On March 12, ATTOM Data Solutions in Irvine reported 32,938 U.S. properties carried foreclosure filings in February, an 8% increase from one year ago. Those notices include defaults, scheduled auctions or bank repossessions.
Lenders starting the foreclosure process were up 11% from one year ago.
Also see: No relief this year for homebuyers, industry insiders predict
Riverside County had one of the worst foreclosure rates in the country (one in every 2,293 homes), ATTOM data shows.
“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM. “This trend could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices.”
Clearly, these numbers are a drop in the ocean, considering the U.S. has about 113 million housing units.
More on housing: 10 creative ways to income-qualify for a home loan
Don’t confuse equity rich homeowners with the mortgage meltdown of underwater borrowers during the Great Recession.
Three in five seriously past due mortgages carry at least 20% equity, according to ICE Technologies, which last September closed its acquisition of Black Knight. Only 30% of homes in default are in negative or near negative equity positions.
Are these the first cracks in the decade-long housing streak? This past Wednesday, I sprinted down to a real estate broker preview in San Clemente to get a pulse on the market. I asked the group of perhaps 75 industry attendees about stressed homesellers.
Also see: Why California owners aren’t selling? Maybe they like their homes
The answers were largely muddled from the group. One agent yelled out, “we’re in a recession.” Another said we need more foreclosures. Others said housing is fine.
After the meeting, First Team real estate agent Cara Proffit, a 26-year real estate agent, described her previous days’ office meeting. Her manager asked the agents how many…
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