foreclosures: The Number of Foreclosures in Today’s Housing Market
- 05/13/22 09:25 AM
While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis. When the forbearance program began, many experts were concerned it would result in a wave of foreclosures coming to the market, as there was after the housing crash in 2008. Here’s a look at why the number of foreclosures we’re seeing today is nothing like the last time. 1. There Are Fewer Homeowners in Trouble … (1 comments)
foreclosures: Don’t Believe Everything You Read
- 11/23/21 07:26 AM
Don’t Believe Everything You Read: The Truth Many Headlines Overlook There are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is coming to an end and mortgage rates are beginning to rise. With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we’ll continue to see a rash of troublesome headlines over the next few months. To make sure you aren’t paralyzed by a headline, turn to reliable resources for a look at … (0 comments)
foreclosures: Why a Wave of Foreclosures Is Not on the Way
- 11/04/21 07:16 AM
With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that won’t happen. There are fewer homeowners in trouble this time After the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank. As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to … (0 comments)
foreclosures: Understand Your Options To Avoid Foreclosure
- 09/08/21 02:26 PM
Even though experts agree there’s no chance of a large-scale foreclosure crisis, there are a number of homeowners who may be coming face-to-face with foreclosure as a possibility. And while the overall percentage of homeowners at risk is decreasing with time (see graph below), that’s little comfort to those individuals who are facing challenges today.If you haven’t taken advantage of the forbearance period, it may be time to research and understand your options. It starts with knowing what foreclosure is. Investopedia defines it like this: “Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking … (1 comments)
foreclosures: Will Forbearance Plans Lead to a Tsunami of Foreclosures?
- 01/13/21 07:54 AM
At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their monthly mortgage payments. Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not. Yanling Mayer, Principal Economist at CoreLogic, recently revealed: “A distributional analysis of forborne loans’ payment status reveals that more than one third (39.1%) of all forborne loans are now 150+ days behind payment, while as many as 1-in-4 (25.5%) are 180+ days past due.” … (0 comments)
foreclosures: Why Today’s Options Will Save Homeowners from Foreclosure
- 10/22/20 04:06 PM
Many housing experts originally voiced concern that the mortgage forbearance program (which allows families impacted financially by COVID to delay mortgage payments to a later date) could lead to an increase in foreclosures when forbearances end. Some originally forecasted that up to 30% of homeowners would choose to enter forbearance. Less than 10% actually did, and that percentage has been dropping steadily. Black Knight recently reported that the national forbearance rate has decreased to 5.6%, with active forbearances falling below 3 million for the first time since mid-April. Many of those still in forbearance are actually making timely payments. Christopher … (0 comments)
With the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway. Regardless, many are still asking the question: will we see a wave of foreclosures as a result of the current crisis? Thankfully, research shows the number of foreclosures is expected to be much lower than what this country experienced during the last recession. Here’s why. According to Black Knight Inc., the number of those in active forbearance has been leveling-off over the past month (see graph below):Black Knight Inc. also notes, of the original 4,208,000 families granted forbearance, only 2,588,000 of these homeowners got … (2 comments)
foreclosures: Differences Between A Short Sale And A Foreclosure
- 02/05/19 09:36 AM
If you're looking to get a non-traditional deal on a new home purchase, you may encounter either a short sale or a foreclosure. These two terms refer to sales that are not usual. As a homebuyer, it's important to understand the differences between them and how each one might affect your buying experience. What's A Short Sale? A short sale is a situation where the owner has a strong motivation to hurry up and sell their home. In so doing, they're willing to sell for less than what they owe on the house. Homeowners have a variety of reasons why they might do … (0 comments)
foreclosures: Foreclosure Rates Expected To Dip Below 12-Year Low
- 10/12/18 08:45 AM
The record-setting pace of the U.S. economy continues to positively impact the housing market and home foreclosures now stand at an astonishing 12-year low. Coming off a GDP growth rate of 4.1 percent and a historic bull stock market run, everyday Americans appear to be benefiting from one of, if not the strongest economies in decades. According to data compiled by CoreLogic, mortgage delinquency rates continue to improve and are already at the lowest levels in 12 years. Building on last year's national trend, foreclosures and mortgages more than 30 days past due declined to 4.2 percent in May. Other analytics show that … (0 comments)
foreclosures: RealtyTrac Foreclosure Report Shows Strength For The US Housing Market
- 05/09/13 11:40 PM
RealtyTrac recently reported that national foreclosure filings are down while foreclosure filings are seeing marked increases in some states. There are two systems for foreclosing residential real estate in the United States; judicial and non-judicial foreclosure. The states individually decide which foreclosure process will be followed in their state. Click Here To Download An Overview Of The Foreclosure Process Judicial foreclosure requires action by the courts because the mortgage is not written including a "power of sale clause". Judicial foreclosure proceedings generally take longer than non-judicial processes due to this court involvement. A log-jam of delayed judicial foreclosures are beginning to … (0 comments)
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