Foreclosure Activity at 13-Year Low – NMP Skip to main content

Foreclosure Activity at 13-Year Low

Phil Hall
Oct 11, 2018
A total of 177,146 properties carried foreclosure filings in the third quarter, down six percent from the previous quarter and down eight percent from a year ago to the lowest level since the fourth quarter of 2005

A total of 177,146 properties carried foreclosure filings in the third quarter, down six percent from the previous quarter and down eight percent from a year ago to the lowest level since the fourth quarter of 2005, according to a new report from ATTOM Data Solutions. The third quarter was also the eighth consecutive quarter where foreclosure activity has registered below the pre-recession average of 278,912 properties.
 
Lenders began the foreclosure process on 91,849 properties in third quarter, down six percent from the previous quarter and down three percent from a year ago. This marked the 13th consecutive quarter with a year-over-year decrease in foreclosure starts. However, 15 states posted year-over-year increases in foreclosure starts, most notably Michigan (up 32 percent) and Florida (up 25 percent), while 79 of the top 219 metro areas analyzed in the report year-over-year increases, most notably Detroit (up 65 percent) and Houston (up 51 percent).
 
“A decade after poorly underwritten mortgages triggered a housing market crash, it’s clear that the foreclosure risk associated with those problem mortgages has faded—average foreclosure timelines have dropped to a two-year low, and the share of foreclosures tied to 2004-to-2008 loans has dropped well below 50 percent,” said Daren Blomquist, Senior Vice President at ATTOM Data Solutions. “The biggest foreclosure risk in today’s housing market comes from natural disaster events such as the twin hurricanes of a year ago. Foreclosure starts spiked in the third quarter in many local markets impacted by those hurricanes. Secondarily, we are seeing relatively modest—but more widespread—foreclosure risk associated with FHA loans originated in 2014 and 2015.”
A total of 177,146 properties carried foreclosure filings in the third quarter, down six percent from the previous quarter and down eight percent from a year ago to the lowest level since the fourth quarter of 2005

 
Published
Oct 11, 2018
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022
Online Brokerage REX Pursues Litigation Against Zillow & NAR

The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.

Industry News
May 16, 2022
Fannie Mae Seeks Innovative Housing Ideas

Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.

Industry News
May 16, 2022