Foreclosure filings see slight uptick in January

Foreclosure filings see slight uptick in January

Foreclosure filings see slight uptick in January
A new report shows that the volume of foreclosures in the U.S. increased slightly last month, up from a record low seen late last year. ATTOM Data Solutions reported last week that default notices, scheduled auctions and bank repossessions increased 13 percent from December 2019 and 7 percent from a year ago.

There were 19 states that posted year-over-year increases in foreclosure starts as of last month including California which saw a 27 percent jump.

Despite the recent increase, the current volume of foreclosures is not far removed from record lows seen in 2019 and well below the peak reached in 2010. Historically low mortgage rates have led to a surge in refinances in recent months which have allowed many households to lock in lower monthly payments and stave off foreclosure.

Today, no-point conforming 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 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.