A total of 124,539 residential properties carried foreclosure filings during the third quarter of this year, according to new data from ATTOM. This is up 28% from the second quarter and up 34% from one year ago.
A total of 37,679 properties had foreclosure filings in September, up 11% from August and up 18% from September 2022.
Lenders started the foreclosure process on 68,961 properties in the third quarter, a 1% decline from the previous quarter but up 3% from a year ago; ATTOM noted the third quarter’s results nearly reached pre-pandemic levels. The states that had 1,000 or more foreclosure starts in the third quarter and also saw the greatest annual increases were North Carolina (up 53%), Louisiana (up 47%), Pennsylvania (up 24%), Alabama (up 18%) and Nevada (up 16%).
“Foreclosures are on the rise again this quarter, as indicated by our latest foreclosure numbers,” said Rob Barber, CEO at ATTOM. “The number of new cases filed by lenders in the third quarter did rise just a small amount from the same period last year and actually dipped a bit quarterly – signs that the upward pattern may be easing. But foreclosure starts are nearly back to where they were two years ago when the federal government lifted a pandemic-related moratorium on most foreclosure filings. This rise in foreclosures might also be attributed to pending filings finally processing. Even with the national economic upturn and job stability, it’s evident that some homeowners are still grappling with the pandemic’s financial aftermath or encountering new challenges.”
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Hey Bob at ATTOM who said, “ Even with the national economic upturn and job stability, it’s evident that some homeowners are still grappling with the pandemic’s financial aftermath or encountering new challenges.” This tells me you’re either in the bag with our corrupt current administration & believe in woke-climate change BS or you’re not paying attention how our country is systematically & incrementally being destroyed.
@Jay..LMAO..
/jay – Thanks for calling this out for what it is.
National economic up turn and job stability? What country are you in?
Terrible situation. Every day is worst.
Corrupt administration.
Imigration & feuds coming from everywhere . We are more insecure than those countries. People come here to take advantage & be supported because they don’t want to work at their own countries. They think life is easy in US & is not true. Maybe for them because they will not pay taxes & and if they get asilo wil be supported by people who pay taxes. It’s so unjust.
We need a strong president.
Like Bukele .
Guess it’s time to pay the piper for what was done. Home values were inflated to the point where they are totally unaffordable. I expect a crash that makes the GFC seem like childs play. Very Sad to say.
This also means that systematic racism in the $$$ sector means that Blacks and Latinx families will have even higher foreclosure rates. Because Wells Fargo loves to make money, but they love it more if they can also be racist.
no uptict of REO listings in the MLS systems of the Inland Empire in California!
Foreclosures. So many factors go into economic outcomes,
and NO one factor is all to blame.
But, we could avoid most foreclosures by offering owners longer loan terms, a lot longer. Foreclosures are not good for the owner, the economy, or the taxpayer.
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Foreclosures could be avoided by changing a 15 or 30 year loan into a 40 to 75 year loan fixed rate loan.
This would immediately lower payments to an affordable level, while maintaining a steady stream of payments from the owner to the lender (a good thing).
The property would still have a lien that would either be paid off when the owner sells, or would be paid off but just over a longer time span.
By offering longer term loans, the bank would not have to spend money on a foreclosure, and taxpayers would not have to bail out the debt that the bank (temporarily) incurs to process a foreclosure on a home with a government backed loan. Remember that taxpayers usually pay for the foreclosure and any “short sale debt”, not the banks.
I find it astounding that people refuse to look at how often “BIG businesses” are bailed out, which benefits the Billionaires. Look at how many times Wall Street was “bailed out” during the 2008-2012 recession. The bail outs (for the rich) never stopped!
The Wall Street players who engineered the entire recession melt down also received
ZERO INTEREST loans for many years running, and on top of the massive bail outs!
Our tax dollars paid for those!
So what if the Wall Street Rich paid back the Zero Interest loans. I could pay back any Zero interest loan by just investing in safe bonds, keeping the profit for myself, and returning the principle to the government. It’s crazy how we blindly allow mega-billionaire corporations to receive ungodly levels of bail outs and Zero interest loans, and massive subsidies and huge tax credits given back to the richest industry sectors (oil, gas, timber, mining, Big Ag, etc), yet, when the average joe or small business (including the upper middle class) needs a helping hand, we choose to chop it off and blame them for “being weak”.
I see NO such criticism of corrupt and wildly greedy corporate class managers who seek massive profits churned out upon high risk, amoral practices, while also putting the entire global financial system at risk, and yet when the S _ _ t hits the fan, their “free market capitalism” suddenly collapses and those same “independent entities” suddenly come running, hat in hand, begging for huge and recurring bail outs from taxpayers (socialist style), and then they have the temerity, NO, the gall, the sheer chutzpah to use those bailouts to pay massive tens of millions in bonuses to the jerks who created the financial collapse in the first place, and then using tax payer funds to payout Golden Parachute exit plans for the guilty CEOs.
