Mortgage Watch | August 12 2019

Foreclosure activity drops through most of U.S. in first half of 2019

It was not that long ago when one could drive through neighborhoods of lovely homes and see “for sale” signs up everywhere, vacant homes, and uncut lawns. The financial crisis causing the foreclosure of millions of homes was a scary time. The good news is that the days of rampant foreclosures resulting in scores of empty homes are thankfully now not even viewable in the rearview mirror throughout most of the nation.

According to a recent ATTOM Data Solutions report, foreclosure filings in the first half of 2019 are down 18% compared with a year earlier.’s Clare Trapasso writes that the 296,458 filings in the first six months of the year represented an 82% drop from the worst of the foreclosure crisis in the first half of 2010, quoting the data company’s chief product officer, Todd Teta. “Foreclosures are continuing to come down. Homeowners who can’t make their payments are able to get out of their debt by selling their homes rather than going through foreclosure. Increased home prices are allowing them to sell the home for more than they owe.”

The figures were judged by taking into account default notices, scheduled auctions, and bank repossessions in more than 2,200 counties to come up with its findings.

There are still a few metropolitan areas that are seeing a rise in foreclosure filings and price drops as a result — a point of interest for potential investors. Teta admits that because of price stabilization and increasing values, however, lenders are becoming more confident when taking a home through a foreclosure, knowing they might easily recoup or minimize their losses by foreclosing and then selling the home.

Source: ATTOM, Realtor, MarketWatch, TBWS




Rates Currently Trending: Neutral

Mortgage rates are trending sideways this morning. Last week the MBS market worsened by -22bps. This was enough to move rates slightly higher last week. We saw high rate volatility throughout the week.



About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 46 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and sons Matt and Jeff, as they continue to offer personal service with an emphasis on achieving his clients’ real estate goals.  This unique combination of traits has led to his proven track record of referral and repeat business. This can be witnessed by the trust of homeowners in Foothill Ranch where he has sold twice as many homes and represented three times more buyers than the next-leading real estate agent for the last 26 years.

As residents of Foothill Ranch since 1994, Tim and Michele are actively involved in the community by fundraising for Foothill Ranch Library, Make-a-Wish Foundation, Cancer Society, Homes for Habitat, Relay for Life, South County Outreach, and the local church and schools. Tim enjoys sponsoring community-wide garage sales, paper shredding and e-waste recycling event, an Easter egg hunt, & a Meet Santa Event.

Tim and Michele are dedicated to their family of four sons, daughter-in-laws, and grandchildren. As a family, they enjoy many outdoor activities which include camping, spearfishing, mountain climbing and exploring the miles of hiking and equestrian trails in Foothill Ranch and the Whiting Ranch Wilderness Park. Tim and his sons are also avid snowboarders and enjoy mountain biking and lobster diving. Family is a top priority in the Morissette household. They look forward to helping more families achieve their dreams of homeownership.