Foreclosure starts have declined to their lowest level since 2000 according to a new report from Black Knight. November’s foreclosure starts were down 26 percent from last year and down three percent from October.
Mississippi had the highest foreclosure start rate in November at 10.44 percent. This was followed by Louisiana at 4.84 percent and Alabama at 6.83 percent. Colorado led the nation with the least number of foreclosure starts at 1.81 percent. California also fared well with a rate of just 2.09 percent.
Steady employment and low mortgage rates have allowed many homeowners to refinance their existing mortgage into more favorable terms, allowing them to stave off foreclosure. In fact, ATTOM Data Solutions reported last month that prepayment activity of residential mortgages is currently 123 percent above 2018’s figures.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 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