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U.S. foreclosure activity lowest since 2008

Posted by Mehran Aram on Tue, Apr 16, 2019 @ 05:04 AM

Foreclosures nationwide ended Q1 at their lowest point since 2008. ATTOM Data Solutions released its Q1 2019 U.S. Foreclosure Market Report, which showed foreclosure filings, default notices, scheduled auctions and bank repossessions were down 23 percent from the previous quarter and 15 percent from the same period last year.

There was a total of 58,550 U.S. properties with foreclosure filings in March 2019. While this is up seven percent from the previous month it is still 21 percent less than last year and the ninth consecutive month of year-over-year declines.

“While we did see a slight increase in U.S. foreclosure starts from last quarter, bank repossessions reached an all time low in the first quarter of 2019,” said Todd Teta, chief product officer at ATTOM. “[This] shows continuing signs of a strong housing market.”

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

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Topics: foreclosures, Default Notices, Foreclosure Filings, ATTOM Data Solutions, Bank Repossessions, Foreclosure Activity