Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
Foreclosures Jump In Austin, Miami, San Diego, And Seattle . . . Say What????
According to ATTOM Data Solutions report, the hardest hit areas in January include Orlando, Florida (up 72% y/y); Austin, Texas (up 60% y/y); Miami, Florida (up 41% y/y); San Diego, California (up 12% y/y); and Seattle, Washington (up 10% y/y).
Across the U.S., a total of 29,382 U.S. properties started foreclosure proceedings in January, up more than 4% from the previous month and 2% from January 2018. January marked the second consecutive month with a y/y increase in foreclosure starts.
This appears to be the article @Account Closed is highlighting: January 2019 Foreclosure Filings See an Uptick. I wonder if this is an instance of a percentage increase being misleading. For example, going from 2 foreclosures to 4 foreclosures year would be a "shocking" 100% increase in foreclosures! Of course, there are many more foreclosures than that in Austin. I'm just illustrating my question.
Does anyone have the time to pull the raw numbers? Does anyone think that the rising interest rates we saw last year are a significant culprit? I know that adjustable rate mortgages are now fairly rare for regular consumers, but those same owners can have interest rate exposure elsewhere. Adjustable rates (e.g., 5/1) are also common for commercial real estate loans on non-commercial residential properties.
This appears to be the article @Account Closed is highlighting: January 2019 Foreclosure Filings See an Uptick. I wonder if this is an instance of a percentage increase being misleading. For example, going from 2 foreclosures to 4 foreclosures year would be a "shocking" 100% increase in foreclosures! Of course, there are many more foreclosures than that in Austin. I'm just illustrating my question.
Does anyone have the time to pull the raw numbers? Does anyone think that the rising interest rates we saw last year are a significant culprit? I know that adjustable rate mortgages are now fairly rare for regular consumers, but those same owners can have interest rate exposure elsewhere. Adjustable rates (e.g., 5/1) are also common for commercial real estate loans on non-commercial residential properties.
This appears to be the article @Account Closed is highlighting: January 2019 Foreclosure Filings See an Uptick. I wonder if this is an instance of a percentage increase being misleading. For example, going from 2 foreclosures to 4 foreclosures year would be a "shocking" 100% increase in foreclosures! Of course, there are many more foreclosures than that in Austin. I'm just illustrating my question.
Does anyone have the time to pull the raw numbers? Does anyone think that the rising interest rates we saw last year are a significant culprit? I know that adjustable rate mortgages are now fairly rare for regular consumers, but those same owners can have interest rate exposure elsewhere. Adjustable rates (e.g., 5/1) are also common for commercial real estate loans on non-commercial residential properties.
I agree that there are lies, damn lies and statistics. I'm skeptical about Attom's assessment at this point. I haven't seen any other sources confirm the data.
Investor · Fairport, NY · Member since 2015 · 124 posts · 74 votes
7y
There was a jump in foreclosures in Austin for January, and then the total number dropped in February. The total number for February was in line with the monthly average over the last 12 months