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Home repo's drop to 11-year low

Posted by The Aramco Group on Mon, Aug 22, 2016 @ 16:08 PM

Foreclosure starts fell 5 percent over the last month and are down 19 percent from 2015 levels. Banks initiated the foreclosure process on 36,863 U.S. residential properties in July, the lowest level since May 2005. This is according to ATTOM Data Solutions,

The milestone coincides with the seventh anniversary of 2009's record high in foreclosures – significant as homeowners will begin seeing this black mark on their credit report removed. In April 2009 alone, there were 342,038 foreclosure notices sent out by lenders. That equates to roughly one in every 376 homes nationwide compared to one in every 1,540 last month.

In San Diego County, there were 302 homes that entered the foreclosure process in July, representing a 13.2 percent drop from the same month last year.

Often referred to as 'boomerang buyers', those who see previous foreclosures vanish from their credit report will soon re-enter the market, especially as mortgage rates remain near all-time lows.Today, conventional conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.625 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.