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INCREASED FORECLOSURE ACTIVITY IN FIRST SIX MONTHS OF 2022 APPROACHES PRE-COVID LEVELS

INCREASED FORECLOSURE ACTIVITY IN FIRST SIX MONTHS OF 2022 APPROACHES PRE-COVID LEVELS
PR Newswire
IRVINE, Calif., July 14, 2022

U.S. Foreclosure Starts up 219 Percent in First Six Months of 2022; 96 Percent of Major Metro Areas Saw an Annual Incre…

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INCREASED FORECLOSURE ACTIVITY IN FIRST SIX MONTHS OF 2022 APPROACHES PRE-COVID LEVELS

PR Newswire

U.S. Foreclosure Starts up 219 Percent in First Six Months of 2022; 96 Percent of Major Metro Areas Saw an Annual Increase in Foreclosure Filings; Foreclosure Rates Highest in Illinois, New Jersey, and Ohio

IRVINE, Calif., July 14, 2022 /PRNewswire/ -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its Midyear 2022 U.S. Foreclosure Market Report, which shows there were a total of 164,581 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2022. That figure is up 153 percent from the same time period a year ago but down just one percent from the same time period two years ago.

Historical First Half US Foreclosure Activity Chart

"Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic levels in the first half of 2022," said Rick Sharga, executive vice president of market intelligence at ATTOM. "While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023."

Bucking the national trend with decreasing foreclosure activity compared to a year ago in the nation's most populated metros during the first half of 2022, were only 7 of the 223 metro areas analyzed. Those metros included Lake Havasu, Arizona (down 47 percent); Eugene, Oregon (down 27 percent); Springfield, Illinois (down 19 percent); Shreveport, Louisiana (down 9 percent); and Brownsville, Texas (down 8 percent).

Illinois, New Jersey, and Ohio post highest state foreclosure rates

Nationwide 0.12 percent of all housing units (one in every 854) had a foreclosure filing in the first half of 2022.

States with the highest foreclosure rates in the first half of 2022 were Illinois (0.26 percent of housing units with a foreclosure filing); New Jersey (0.24 percent); Ohio (0.21 percent); Delaware (0.20 percent); and South Carolina (0.19 percent).

Other states with first-half foreclosure rates among the 10 highest nationwide, were Florida (0.18 percent); Nevada (0.18 percent); Indiana (0.16 percent); Georgia (0.13 percent); and Michigan (0.13 percent).

Highest metro foreclosure rates in Cleveland, Atlantic City, and Jacksonville

Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in the first half of 2022 were Cleveland, Ohio (0.40 percent of housing units with foreclosure filings); Atlantic City, New Jersey (0.33 percent); Jacksonville, North Carolina (0.31 percent); Chicago, Illinois (0.30 percent); and Columbia, South Carolina (0.30 percent).

Other metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2022 were Rockford, Illinois (0.30 percent of housing units with a foreclosure filing); Lakeland, Florida (0.27 percent); Akron, Ohio (0.24 percent); Fayetteville, North Carolina (0.24 percent); and Trenton, New Jersey (0.23 percent).

Foreclosure starts up 219 percent from last year

A total of 117,383 U.S. properties started the foreclosure process in the first six months of 2022, up 219 percent from the first half of last year and up 19 percent from the first half of 2020.

States that saw the greatest number of foreclosures starts in the first half of 2022 included, California (12,805 foreclosure starts); Florida (11,448 foreclosure starts); Tennessee (10,970 foreclosure starts); Illinois (8,411 foreclosure starts); and Ohio (6,987 foreclosure starts).

"It's important to note that many of the foreclosure starts we're seeing today – in fact, much of the overall foreclosure activity we're seeing right now – is on loans that were either already in foreclosure or were more than 120 days delinquent prior to the pandemic," Sharga added. "Many of these loans were protected by the government's foreclosure moratorium, or they would have already been foreclosed on two years ago. There's very little delinquency or default activity that's truly new in the numbers we're tracking."

Bank repossessions climb in first half of 2022

Lenders foreclosed (REO) on a total of 20,750 U.S. properties in the first six months of 2022, up 30 percent from the last half of 2021 and up 113 percent from the first half of 2020.

States that posted the greatest number of REOs in the first half of 2022 included, Illinois (2,434 REOs); Michigan (2,259 REOs); Pennsylvania (1,290 REOs); California (1,043 REOs); and Florida (1,041 REOs).  

