Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

Foreclosure starts fell in November, ATTOM reports

Bank repossessions remain up

After rising 13% in October, foreclosure starts reversed course completely in November, falling 13, ATTOM Data Solutions reports.

November’s total is also down 11% from last year. Bank repossessions are up 4% from last month and up 22% from last year.

Lenders repossessed 13,996 U.S. properties (REOs) in November.

Despite the national trend, 16 states posted year over year decreases in REOs in November. Utah was down 37%; Oregon was down 36%; Nevada was down 31%; Connecticut was down 27% and South Dakota was down 23%.

In November, there were 49,898 U.S. properties with foreclosure filings. Compared to October, it’s down 10% and also down 6% from last year.

To break it down even more, this means that one in every 2,713 properties had a foreclosure filing in November.

There were 16 states that posted year over year increases in foreclosure starts. Notably, Indiana was up 77%; Utah was up 44%; Nebraska was up 44% and Delaware was up 41%.

The states with the highest foreclosure filings were Delaware, New Jersey and Maryland. Each state had one in every 1,112 housing units, 1,278 housing units and 1,476 housing units, respectively.

Among metro areas that have at least 200,000 people, Buffalo, New York had a foreclosure in one in every 798 housing units; Atlantic City, New Jersey had one in every 968 housing units; Columbia, South Carolina had one in every 1,082 housing units; Fayetteville, North Carolina had one in every 1,134 housing units and Trenton, New Jersey had one in every 1,146 housing units.

Among metros with at least 1 million people, Jacksonville, Florida had a foreclosure in one in every 1,172 housing units; Cleveland had one in every 1,279 housing units; Baltimore had one in every 1,307 housing units and Philadelphia had one in every 1,343 housing units.

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