Foreclosure activity continued to decrease in February due in part to rising wages and a strong labor market. ATTOM Data Solutions reports that foreclosure filings - default notices, scheduled auctions and bank repossessions - declined 3% from January to February and were down 11% from February 2018 to February 2019. It was the eighth consecutive annual drop in foreclosure activity. In addition, bank repossessions were down 7% month-over-month and fell 12% from a year ago.
U.S. stocks are rallying today as the Federal reserve members kick off their Federal Open Market Committee meeting. Stocks are higher in anticipation of a dovish Fed when the statement is released on Wednesday. The closely watched S&P 500 has traded higher the last five out of six days and is up over 4% since the March 8 low and is just 80 points shy of hitting a new all-time high.