Q2 2022 foreclosure activity below pre-recession averages in 79 percent of major markets

There were a total of 90,139 U.S. properties with foreclosure filings in Q2 2022, up 15 percent from the previous quarter and up 165 percent from a year ago.

The national foreclosure activity total in Q2 2022 was 68 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007, making Q2 2022 the 23rd consecutive quarter with foreclosure activity below the pre-recession average.

Second quarter foreclosure activity was below pre-recession averages in 177 out 223 (79 percent) metropolitan statistical areas with a population of at least 200,000 and sufficient historical foreclosure data, including New York, Los Angeles, Chicago, Dallas, Houston, Miami, Atlanta, San Francisco, Riverside-San Bernardino, Phoenix and Detroit.

Metro areas with second quarter foreclosure activity above pre-recession averages included Honolulu, Richmond, Virginia-Beach, Albany, and Montgomery.

Average foreclosure timeline increases from last year

Properties foreclosed in the second quarter of 2022 took an average of 948 days from the first public foreclosure notice to complete the foreclosure process, up from 917 days in the previous quarter and up from 922 days in the second quarter of 2021.

Historical Avg Days to Complete Foreclosure Chart

States with the longest average foreclosure timelines for foreclosures completed in Q2 2022 were Nevada (2,683 days), Hawaii (2,619 days), New Jersey (1,984 days), Louisiana (1,901 days), and New York (1,823 days).

States with the shortest average foreclosure timelines for foreclosures completed in Q2 2022 were West Virginia (82 days), Montana (84 days), Missouri (117 days), Minnesota (141 days), and Arkansas (154 days).

June 2022 Foreclosure Activity High-Level Takeaways
  • Nationwide in June 2022, one in every 4,431 properties had a foreclosure filing.
  • States with the highest foreclosure rates in June 2022 were Illinois (one in every 2,096 housing units with a foreclosure filing); Delaware (one in every 2,117 housing units); Ohio (one in every 2,386 housing units); Nevada (one in every 2,408 housing units); and South Carolina (one in every 2,471 housing units).
  • 22,239 U.S. properties started the foreclosure process in June 2022, up 1 percent from the previous month and up 226 percent from a year ago.

Lenders completed the foreclosure process on 3,239 U.S. properties in June 2022, up 13 percent from the previous month and up 40 percent from a year ago.

U.S. Foreclosure Market Data by State – Jan to Jun 2022

Rate
Rank

State Name

Total Properties
with Filings

 

%Housing Units

 