Our nation tends to blame the poor and average middle class person (which now includes the upper middle class, the lowly millionaires trying to hang on to what they have.
A million bucks just does not provide the security it used to, eh?
Just look at where the profits have gone, and you will find who is winning in this game.
The Billionaires, and it is NOT because they are smarter or harder working, but they are devious and clever and they also know how to churn out propaganda to blame the poor and the average income person. It’s why so many of the Billionaires have bought up huge blocks of media. But, if Americans refuse to look at the data, then it does become partly our own fault for this trend of making America renter class society, with land rich Lords and everyone else steadily becoming tenant farmers only.
History is repeating itself. Europe went through it, and now America is heading there full speed.
Why is assistance for the poor or middle classes so often viewed by OUR industry as being some sort of “evil”? Is it? We don’t seem to mind massive subsidies and bail outs and tax credits for the richest 1% of our society, the obscenely rich people and corporations who do not need it. Why the schism?
I don’t know why, but our Real Estate Industry adores Billionaires, peddling them as examples of what all of us should aspire to be. We’ve all been to the “training courses”,
and so many of them, even today, show videos (or bring in speakers)
whose claim to fame is MASSIVE WEALTH, and the videos and pictures pop up
showing expensive cars, huge mansions, yachts, etc., in some weird attempt
to entice the viewing crowd into believing that THIS is what we all really want.
But do we? Do we all want that?
I don’t buy into the worship of mind-blowing wealth because it’s not my value
system. I don’t think it is the value system of most people, and if pressed on the details of how much harm excessive wealth does to the world (and resulting abuses to people, other species, and the biosphere), I really don’t think that most Realtors are only all about Mega bucks either. As much as I am annoyed with people (join the club), I think most people want to be kind, even if they sometimes are not, often due to fear or ignorance or indoctrination that they have not yet questioned. In other words, I do not think people are born selfish or evil. I think they are pressured into it or brain-washed into it.
I research on a wide array of topics, and I think more than most people do, and that does NOT make me an expert, but it does reveal info that shapes my views.
I have seen that most (not all, but most) Mega, Mega millionaires and Billionaires obtained their massive wealth on either corrupt or questionable ethics, or amoral business practices, many of which have long been part of our culture, or just by tagging onto historically corrupt practices, even if the company, itself, does not necessarily agree with those policies today.
An example is Exxon, which has admitted in Senate testimony that they pay bribes
to the corrupt rich of Equatorial Guinea, a tiny nation that in the early 2000’s had the 2nd highest GDP in the world, 2nd only to the U.S.A. YET, the vast majority of Equatorial Guinea citizens live in dire poverty, among the lowest incomes in all of Africa.
Exxon doesn’t care that it pays bribes to these corrupt oligarchs. They want to corner the market in Equatorial Guinea, and Exxon says they must pay bribes because they claim that other nations will do the same if Exxon chooses NOT to pay bribes, thus losing out on contracts with Equatorial Guinea.
On the face of that defense, it sort of makes sense; sort of…but does it?
Let’s scale down Exxon’s defense to just you, and let’s see how this same defense reveals the fallacy of their argument at a personal scale.
This is you now, as Exxon, so jump into character, and let’s see how this plays out.
Your 14 year old child joined a gang to steal lunch money from a group of very poor, wheel-chair-bound, and mentally challenged (helpless) kids, but the gang also paid a bribe to the creepy, corrupt caretaker who would allow those kids to be exploited by the teen thugs, for a bribe price.
Now, ask yourself this question:
Would you allow your kid to justify such a crime because “my friends were going to do it anyway”?? Or, the kid claimed that “another gang was going to steal from them anyway if we didn’t, so we did it first! I’m innocent….Waahhhh!
Would you say to your child,
“Oh, yes, I see your point. Good job on that attack on helpless kids!”
It’s just business, right? Let’s club another disabled group of kids tomorrow
so that you can secure your dominance in the “thugs pay bribes” business;
I think you’re building your resume to be CEO of Exxon some day!
I’m so proud of you my young psycho!”
Seriously, God, I hope not!
Yet, this is how we allow global corporations to act, to continue to justify abusive business practices that harm hundreds of millions of people. And when the wars break out in Africa, our U.S. weapons manufacturers can make a 2nd round of big bucks by selling to poor citizens rebelling. But Americans will often side with the abusive oligarchs and blame the rebelling citizens. But, really, who is to blame for that rebellion? The poor?
Or does the blame train come back to us, right here in the U.S.
How we blame the poor and middle class here in the U.S., and how we are so outraged when our tax dollars are finally shifted to help most average Americans is almost exactly how we do the same at a global scale. And both here in the U.S. and at global scales, we continue to allow subsidies, tax credits, bails outs, and corruption to flourish among the global elite Billionaires.
How stupid are we? Well, we still parrot the propaganda of the Billionaires, and that speaks volumes of our LACK of understanding of what is happening and who is being hurt.
I don’t give a damned what corruption other nations engage it.
