July 2024 Foreclosure & Mortgage Delinquency UPDATE

Here’s the latest news regarding foreclosures and mortgage delinquencies in the United States. For example, foreclosure filings so far this year (January through June 2024) are down 4.4% from the same time frame last year. Also, based on my nerdy analysis, the average from 2014-2019 is 472k foreclosure filings. Therefore, so far this year foreclosures are down a whopping 63% compared to average January to June in 2014-2019. Additionally, there were approximately 10 times more foreclosures at the peak in 2010 compared to the same time period of 2024.
This is your latest US foreclosures update! See the links below for the sources of the reports. Thank you for watching the video! I appreciate you. Please like, share this video and subscribe!
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.8% for the current mortgage rates (at the time of filming this video for borrowers with exceptional credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
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Revest Homes (DRE 02174879, NMLS 2362319)
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Equal housing lender.
#foreclosures #housingmarket #foreclosedhomes

[@JasonWalter1]

Looking for a video editor for KZbin? Email us for more information: [e-mail] ➜ Get Connected To a GREAT Real Estate Agent or Mortgage Advisor here: www.realestateteamfinder.com ➜ Book a 1 on 1 consultation with me here: eksperience.net/talents/645980ab615d27bc7530e7ab Interested in buying or selling a home in the greater Sacramento area? Email me at: [e-mail] Compilation of Housing Market Forecast videos: kzbin.info/aero/PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi Please SUBSCRIBE HERE bit.ly/31kAR73

[@DavidSeymourOfficial]

makes sense- people have tons of equity in their homes due to recent run ups in values, very low interest rates and unemployment remains at historic lows. Those that are struggling are surviving off credit card debt. Until one of those factors change I don't see foreclosures changing either.

[@MrTL3wis]

OK, but *why* are we seeing such a low number of foreclosures? The overall economy is not better than the long term average, so why is this number so much better? That doesn't seem correct.

[@nitroneonicman]

People are locked into low rates and are racking up credit card debt in order to afford their mortgage

[@House_hacker_619]

Read chapter 13 and chapter 7. Homeowners can always file bankruptcy to get rid of consumer debt and still keep their house. Yes credit is ruined but they can keep the house. Remember credit can always be fix. They also have options for loan modification.

[@eurekahope5310]

I know people who are financing life with a HELOC. Until prices go down, people will use their home equity.

[@MrTL3wis]

@@House_hacker_619 Sure. So how much of *this* is happening?

[@JasonWalter1]

Mainly because home prices have increased by about 40% in the last few years (equity gains) and the labor market hasn't crashed.

[@noahkirkeide5797]

That was a good analysis. To me it makes sense that delinquencies are lower in a seller's market because homeowners with distressed mortgages can sell fairly easily and not take a loss.

[@sgpbnp]

This makes sense. If mortgage holders run into trouble making payments, they can easily sell their home-likely cashing out-and avoid foreclosures.

[@tlindsay1007]

But, they're not doing that, apparently. Why would they, if they can keep the house and they don't have to pay the mortgage? This is all backwards.

[@sgpbnp]

@@tlindsay1007 That’s an interesting point. I’m not sure what you mean, though.

[@billricheter5678]

Homes and economy are booming in colorado. Home prices that were 650000 in April are now 725000. Builder rapidly raising prices for anything west of i-25. I don’t get it

[@tlindsay1007]

Agreed. Colorado's front range prices keep going up. And, while some less favorable homes take longer to sell, there are plenty that are getting snapped up at ever increasing prices. Where are these people coming from, and where are they getting their money from? Wish I could tap into that well of extreme wealth!

[@billricheter5678]

@@tlindsay1007 a few times we were very interested and people from either Texas or Florida came in looked a couple of minutes and bought. We went on memorial day to look at a new build . We were seeing home after a showing right before us. Builder apologized and said they signed contract on spot for over asking. Well over 740000. It’s happening a lot here. You can find decent prices east of I-25 however

[@tlindsay1007]

So, basically, the government has programs to be sure that almost no one can lose their home to foreclosure. It makes one wonder why anyone would pay their mortgage. And, it helps explains why there's very little turnover in the housing inventory.

[@Steverz32]

Happy Humpday Jason👍Time to get Nerdy!😂😂😂

[@JasonWalter1]

Good morning Steve!