1/every X HU

%Δ from
Jan-Jun 21

%Δ from
Jan-Jun 20


U.S

164,581

0.12

854

152.88

-0.57

16

Alabama

2,475

0.11

925

116.54

3.38

40

Alaska

160

0.05

1,985

-0.62

-43.06

18

Arizona

3,207

0.10

961

165.48

-5.48

39

Arkansas

796

0.06

1,715

127.43

6.70

14

California

16,340

0.11

881

115.71

-8.78

22

Colorado

2,322

0.09

1,073

595.21

62.38

11

Connecticut

1,979

0.13

773

136.72

-27.91

4

Delaware

903

0.20

497

101.11

-24.05


District of Columbia

99

0.03

3,539

175.00

-50.99

6

Florida

17,624

0.18

560

124.48

12.29

9

Georgia

5,731

0.13

770

148.10

-3.42

32

Hawaii

392

0.07

1,431

94.06

-11.51

43

Idaho

304

0.04

2,473

169.03

-23.23

1

Illinois

14,086

0.26

385

184.91

11.96

8

Indiana

4,822

0.16

606

122.21

22.11

15

Iowa

1,571

0.11

899

114.03

-0.88

46

Kansas

454

0.04

2,810

141.49

-17.30

42

Kentucky

820

0.04

2,432

11.56

-40.15

25

Louisiana

1,873

0.09

1,107

53.27

-3.55

21

Maine

704

0.10

1,050

77.78

-9.40

13

Maryland

2,934

0.12

863

155.80

-43.80

36

Massachusetts

1,954

0.07

1,535

82.28

-23.04

10

Michigan

5,913

0.13

773

496.67

37.42

27

Minnesota

2,126

0.09

1,169

268.46

50.04

31

Mississippi

945

0.07

1,397

111.41

12.23

23

Missouri

2,596

0.09

1,073

120.56

15.94

44

Montana

194

0.04

2,654

181.16

73.21

33

Nebraska

585

0.07

1,443

174.65

-18.30

7

Nevada

2,259

0.18

567

146.35

46.02

38

New Hampshire

401

0.06

1,593

121.55

-2.67

2

New Jersey

9,177

0.24

410

245.00

3.08

29

New Mexico

768

0.08

1,225

47.98

-40.19

24

New York

7,673

0.09

1,106

227.49

-13.33

17

North Carolina

4,917

0.10

958

138.23

-23.42

48

North Dakota

83

0.02

4,466

43.10

12.16

3

Ohio

11,028

0.21

475

167.73

36.50

12

Oklahoma

2,120

0.12

824

160.76

0.71

45

Oregon

652

0.04

2,782

109.65

-25.49

20

Pennsylvania

5,531

0.10

1,038

133.97

-24.71

37

Rhode Island

310

0.06

1,560

121.43

-26.19

5

South Carolina

4,568

0.19

513

177.18

15.32

50

South Dakota

43

0.01

9,068

2.38

53.57

35

Tennessee

1,984

0.07

1,528

154.03

-17.30

19

Texas

11,527

0.10

1,005

187.31

-4.81

26

Utah

1,022

0.09

1,127

128.64

-10.35

49

Vermont

44

0.01

7,598

120.00

-63.03

28

Virginia

2,985

0.08

1,212

187.30

11.51

41

Washington

1,334

0.04

2,400

119.41

-21.02

47

West Virginia

236

0.03

3,626

180.95

-4.07

34

Wisconsin

1,815

0.07

1,503

60.05

2.95

30

Wyoming

195

0.07

1,394

52.34

10.17

Report methodology

The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.

About ATTOM

ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIsreal estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com 

Data and Report Licensing:
949.502.8313
datareports@attomdata.com

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Survey Shows Declining Concerns Among Americans About COVID-19

Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat"…

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Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat" to the health of the US population - a sharp decline from a high of 67% in July 2020.

(SARMDY/Shutterstock)

What's more, the Pew Research Center survey conducted from Feb. 7 to Feb. 11 showed that just 10% of Americans are concerned that they will  catch the disease and require hospitalization.

"This data represents a low ebb of public concern about the virus that reached its height in the summer and fall of 2020, when as many as two-thirds of Americans viewed COVID-19 as a major threat to public health," reads the report, which was published March 7.

According to the survey, half of the participants understand the significance of researchers and healthcare providers in understanding and treating long COVID - however 27% of participants consider this issue less important, while 22% of Americans are unaware of long COVID.

What's more, while Democrats were far more worried than Republicans in the past, that gap has narrowed significantly.

"In the pandemic’s first year, Democrats were routinely about 40 points more likely than Republicans to view the coronavirus as a major threat to the health of the U.S. population. This gap has waned as overall levels of concern have fallen," reads the report.

More via the Epoch Times;

The survey found that three in ten Democrats under 50 have received an updated COVID-19 vaccine, compared with 66 percent of Democrats ages 65 and older.

Moreover, 66 percent of Democrats ages 65 and older have received the updated COVID-19 vaccine, while only 24 percent of Republicans ages 65 and older have done so.

“This 42-point partisan gap is much wider now than at other points since the start of the outbreak. For instance, in August 2021, 93 percent of older Democrats and 78 percent of older Republicans said they had received all the shots needed to be fully vaccinated (a 15-point gap),” it noted.

COVID-19 No Longer an Emergency

The U.S. Centers for Disease Control and Prevention (CDC) recently issued its updated recommendations for the virus, which no longer require people to stay home for five days after testing positive for COVID-19.

The updated guidance recommends that people who contracted a respiratory virus stay home, and they can resume normal activities when their symptoms improve overall and their fever subsides for 24 hours without medication.

“We still must use the commonsense solutions we know work to protect ourselves and others from serious illness from respiratory viruses, this includes vaccination, treatment, and staying home when we get sick,” CDC director Dr. Mandy Cohen said in a statement.

The CDC said that while the virus remains a threat, it is now less likely to cause severe illness because of widespread immunity and improved tools to prevent and treat the disease.

Importantly, states and countries that have already adjusted recommended isolation times have not seen increased hospitalizations or deaths related to COVID-19,” it stated.

The federal government suspended its free at-home COVID-19 test program on March 8, according to a website set up by the government, following a decrease in COVID-19-related hospitalizations.