That is NO excuse for the U.S. to do the same nor the businesses that make the U.S.
their main home base or engage in a lot of business with the U.S.
Fed Reserve lending rates and its impacts on MOST of us.
Well, a lot of us, including many Realtors or their clients.
Does anyone notice that the Feds are absolutely insistent that raising the Fed lending rate is the ONLY way to bring down inflation? Is that just hot air? Are we, the citizens, simply the “stretched to the popping point” balloon into which that smokey hot air is being blown up our back sides?
Me thinks, YES!
It is my understanding that neither the Republicans nor Democrats have any direct control over the Feds. Not sure why, but that appears to be the case. So I am not assigning blame to either party.
So relax; I’m just telling what I have seen and the impacts of rising interest rates.
Your views may differ, and that’s okay.
I am blaming the Feds for how they have hurt my clients (and me, frankly). I am furious, actually.
As a home owner, a very small-time investor, and Realtor, I have felt for myself and for my clients that huge HIT PIECE that the Feds have perpetrated. By raising interest rates quickly and over and over again, I saw clients (and me) lose equity that they had waited a decade (or more) to recover from, due to the 2008-2012 recession. Those clients had just returned to a level that would finally make sense for them to sell and walk away with a decent profit after paying on mortgages for 10+ years. But, if they waited to sell until AFTER May 2022; they were disappointed, to say the least. Some were outraged.
In their defense, many clients could not sell prior to May 2022, for lots of reasons, health issues, deaths in the family, kids, college, a job, you name it. Not everyone is able to react to Fed policies in milliseconds. Most of us are human with human issues that weigh us down or slow us down.
The Fed rate hike in early May 2022 was a tipping point. Many property owners saw their equity growth stop and then start dropping from the high levels it had climbed up to. It was painful to watch. I saw long time property owners lose $50,000, $100,000 and even $150,000 in equity in just a few months, losses of 15% to 19%. There were NO short sales, and there was equity that had built up, but it was NOT a great return for those who had bought before the 2008 recession and had waited through the grim reaper years.
So, did the Fed rate hikes really help the average home owner? I don’t think they did. What I saw was equity disappearing, and still disappearing in many markets.
Costs of everyday living have soared, but homeowners who may need some infusion of cash now often have not been able to borrow as much as they had hoped from their own hard fought equity, simply because their equity has fallen. At the same time, rising interest rates have made Cash Out Refis or Heloc loans grotesquely expensive.
The impacts have been even worse for those who still hold ARM loans because their mortgage payments have also risen higher, a triple threat.
So, just as inflation has been pushing many people to look for ways to pay the bills; those home owners are now hamstrung and often not able to access home equity that they had built up over a decade or more. How are the Fed rate hikes helpful to these people? Inflation is still hurting these home owners.
The recent reports show foreclosures rising.
Most Buyers are worse off now than when home prices were higher but interest rates were lower. Their monthly payments are much higher now, despite home values stable or falling in many areas. Thus, most buyers have not benefited from the Fed rate hikes either, unless they are a Cash buyer.
Many buyers are simply “on hold”, either renting (high rent rates too) or living with friends or relatives.
So, who won with the Feds’ actions?
I would have to say it is the same players (or their ilk) who won during the loose lending years that led up to the 2008 recession, and it appears to be the same players who received massive bail outs during the 2008 collapse. Cash rich investors are NOT subject to rising mortgage rates if they can buy FOR CASH.
Once again, cash buyers are the kings. And huge investor groups are cash heavy too.
Do I want inflation to be brought under some level of control. YES…or Maybe.
Simply put, inflation is not necessarily bad, provided wages are rising enough to keep pace.
Think about it.
The low low prices and low low wages of the early 1900’s are a century ago and gone into history.
Bread no longer costs 25 cents a loaf, and homes do not cost $5,000 either. Minimum wage is no longer 5 cents an hour (or a day). All those food and home prices have risen astronomically, and wages have risen too, but not anything close to astronomically.
So, to me, inflation is measured as a ratio of costs of living vs. income levels, not a fixed dollar amount.
But, the Feds saw inflation and went berserko.
Okay, that may be slightly over-stating it, but it’s how I feel.
I just wish that the Feds would STOP with the interest rate hike mantra.
It’s hurting most people, NOT helping.
There are easier and better ways to control inflation, and Israel is one example (circa 1980’s).
In the 1980’s, Israel had MEGA inflation, far worse than the U.S. has had.
But Israel made a different choice. Rather than raising the lending rates, Israel set agreements with labor to limit their wage increases, while, at the same time, goods and services costs were also limited.
(articles have been written about this success story, you can google them).
That plan worked quite well for Israel (and its trading partners). Inflation was brought under control without raising the interest rates to levels that hurt people.
Why have the Feds NOT looked at the Israel 1980’s game plan that worked so well?
Answer:
Cui Bono (Kwee Bo No, meaning, Who benefits)
Or
Queasy Bono (Who gets sick).
My little joke.