Daily Newsletter: Spike in Foreclosure Activity Not a Surprise

The sources that gather such data have all reported a steady decline in mortgage delinquencies since last summer and are all stages are now close to the historic lows that existed prior to the COVID-19 pandemic. However, ATTOM says foreclosure activity is mounting. The company’s U.S. Foreclosure Market Report for January shows there were a total of 23,204 U.S. properties with some type of foreclosure filing during the month. These include default notices, scheduled auctions and bank repossessions or completed foreclosures. This is an increase of 29 percent from a month earlier and 139 percent compared to January 2021. “The increased level of foreclosure activity in January wasn’t a surprise,” said Rick Sharga, executive vice president of RealtyTrac, an ATTOM company. “Foreclosures typically slow down during the holidays in November and December and pick back up after the first of the year. This year, the increases were probably a little more dramatic than usual since foreclosure restrictions placed on mortgage servicers by the CFPB expired at the ed of December.” There were 4,784 bank repossessions (REOs) in January, up 57 percent for the month, a 235 percent year-over-year surge, and the 7th consecutive month that the number of completed foreclosures grew. This is partially a result of a foreclosure moratorium on federally guaranteed loans in effect a year ago and which expired seven months ago, on July 31, 2021.

February 11, 2022 Housing News Spike in Foreclosure Activity Not a Surprise The sources that gather such data have all reported a steady decline in mortgage delinquencies since last summer and are all stages are now close to the historic lows that existed prior to the COVID-19 pandemic. However, ATTOM says foreclosure activ... (read more) Housing News MBA Says Delinquencies Fall Below Historic Levels For the second time this week a major report on loan performance has confirmed that homeowners are recovering rapidly from the pandemic. The National Delinquency Survey from the Mortgage Bankers Association (MBA) put the nationwide rate of non-curr... (read more) Rob Chrisman Vendor Management, QC, Borrower Retention Tools; CX Strategy; Dave Chappelle and Affordable Housing If you see someone buying candy, popcorn, and soda at the movies, they must be a drug dealer... There's no other explanation for that type of income! Yes, inflation is moving ahead, faster than most would prefer. A little is good, a lot is not, as we... (read more) Mortgage Rates Mortgage Rates Hit 4.0% For First Time Since May 2019 There are many different ways to track mortgage rates and several different sources quoted in the news. For decades, the most prevalently-quoted source has been Freddie Mac's weekly primary mortgage market survey. It consists of a questionnaire sent out to loan officers at the beginning of every week. They can respond as late as Wednesday, ... (read more) 30 Yr. Fixed Rate 4.05% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 4.05% +0.03 0.40 15 Yr. Fixed 3.31% +0.02 0.40 30 Yr. FHA 3.75% +0.13 0.00 30 Yr. Jumbo 3.55% +0.05 0.00 5/1 ARM 3.71% +0.01 0.50 Updates Daily - Last Update: 2/11 15 Yr. Fixed Rate 3.31% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 3.69% +0.14 0.80 15 Yr. Fixed 2.93% +0.16 0.80 5/1 Yr. ARM 2.80% +0.09 0.30 Updates Weekly - Last Update: 2/10 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 3.83% +0.05 0.40 15 Yr. Fixed 3.16% +0.15 0.47 30 Yr. Jumbo 3.62% +0.03 0.35 Updates Weekly - Last Update: 2/9 MBS / Treasuries MBS Live Recap: Massive Reversal After Russia/Ukraine Headlines Massive Reversal After Russia/Ukraine Headlines Quite the round trip today as bond yields hit the weakest levels in more than 2 years only to reverse course late in the day to fully erase an entire week's worth of weakness--at least for Treasuries. The reversal was driven by headlines regarding a potentially im... (read more) UMBS 30YR 3.0 100.44 +0.44 Price / Yield Change MBS UMBS 3.0 100.44 +0.44 UMBS 3.5 102.75 +0.39 GNMA 3.0 101.17 +0.38 GNMA 3.5 102.91 +0.50 Pricing as of: 2/11 5:21PM EST 10 Year US Treasury 1.9420 -0.1013 Price / Yield Change US Treasury 2 YR Treasury 1.508 -0.101 5 YR Treasury 1.858 -0.108 7 YR Treasury 1.943 -0.103 10 YR Treasury 1.942 -0.101 30 YR Treasury 2.242 -0.081 Pricing as of: 2/11 5:21PM EST Latest Video Rising rates hit mortgage demand Putin is likely to go into Ukraine this weekend, says Atlantic Council's Fr... Goldman's Hatzius sees seven rate hikes in '22, and here's why The Fed was too easy for too long and they have to tighten, says Stifel's B... Around the Web Calculated Risk Blog The Impact on Housing of Higher Mortgage Rates CNBC The Fed is likely to still take a measured approach to rate hikes despite calls for bigger action Reuters Ukraine invasion could come any time as Russia masses more troops, says U.S The Basis Point Mortgage servicing giant Mr. Cooper hires fintech Sagent to power $676b portfolio. Firms will combine tech to serve $12t industry. CNBC Tired of inflation? The Federal Reserve's actions won't provide any relief for months CNBC Inflation rises 7.5% over the past year, even more than expected and the highest since 1982 Reuters Wall St drops over 1% on hotter inflation data, Bullard's hawkish comment CNBC Here's how inflation is hitting everything you buy for your home Calculated Risk Blog Q1 GDP Forecasts: Slightly Positive Redfin Vacation-Home Boom Continues Into 2022, With Demand Up Nearly 90% From Pre-Pandemic Levels CNBC 10-year Treasury yield inches lower but holds above 2% as inflation spikes Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 223,000 CNBC Treasury yields inch higher as investors brace themselves for key inflation data

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