In August this year, foreclosure starts sank to their lowest level in more than 18 years! That is according to the latest First Look report from Black Knight.
Foreclosure starts fell to 36,200 for the month – which is the lowest number for any single month since December 2000. This number is also down 23% from the same time in 2018. The number of loans in active foreclosure continued to improve as well. They have dropped to 253,000, which is the smallest level since 2005.
Mortgage rates are falling in line with this news. The Federal Reserve recently lowered their Fed Funds Rate by 25bps. Mortgage rates did not automatically react to that news but many economists think there will be another drop before the end of the year. That means, it’s time to refinance your mortgage or get into the housing market.
To put this news into context, in 2010 there were 2.9 million American homes facing a foreclosure. In 2018, there were more than 600,000 American homes in foreclosure. That was the lowest rate of default since the nation’s financial crisis.
To read the full article on Housing Wire, click here: https://www.housingwire.com/articles/50200-foreclosure-starts-plummet-to-18-year-low