[@Courtney-Alice-Gargani]

For the housing crash, the foreclosure has to be at 2008 level and inventory has to be the same at 2008.

[@jonathantaylor6926]

The way that happens is investor selling. Normal people selling their primary residence does't really add inventory because those sellers almost always immediately buy a different house. So while they technically do add supply they also add corresponding demand that cancels out. But an investor could sell 1, 10 or even 1,000 homes, and buy zero. This additional inventory but no additional demand could blow up inventory levels quickly.

[@MrTL3wis]

This is just not correct. That is *a* way for there to be a crash, but it's certainly not the only.

[@robertjones2282]

​@jonathantaylor6926 If investing with a self direct Ira and not 59 1/2 to avoid penalties the money has to be reinvested.

[@besnkinic]

@@jonathantaylor6926 if mom and pop investors start selling, or thinking they should sell it will set off a chain of events. they make up the biggest % of landlords

[@renelopez2244]

Yup

[@lindajohnston9383]

Really good informative video! Thanks

[@JasonWalter1]

Glad it was helpful!

[@anthonybanks2092]

Jason, please reach out and have Melody Wright on your show. She just dropped a video that's showing a month over month increase of 13% in delinquencies. I'm curious to know what is driving the difference between the reports.

[@JasonWalter1]

Thank you for sharing. I looked it up and looks like she's talking about June's data(?). Black Knight (now called ICE) hasn't posted June's figures yet so not sure where she pulling those charts from. They will likely published June data later this week or early next week. This is what ICE reported for May: "The national delinquency rate fell 6 basis points (bps) year over year to 3.04% in May; still the second lowest point on record, behind 2.92% in March 2023."

[@anthonybanks2092]

@JasonWalter1 thanks Jason for the comment. Looks like for now the charts are apples and oranges until the June information comes out from ICE. I'll be curious to see how it looks.

[@TarmacSkin]

Latest Report: Market hasn’t crashed. People just found out Texas, Florida and Tennessee not nirvana.

[@Truebaconluver]

Not the news crash bro wanted to hear

[@ErnieBert-eg8kd]

It never is.

[@House_hacker_619]

Good morning Jason!!! I get upset when you missed a day with no video 😂. It was miserable Especially those 2 weeks you were gone to study for your certificate

[@JasonWalter1]

Good morning! I try and post as much as I can. Some days there's not much news or I'm busy with my side gig (video editing business) or real estate clients here in Sacramento :)

[@MVDreports]

Hey Jason. Not sure if you think it’s worth a dive, but I personally know the VA has a foreclosure moratorium and wait until you read about VASP! Thanks as always for the great A+ content!

[@JasonWalter1]

I haven't heard of it until now. Goes to show that the gov't will do just about anything to avoid a foreclosure crisis. Much unlike 2008. Thank you for sharing!

[@ErnieBert-eg8kd]

The laws that came in the wake of the great recession have made it next to impossible for a bank to foreclose.

[@Jordanehart]

I'm not seeing foreclosures in my area...

[@JasonWalter1]

Same 👍

[@MrTL3wis]

They're not common in So Cal.

[@jonathantaylor6926]

I still do not know how anyone is getting foreclosed on.. How can they not have equity? Why not just short sale it? It's not like homes are sitting on the market for 8 months.. makes zero sense. If you cant make your payments just call a realtor.. after about 10 days you wont have payments anymore.

[@House_hacker_619]

@@jonathantaylor6926unfortunately too many dumb people.

[@amandabrau-v6w]

@@jonathantaylor6926ummm try people like us in Fl that bought in 2022 and we already have about $30k negative equity!

[@Courtney-Alice-Gargani]

First

[@JasonWalter1]

Nice! Good morning, Courtney!

[@renelopez2244]

Finally! We salute you. 🎉🎉🎉

[@Steverz32]

2nd 🥈 😂

[@JasonWalter1]

It was bound to happen sometime 😀🏡

[@renelopez2244]

Oops, well. It's hard being on top all the time. 😂

[@Steverz32]

@@renelopez2244 they caught me slipping listening to another podcast!😂🤣

[@renelopez2244]

@Steverz32 There is so much information out there. I'm glad you're still watching. Hopefully, we will get to 100k subscribers soon.

[@Steverz32]

@@renelopez2244 I live in his city & I have to support my hometown team. I am not looking to buy a house,as ours is close to being paid off. I just enjoy Jason’s content.👍