Daren Blomquist
speaker
110 appearances
2 recordings
1 series
first heard Jan 2018
last heard Jan 2018
Daren Blomquist’s voice in public audio — every appearance, attributed to the second.
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Those foreclosure filings include the initial notice of default that a homeowner gets when they are delinquent on their home.
And then we also look at scheduled foreclosure auctions, kind of the second stage of the foreclosure process where that property is actually going to a public foreclosure auction to go to the highest bidder.
And then lastly, we track the actual completed foreclosures, also known as REOs.
And in many cases, what happens at the foreclosure auction is the bank ends up taking back the property.
Or in some cases, an investor comes and bids and buys the property at the foreclosure auction.
So all three of those are lumped up in foreclosure activity.
And overall, nationwide, that combined activity was down to a 12-year low.
So really, it's firmly back into pre-recession territory when it comes to these foreclosure numbers.
That's right.
In 2010, we had 2.9 million of these properties with foreclosure filings.
So we're down to under 700,000.
Down 76% and really a fraction, basically, of what we were seeing at the peak of the crisis.
Yes, at this point, and it was primarily with the completed foreclosures in December, and that was nothing really out of the ordinary.
We actually do see that many times in December as the banks finish up that foreclosure process in anticipation for turning around and listing those properties on the market in the spring selling season.
Well, that's part of the equation, but really the fundamental reason for this low foreclosure activity is much less risky loans that have been originated over the past seven years, really since 2010 and 2009 even, you could argue.
And those loans are performing very well.
Very few of them are going into default.
And so there's just not a lot of foreclosure activity.
They're very low-risk loans.
Now,
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