With forbearance ending across the country, foreclosures are up 68% in the 3rd quarter of this year from the 3rd quarter of last year. But when you compare them to the Pre-Covid levels of foreclosure in the third quarter of 2019 foreclosure activity is actually down 60%. Bottom line; even with sharp increases in foreclosures in quarter 4, we’ll end the year significantly below what we’d see in a normal housing market.
Source: ATTOM Q3 2021 U.S. Foreclosure Market Report
Mortgage rates have moved sideways over the last several weeks, fluctuating within a narrow range. Going forward, the path that rates take will be directly impacted by more information about the Omicron variant as it is revealed and the overall trajectory of the pandemic. In the meantime, rates remain low and stable, even as the nation faces declining housing affordability and low inventory.
