Foreclosure and delinquency rates continue to fall - Hoey Team ☘ eXp Realty SW FL

Dated: May 15 2019

Views: 102

Nationwide rates are at a 20-year low, but areas hit by natural disasters continue to struggle

Delinquency rates have once again hit record lows, according to the latest data from CoreLogic, released Tuesday.

Nationwide, 4 percent of U.S. homeowners fell behind on their mortgage payments in February, down from 4.8 percent during the same period last year and unchanged from last month. Foreclosure rates, in which one’s home is seized by the government due to failure to make payments, is also at 0.4 percent, the same as in January. Both are the lowest February rates seen in the past 19 and 20 years, respectively.

Courtesy of CoreLogic

“The persistently impressive economic expansion continues to drive down housing market distress, with delinquencies and foreclosures hitting near two-decade lows,” Dr. Ralph McLaughlin, deputy chief economist at CoreLogic, said in a prepared statement. “Furthermore, with unemployment at a 50-year low, wage growth nearing double inflation and a positive demographic structure that will drive housing demand upwards, the future of U.S. housing and mortgage markets look bright even if short term indicators suggest cooling.”

The month is unique in that no state saw growth in the overall delinquency and foreclosure rates. However, some areas hit by natural disasters have seen spikes because some homeowners were faced with a choice between costly repairs and selling. Florida’s Panama City, which suffered severe water damage from Hurricane Michael last October, saw a 2 percent increase in serious delinquency rates (payments that are late by more than 90 days). Not long after being hit by Hurricane Florence, Jacksonville, North Carolina, saw an increase in 0.7 percent.

Courtesy of CoreLogic

But while areas hit by natural disasters are still struggling to recover, the country is seeing major improvements in its foreclosure and delinquency rates overall. Buoyed by high employment rates and a strong economy, these rates are likely to continue falling well into the future, according to CoreLogic.

"We are on track to test generational lows as delinquency rates hit their lowest point in almost two decades. Given the economic outlook, we are likely to see more declines over the balance of this year,” CoreLogic President and CEO Frank Martell said in a prepared statement.

Article image credited to rSnapshotPhotos/Shutterstock.com

Acticle content from Inman

Barry & Kim with the Hoey Team â˜˜

Barry Hoey PA, REALTOR®, GRI

Full time Real Estate Broker Associate

 

Kimberly Zuponcic PA, Realtor

Full time Real Estate Sales Associate

Buying-Selling-Leasing-Relocation-International

"Your Real Estate Concierge"

Barry@SWFLLuxury.Com

Call/Text the Hoey Team ☘:  (239)-360-5527

eXp Realty

Mid & Southwest Florida

For Agents, Teams, & Brokerages:  www.BarryHoey.Com   

Search USA:   http://BarryHoey.eXpRealty.com/app.php

Search Mid Florida:    www.HoeyTeamMidFlorida.eXpRealty.com

Search SW Florida:    www.BarryHoey.eXpRealty.com

Hoey Team  Exclusive Listings; 3D Tours 24/7:    www.SWFLVRE.com 

Hoey Team  Listings & info page:   https://www.facebook.com/BarryHoeyPA/

Member of The Institute for Luxury Home Marketing®

Your Real Estate Resource in Southwest Florida and beyond

New Construction Community Negotiator

"Practicing Professional Standards of Excellence"  

Also; please check out the tabs to the other different Market Areas.

"We hope that you find the information in the different newsletters, reports, charts and market updates useful.  If you have any questions, please email us at: Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team at:  (239)-360-5527 

Please refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals; and we will help in any way we can.  Most of our business is referrals by word of mouth from past Sellers and Buyers who we have helped; please ask for and check out our testimonials.  Thanks, Barry & Kim"

Blog author image

Barry & Kim, Hoey Team 🍀 239RealEstateDeals.Com LLC ☘

"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....

Latest Blog Posts

📉 Mortgage Rates Fall for Fourth Week, Hitting 2.78% 🏡 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

With pandemic numbers rising again from some sources; it’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.MCLEAN, Va.

Read More

🚨 July 2021 📢 Just Released Market Report for Naples Area with information for all of Southwest Florida ☘ Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ SW FL 🌴

Hello,Barry & Kim with the Hoey Team ðŸ€ 239RealEstateDeals.Com LLC â˜˜ hope that you and yours are doing good; wherever you are located.Hot off the press please find

Read More

🏡 Yes, Florida Homeowners Are Listing Homes for Sale 🏡 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

Florida Realtors chief economist Dr Brad O'Connor:  More homes are being listed than you think.  Despite record-low inventory levels, the reason for current buyer frustrations isn’t

Read More

💎 LUXURY MARKET REPORT 💎 North America 🏰 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest FLA 🌴

Welcome to the Luxury Market Report for June 2021, your guide to luxury real estate market data and trends for North AmericaProduced monthly by The Institute for Luxury Home Marketing, this report

Read More