | By ERICKSON J OCASIO

… but they are still below pre-pandemic levels. Foreclosure activity year on year has shot up by 57%, with foreclosure starts increasing by a whopping 98%, according to a new report by real estate data firm, ATTOM. The November 2022 US Foreclosure Market Report shows that a total of 30,677 properties had foreclosure filings last month - namely default notices, scheduled auctions or bank repossessions. Across the country, one in every 4,580 properties had a foreclosure filing in November, while the states with the highest foreclosure rates were Illinois (one in every 2,401 housing units), followed by Delaware (2,736), and New Jersey (2,916). Large metropolitan areas with the worst foreclosure rates included Cleveland along with Chicago (one in every 2,221 housing units); Riverside in California (2,294); and Philadelphia (2,539). Lenders started the f

Loans in forbearance increase for first time in 29 months

November 24,2022 | By ERICKSON J OCASIO

Find out how the various servicers fared. Loans in forbearance have increased by one basis point to 0.70% of lenders’ portfolio volume in what is the first monthly increase in 29 months, new numbers reveal. By the Mortgage Bankers Association’s estimate, this means roughly 350,000 homeowners are now in forbearance plans. The Mortgage Bankers Association (MBA) has released its monthly loan monitoring survey, which surveys servicers on all loans in forbearance regardless of the borrower’s stated reason. The share has increased from 0.69% in September to 0.70% as of October 31. Fannie Mae and Freddie Mac loans in forbearance also increased by one basis point to 0.31%, while Ginnie Mae loans in forbearance jumped eight basis points to 1.41%. MBA’s vice president of industry analysis Marina Walsh said that while the overall proportion of loans in forbe

US foreclosure activity soars to almost pre-pandemic levels

October 22,2022 | By ERICKSON J OCASIO

167% increase from a year ago, but borrowers selling homes to avoid foreclosure auctions. ?Lenders started the foreclosure process on a total of 67,249 properties across the US in Q3 - up by a staggering 167% from a year ago, according to a new report by real estate data firm, ATTOM. The increase was close to pre-pandemic levels and 1% up from the previous quarter. The foreclosure process often starts when a borrower has received a default notice after missing four monthly mortgage payments in a row, although most lenders will reportedly send a notice of default when they are 90 days – or three months - past due. ATTOM’s Q3 2022 US Foreclosure Market Report also showed there were 92,634 properties with foreclosure filings, including scheduled auctions or bank repossessions. This was also up from a year ago (104%) and 3% from the previous quarter. Moreov

Forbearance requests and re-entries increase as exits hits record low

February 23,2022 | By ERICKSON J OCASIO

MBA reveals "some deterioration" in the performance of borrowers with existing loan workouts. More homeowners have requested an extension or to re-enter their forbearance plans in January, the Mortgage Bankers Association reported Tuesday. Data from the report showed that the total number of loans in forbearance fell by 11 basis points to 1.30% of servicers’ portfolio volume – bringing the estimated number of homeowners still in forbearance to 650,000 as of Jan. 31. By stage, 26.8% of total mortgages in forbearance are in the initial forbearance plan stage, while 59.5% are in a forbearance extension. The remaining 13.7% are forbearance re-entries, including re-entries with extensions. “For the second straight month, the pace of forbearance exits reached another low since MBA began tracking exits in June 2020,” said Marina Walsh, vice pre

Return of the zombie homes?

November 4,2021 | By Erickson Ocasio

Number of vacant residential properties down, but foreclosure activity "stands at a precipice" and "already on the upswing", warns report. There are more than 1.3 million ‘zombie’ homes in the US - with New York state having the highest number of residential properties sitting vacant due to foreclosure notices, according to a new report by property analytics firm, ATTOM. A ‘zombie’ property is a home left vacant by homeowners who have defaulted on their mortgage and expect to lose it in the pending foreclosure. However, the property title remains in the homeowner’s name along with all financial responsibilities. A total of 1,312,410 homes, representing 1.3% of the housing market – the equivalent of one in 75 residential properties – sit vacant and are in foreclosure status across the country, the report said. The f