Where did all the crash bros go?
It seemed like just yesterday a housing market crash was inevitable. Now, housing is booming and foreclosures have fallen to all-time lows, according to ATTOM Data Solutions…(ATTOM)
- Foreclosure filings were reported on 151,153 U.S. properties in 2021 making up 0.11% of all housing units.
- Filings are down 29% from 2020 and down 95% from the 2.9 million peak in 2010.
Rick Sharga, executive vice president at RealtyTrac, said not only did the crash not happen we aren’t seeing normal foreclosure rate till the end of the year…
- “The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening…Government and mortgage industry efforts have prevented millions of unnecessary foreclosures, and while it’s likely that we’ll see a slight increase in the first quarter, we probably won’t see foreclosure activity back to normal levels before the end of 2022.”
NOTE: December 2021 data showed there were 17,971 U.S. properties with foreclosure filings, down 8% from the previous month but up 65% from a year ago.
REMINDER: The foreclosure moratorium ended in August.