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Foreclosure filings at lowest levels since 2005

Posted by The Aramco Group on Fri, Oct 12, 2018 @ 12:10 PM

The number of Americans whose properties are at some point in the foreclosure process has fallen to a 13-year low according to new data. Homeowners with default notices, scheduled auctions or bank repossessions is down 6 percent as of Q3 compared to Q2 and down 8 percent from last year. This latest information comes from ATTOM Data Solutions’ Q3 2018 U.S. Foreclosure Market Report.

In total there were 177,146 U.S. properties with foreclosure filings last quarter. This represents a 36 percent decrease from the pre-recession average of 278,912. Counter to the national trend, there were some major metropolitan markets where foreclosure starts increased including in San Diego. There were 744 filings in San Diego, up four percent from last year.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 percent and the 5-year ARM is averaging 4.25 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.

Topics: San Diego County, San Diego, foreclosure, Mortgage rates, Default Notices, Foreclosure Filings