Foreclosures Drop While Home Prices Inch Up

Jul 24, 2018

The housing markets in 21 of the nation’s largest 35 metros have more than recovered from the 2008 economic meltdown, according to a new data analysis from Zillow

Two new housing data reports finds a dramatic plummet in foreclosure activity and a relatively mild uptick in home prices.

First, on the foreclosure front: Black Knight Inc. reported that foreclosure starts fell by 3.1 percent in June to 43,5000, the lowest single-month total since 2001. Active foreclosures dropped below 300,000 for the first time in nearly 12 years, while the inventory of loans in active foreclosure slid by 30 percent on an annualized measurement.

Black Knight also determined the total delinquency rate was 3.74 percent in June, up by 2.71 percent from May but down by 1.59 percent from a year ago. Furthermore, 90-day delinquencies reversed their rise following last year’s hurricane season and fell to a new post-recession low.

Separately, the Federal Housing Finance Agency reported that house prices rose in May were up 0.2 percent from the previous month. The previously reported 0.1 percent increase in April was revised upward to 0.2 percent.

For the nine census divisions, seasonally adjusted monthly price changes from April to May ranged from a 0.6 percent decline in the East North Central division to 1.5 percent increase in the East South Central division. On a 12-month measurement, all census divisions recorded increases, ranging from 4.9 percent in the West South Central division to 9.1 percent in the Mountain division.

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Phil Hall

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Jul 24, 2018

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