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Foreclosure starts down nationwide; 17 percent in San Diego

Posted by The Aramco Group on Mon, Jul 16, 2018 @ 14:07 PM

The number of past-due mortgages in the U.S. is continuing its descent to near record lows. ATTOM Data Solutions released its Midyear 2018 U.S. Foreclosure Market Report last week showing a significant drop in foreclosure filings during the first half of 2018. On a year-over-year basis filings are down 15 percent nationwide and 17 percent in San Diego.

In total, there were 362,275 properties with foreclosure filings in the first six months of 2018. This is down 78 percent from the 1.65 million peak in the first six months of 2010. Banks initiated the foreclosure process on 191,914 properties, down 8 percent from the same period in 2017.

New post-recession lending standards, combined with rising home values have helped homeowners stave off foreclosure.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.0 percent and the 5-year ARM is averaging 4.0 percent.

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