ATTOM data study shows an increase in foreclosure activity for the first quarter of this year compared to the 1st quarter of 2021. But remember there was a moratorium on foreclosures due to the pandemic in 2021. When you compare foreclosure activity this year to the pre-pandemic levels of 2019 foreclosure filings are actually down 34% for the same period.
For additional perspective take a look at this graph illustrating foreclosure activity quarter by quarter from 2005 to the present. A peak of about 550,000 in the 2nd quarter of 2009 compared to just 79,000 the 1st quarter of this year.
Mortgage Rates Continue to Decrease
Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.
