Understanding AB2424: New Changes to the Foreclosure Sale Process in California
On September 20, 2024, Governor Gavin Newsom signed Assembly Bill 2424 (AB2424) into law, marking a pivotal shift in the foreclosure landscape in California. This legislation introduces several significant changes aimed at enhancing transparency and consumer protections during the foreclosure sale process. AB2424 will take effect on January 1, 2025, and it is crucial for […]
Commercial Real Estate Foreclosure Rates Hit Record Highs With No Relief in Sight
To say the commercial real estate market is foundering would be an understatement. Unfortunately, the words “crisis” and “bloodbath” would be more accurate, and there is no telling when the CRE market will recover from its current position. ATTOM’s most recent report shows that commercial foreclosures nationwide rose by 6% from last month and an […]
Which States Have the Highest Commercial Real Estate Foreclosure Rates?
The commercial real estate market has struggled to stabilize after the COVID-19 pandemic, as seen by the 117% year-on-year rise in foreclosure rates. The office sector, which accounts for over 40% of the value of distressed properties in the United States, is facing the greatest headwinds due to cratering demand for office space amidst an […]
Which States Have the Highest Foreclosure Rates?
When foreclosure rates decreased in October and November 2023, ATTOM CEO Rob Barber warned that it was part of the “cyclical nature of the market” rather than a long-term trend. Unfortunately, Barber has been proven right this year as foreclosures rise throughout the United States. In February 2024, lenders started the foreclosure process on 22,757 […]
Foreclosure Activity Rises Year-on-Year as Consumers Struggle to Adapt to Unstable Economic Conditions
In 2020, the foreclosure rate went down to .16%. The following year saw an additional decrease as the rate went to a record low of .11%. Unfortunately, the end of the COVID mortgage payment moratoriums, coupled with inflation and an unstable economy, have contributed to a foreclosure rise that appears to have no end in […]
Home Foreclosures are on the Rise This Year. Find Out Which Areas are Most Affected
Foreclosures are becoming an increasingly commonplace throughout the United States as homeowners struggle in an uncertain economic environment beset with inflation, rising property taxes, a restart in student loan payments, and other financial issues. ATTOM’s February 2024 report shows that foreclosure starts are up 11% year-over-year while the total number of foreclosure filings has seen […]
Commercial Real Estate Foreclosures Soar as Market Adjusts to Post-Pandemic Realities
ATTOM’s recent report on commercial foreclosures in the United States notes that there are 635 foreclosure filings as of January 2024. This is up 97% from January 2023, and 17% higher than December 2023; however, ATTOM CEO Rob Barber doesn’t see this as being a bad thing. Barber notes the current meteoric rise in the […]
Home Foreclosures Up 34% Nationwide
American consumers are tapped out. Credit card debt is over 30% higher than it was just two years ago. Balances on non-housing loans have hit a whopping $4.8 trillion, and the rate of newly serious delinquent credit card debt has risen by about 90% since Q1 2022. The resumption of student loans in October 2023 […]
How and Why Foreclosures are Surging in the Third Quarter of 2023
Just three months ago, ATTOM CEO Rob Barber hailed a rebound in the housing market as foreclosure filings fell by 9% from June 2023 to July 2023. Unfortunately, there was trouble brewing on the horizon, and it hit the market hard. ATTOM’s most recent foreclosure data for Q3 2023 shows that there are 124,539 properties […]
Which Metropolitan Areas Had the Highest Foreclosure Rates in July 2023?
Many experts watching the residential real estate market likely breathed a sigh of relief when foreclosure filings in July 2023 were 9% lower than they were a month ago. In fact, ATTOM CEO Rob Barber hailed the news as a “sign of a rebounding housing market”. He noted that the recent rise in home prices is putting […]