Foreclosure filings drop to record low

Foreclosure filings drop to record low

Foreclosure filings drop to record low
A new report shows that the volume of foreclosures in the U.S. has fallen to a new record low as of 2019. ATTOM Data Solutions reports that default notices, scheduled auctions and bank repossessions were down 21 percent from 2018 to 2019. This represents an 83 percent drop from the peak reached in 2010 and the lowest level since tracking began in 2005.

“The continued decline in distressed properties is one of many signs points to a much-improved housing market compared to the bad old days of the Great Recessions,” said Todd Teta, ATTOM’s chief product officer. “Nationally, the number ticked up a bit in December. While that’s not a major worry, it’s something that should be watched closely in 2020.”

Historically low mortgage rates have led to a surge in refinances which have allowed homeowners to lock in lower monthly payments and stave off foreclosure.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.