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In LA it currently takes an average of over 7 years to complete the foreclosure process
Posted on 4/24/23 at 12:26 pm
Posted on 4/24/23 at 12:26 pm
The longest in the nation
Also, March foreclosure filings up 20% month over month
LINK
Also, March foreclosure filings up 20% month over month
quote:
ATTOM’s Q1 2023 U.S. Foreclosure Market Report has found that a total of 95,712 U.S. properties had foreclosure filings during Q1 of 2023, up 6% from Q4 of 2022, and up 22% year-over-year. The report also shows a total of 36,617 U.S. properties with foreclosure filings in March 2023 alone, up 20% from February 2023’s totals, and up 10% from a year ago—the 23rd consecutive month with a year-over-year increase in U.S. foreclosure activity.
“Despite efforts made by government agencies and policymakers to try and reduce foreclosure rates, we are seeing an upward trend in foreclosure activity,” said Rob Barber, CEO at ATTOM. “This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay
A total of 65,346 U.S. properties started the foreclosure process in the first quarter of 2023, up 3% from the previous quarter, and up 29% from a year ago.
quote:
In terms of the average time to foreclose, properties foreclosed in the first quarter of 2023 had been in the foreclosure process an average of 950 days, the highest number of average days to foreclose since Q1 2018–up 12% from the previous quarter, and up 4% from Q1 2022. States reporting the longest average foreclosure timelines for homes foreclosed in Q1 2023 were found in:
Louisiana (2,770 days)
Hawaii (2,486 days)
New York (1,963 days)
Kentucky (1,881 days)
New Jersey (1,697 days)
LINK
11
Posted on 4/24/23 at 12:31 pm to stout
Based on the graph in the article, the number of fcl filings is below 2005 numbers when the housing market was really kicking. Just a little perspective.
Posted on 4/24/23 at 12:34 pm to stout
You know what state has the smallest soft drinks?
Minnesota
Minnesota
Posted on 4/24/23 at 12:35 pm to stout
:itshappeningisntit:
Posted on 4/24/23 at 12:35 pm to stout
Seems like if you send the words "COVID hardship" to your lender at any time you can extend your foreclosure significantly. Maybe that's what we're seeing.
Posted on 4/24/23 at 12:36 pm to el Gaucho
quote:
You know what state has the smallest soft drinks?
Minnesota
they still have full service gas stations in New Jersey and Oregon
Posted on 4/24/23 at 12:38 pm to 777Tiger
quote:
they still have full service gas stations in New Jersey and Oregon
That's because of state laws mandating it in those states.
Posted on 4/24/23 at 12:40 pm to el Gaucho
quote:
You know what state has the smallest soft drinks? Minnesota
You know what marijuana legalization will mean for places like Dallas and Houston?
Higher texas, for one.
Posted on 4/24/23 at 1:40 pm to stout
So based on the graph foreclosures are still well below average
Posted on 4/24/23 at 1:58 pm to stout
quote:
properties foreclosed in the first quarter of 2023 had been in the foreclosure process an average of 950 days, the highest number of average days to foreclose since Q1 2018–up 12% from the previous quarter, and up 4% from Q1 2022. States reporting the longest average foreclosure timelines for homes foreclosed in Q1 2023 were found in:
Louisiana (2,770 days)
Based on that number.
I could stop paying my mortgage today and put it in savings and then use those savings to buy it from foreclosure...
I have only 40k left to pay.
Just kidding, I can't wait to make my last payment in 3 or 4 years from now.
This post was edited on 4/24/23 at 2:00 pm
Posted on 4/24/23 at 2:01 pm to stout
This sets up perfectly for the protest against assessing fees on higher credit scores. You have 7 years to let this thing go off the rails.
Posted on 4/24/23 at 2:02 pm to stout
Here's missing context:
Delinquencies hit record low in March
The OP - and many others on this site - are always pulling for bad things to happen.
quote:
The number of delinquent properties, but not in foreclosure, is down 209,000 properties year-over-year, and the number of properties in the foreclosure process is up 31,000 properties year-over-year.
Delinquencies hit record low in March
The OP - and many others on this site - are always pulling for bad things to happen.
Posted on 4/24/23 at 2:05 pm to stout
quote:
In LA it currently takes an average of over 7 years to complete the foreclosure process
Now do an eviction process.
Posted on 4/24/23 at 2:55 pm to Big Scrub TX
quote:
Here's missing context:
That number is inflated due to people still coming out of COVID moratorium
Posted on 4/24/23 at 2:58 pm to stout
Louisiana again leading in a statistic
Posted on 4/24/23 at 3:13 pm to stout
Cool story bro. Real estate market still hasn’t crashed
Posted on 4/24/23 at 3:20 pm to Artificial Intel
I've said 100 times on here there will likely not be a full-on crash. There will be a market correction. How big of a correction is yet to be seen but there is a process that can take time. Despite how hard the 07-08 crash was, it took until 2010 to reach its peak. Some "experts" are saying the correction has already begun and they are basing that on activity (or lack of) in the largest markets then you have people like Big Scrub that think nothing at all is going to happen.
Time will tell.
Time will tell.
This post was edited on 4/24/23 at 3:22 pm
Posted on 4/24/23 at 4:02 pm to Big Scrub TX
quote:
The OP - and many others on this site - are always pulling for bad things to happen.
A market correction isn't "bad" for everyone. Lots of people are priced out of the housing market due to all the frickery. That frickery ending and housing reaching an equilibrium will be great news for tens of millions.
Posted on 4/24/23 at 6:27 pm to SlowFlowPro
quote:It's possible to have price corrections without massive foreclosures. Indeed, we are in the middle of one now.
A market correction isn't "bad" for everyone. Lots of people are priced out of the housing market due to all the frickery. That frickery ending and housing reaching an equilibrium will be great news for tens of millions.
I am all for housing retreating to more affordable levels. But some of this reads as crocodile tears around here, as people sure loved to get their 3% mortgages (as homeowners) and higher rents (as landlords). Can't have it both ways.
But when I say "bad", I mean people are pulling for an implosion. An actual implosion won't be a net good, even for the average would-be homeowners on the sidelines.
I mean, I'm sure you've seen the constant stupidity on these boards - first, they were mad for the covid frickery driving prices (of houses and stocks and other assets) to crazy levels. THEN they start threads bitching about stocks going down.
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