New Post has been published on https://www.stl.news/u-s-foreclosure-activity-drops-12-year-low-2017/70951/

U.S. Foreclosure Activity Drops To 12-Year Low In 2017

IRVINE, Calif./ Jan. 20, 2018 (STLRealEstate.News) — ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Year-End 2017 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005. The U.S. foreclosure rate in 2017 was 0.51 percent of housing units with a foreclosure filing, also a 12-year low.

“Thanks to a housing boom driven primarily by a scarcity of supply, which has helped to limit home purchases to the most highly qualified — and low-risk — borrowers, the U.S. housing market has the luxury of playing a version of foreclosure limbo in which it searches for how low foreclosures can go,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

Foreclosure starts at new record low nationwide, increase in DC and five states

Lenders started the foreclosure process on 383,701 U.S. properties in 2017, down 20 percent from 2016 to a new all-time low going back as far as foreclosure start data is available — 2006.

“Across Southern California, while foreclosures have maintained historically low levels during much of 2017, housing affordability has become the concern that has many watching the market for a potential shift in the near future,” said Michael Mahon, president of First Team Real Estate, covering the Southern California market, which also posted an 11-year low in foreclosure starts in 2017. “With wage growth not meeting equity growth across many Southern California markets — coupled with rising interest rates — there are some concerns that foreclosures could be on the rise in 2018.”

Counter to the national trend, the District of Columbia and five states posted year-over-year increases in foreclosure starts in 2017, including Illinois (up 2 percent); Oklahoma (up 23 percent); Louisiana (up 2 percent); DC (up 54 percent); West Virginia (up 32 percent); and Vermont (up 27 percent).

New York foreclosure auctions at 11-year high, counter to 11-year low nationwide

A total of 318,165 U.S. properties were scheduled for public foreclosure auction (the same as a foreclosure start in some states) in 2017, down 27 percent from 2016 to a new all-time low going back as far as foreclosure auction data is available — 2006.

“The data for the Seattle market tells a very big story, and that is we are not seeing a housing bubble forming,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where scheduled foreclosure auctions in 2017 dropped 47 percent to an 11-year low. “With foreclosure rates at less than 0.4 percent of total housing units, the market is remarkably stable. That said, we are certainly suffering from serious affordability issues, but this is not translating into defaults on loans.”

The District of Columbia and seven states posted a year-over-year increase in scheduled foreclosure auctions in 2017, including New York (up 9 percent to the highest level since 2006); Oklahoma (up 4 percent); Connecticut (up 7 percent); and Maine (up 2 percent).

New Jersey bank repossessions at 11-year high, counter to 11-year low nationwide

Lenders repossessed 291,579 properties through foreclosure (REO) in 2017, down 23 percent from 2016 to the lowest level since 2006 — an 11-year low.

Counter to the national trend, the District of Columbia and seven states posted a year-over-year increase in REOs in 2017, led by New Jersey (19 percent increase to the highest level since 2006); Delaware (up 16 percent); Montana (up 12 percent); DC (up 10 percent); and Wyoming (up 10 percent).

Top foreclosure rates in 2017

States with the highest foreclosure rates in 2017 were New Jersey (1.61 percent of housing units with a foreclosure filing); Delaware (1.13 percent) and Maryland (0.95 percent).

Average time to foreclose jumps above 1,000 days nationwide

U.S. properties foreclosed in the fourth quarter of 2017 had been in the foreclosure process an average of 1,027 days, a 14 percent jump from the previous quarter and a 28 percent increase from a year ago. Full Report and Methodology

About ATTOM Data Solutions

ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers including bulk file licenses, APIs and customized reports. _____

New Post has been published on https://www.stl.news/buying-home-affordable-renting-54-percent-u-s-housing-markets/65765/

Buying A Home More Affordable Than Renting In 54 Percent Of U.S. Housing Markets

IRVINE, Calif./ Jan. 11, 2018 (STLRealEstate.News) — ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its 2018 Rental Affordability Report, which shows that buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 U.S. counties analyzed for the report — 54 percent.

The analysis incorporated recently released fair market rent data for 2018 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 447 U.S. counties with sufficient home sales data (see full methodology below).

“Although buying is still more affordable than renting in the majority of U.S. housing markets, that majority is shrinking as home price appreciation continues to outpace rental growth in most areas,” said Daren Blomquist, vice president at ATTOM Data Solutions. “Renting has clearly become the lesser of two housing affordability evils in many major population centers, with renting more affordable than buying in 76 percent of counties that have a population of 1 million or more. And when broken down by population rather than number of markets, this data shows that the majority of the U.S. population — 64 percent — live in markets that are more affordable to rent than to buy.”

Renting more affordable than buying in nation’s most populated counties Counter to the overall trend, renting is more affordable than buying a home in the nation’s 14 most populated counties and in 30 of 39 counties with a population of 1 million or more (76 percent) — including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California.

Other markets with a population of more than 1 million where it is more affordable to rent than to buy a home included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston.

“The thing about this data that concerns me the most is that it is now more affordable to rent in the greater Seattle area than buy. Even with solid income growth, the rapid rise in home prices is keeping many would-be buyers out of ownership,” said Matthew Gardner, chief economist with Windermere Real Estate, covering the Seattle market. “To make matters worse, rapid rental rate growth in the core King County market is forcing many renters to look farther out to find something they can afford. Seattle needs considerably more affordable housing for renters and home buyers alike. Unless something changes, the area will remain very expensive, pricing many buyers out of the market.”

Among the 39 U.S. counties analyzed in the report with a population of 1 million or more, the nine where it is more affordable to buy a home than rent included Tarrant County (Dallas), Texas; Broward County (Miami), Florida and Bexar County, (San Antonio) Texas.

Least affordable rental markets in Northern California, DC, Brooklyn The report shows that renting a three-bedroom property requires an average of 38.8 percent of weekly wages across the 447 counties analyzed for the report.

The least affordable markets for renting were Marin County, California (79.5 percent of average wages to rent); Spotsylvania County (Washington, D.C. area), Virginia (75.5 percent) and Honolulu County, Hawaii (71.9 percent).

Most affordable rental markets in Alabama, Illinois, Ohio, Tennessee The most affordable markets for renting were Madison County (Huntsville), Alabama (22.3 percent of average wages to rent); Tazewell County (Peoria), Illinois (23.6 percent); and Greene County (Dayton), Ohio (24.1 percent).

Rents rise faster than wages in 60 percent of markets Average fair market rents rose faster than average weekly wages in 266 of the 447 counties analyzed in the report (60 percent), including Los Angeles County, California; Cook County, Illinois and Harris County, Texas.

Home prices rising faster than rents in 59 percent of markets Median home prices rose faster than average fair market rents in 263 of the 447 counties analyzed in the report, including Los Angeles County, California; Cook County, Illinois and San Diego County, California.

Full Report & Methodology

About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable including bulk file licenses, APIs and customized reports.

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