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U.S. foreclosure activity drops to 12-year low

Posted by The Aramco Group on Fri, Jan 19, 2018 @ 14:01 PM

Foreclosures nationwide ended 2017 at their lowest rate since 2005. ATTOM Data Solutions, a curator of real estate data, released its Year-End 2017 U.S. Foreclosure Market Report, which showed foreclosure filings, default notices, scheduled auctions and bank repossessions were down 27 percent from 2016. This represents a 76 percent drop from the all-time high reached in 2010 when nearly three million foreclosures took place.

"Thanks to a housing boom driven primarily by a scarcity of supply, which has helped to limit home purchases to the most highly qualified – and low-risk – borrowers, the U.S. housing market has the luxury of playing a version of foreclosure limbo in which it searched for how low foreclosures can go," saiys Daren Blomquist, senior vice president at ATTOM, in a statement.

The report also included data for December's foreclosure rate which also declined. This marks the 27th consecutive month with a year-over-year drop in foreclosure activity.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent while 15-year rates are near 3.5 percent.

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