According to the CDC, hospitalization rates for COVID-19 and influenza diseases remain “elevated” but are decreasing in some parts of the United States.

Tyler Durden Sun, 03/10/2024 - 22:45

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Rand Paul Teases Senate GOP Leader Run – Musk Says “I Would Support”

Rand Paul Teases Senate GOP Leader Run – Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump…

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Rand Paul Teases Senate GOP Leader Run - Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump into the race to become the next Senate GOP leader, and Elon Musk was quick to support the idea. Republicans must find a successor for periodically malfunctioning Mitch McConnell, who recently announced he'll step down in November, though intending to keep his Senate seat until his term ends in January 2027, when he'd be within weeks of turning 86. 

So far, the announced field consists of two quintessential establishment types: John Cornyn of Texas and John Thune of South Dakota. While John Barrasso's name had been thrown around as one of "The Three Johns" considered top contenders, the Wyoming senator on Tuesday said he'll instead seek the number two slot as party whip. 

Paul used X to tease his potential bid for the position which -- if the GOP takes back the upper chamber in November -- could graduate from Minority Leader to Majority Leader. He started by telling his 5.1 million followers he'd had lots of people asking him about his interest in running...

...then followed up with a poll in which he predictably annihilated Cornyn and Thune, taking a 96% share as of Friday night, with the other two below 2% each. 

Elon Musk was quick to back the idea of Paul as GOP leader, while daring Cornyn and Thune to follow Paul's lead by throwing their names out for consideration by the Twitter-verse X-verse. 

Paul has been a stalwart opponent of security-state mass surveillance, foreign interventionism -- to include shoveling billions of dollars into the proxy war in Ukraine -- and out-of-control spending in general. He demonstrated the latter passion on the Senate floor this week as he ridiculed the latest kick-the-can spending package:   

In February, Paul used Senate rules to force his colleagues into a grueling Super Bowl weekend of votes, as he worked to derail a $95 billion foreign aid bill. "I think we should stay here as long as it takes,” said Paul. “If it takes a week or a month, I’ll force them to stay here to discuss why they think the border of Ukraine is more important than the US border.”

Don't expect a Majority Leader Paul to ditch the filibuster -- he's been a hardy user of the legislative delay tactic. In 2013, he spoke for 13 hours to fight the nomination of John Brennan as CIA director. In 2015, he orated for 10-and-a-half-hours to oppose extension of the Patriot Act

Rand Paul amid his 10 1/2 hour filibuster in 2015

Among the general public, Paul is probably best known as Capitol Hill's chief tormentor of Dr. Anthony Fauci, who was director of the National Institute of Allergy and Infectious Disease during the Covid-19 pandemic. Paul says the evidence indicates the virus emerged from China's Wuhan Institute of Virology. He's accused Fauci and other members of the US government public health apparatus of evading questions about their funding of the Chinese lab's "gain of function" research, which takes natural viruses and morphs them into something more dangerous. Paul has pointedly said that Fauci committed perjury in congressional hearings and that he belongs in jail "without question."   

Musk is neither the only nor the first noteworthy figure to back Paul for party leader. Just hours after McConnell announced his upcoming step-down from leadership, independent 2024 presidential candidate Robert F. Kennedy, Jr voiced his support: 

In a testament to the extent to which the establishment recoils at the libertarian-minded Paul, mainstream media outlets -- which have been quick to report on other developments in the majority leader race -- pretended not to notice that Paul had signaled his interest in the job. More than 24 hours after Paul's test-the-waters tweet-fest began, not a single major outlet had brought it to the attention of their audience. 

That may be his strongest endorsement yet. 

Tyler Durden Sun, 03/10/2024 - 20:25

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Government

The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While “Waiting” For Deporation, Asylum

The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While "Waiting" For Deporation, Asylum

Over the past several…

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The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While "Waiting" For Deporation, Asylum

Over the past several months we've pointed out that there has  been zero job creation for native-born workers since the summer of 2018...

... and that since Joe Biden was sworn into office, most of the post-pandemic job gains the administration continuously brags about have gone foreign-born (read immigrants, mostly illegal ones) workers.

And while the left might find this data almost as verboten as FBI crime statistics - as it directly supports the so-called "great replacement theory" we're not supposed to discuss - it also coincides with record numbers of illegal crossings into the United States under Biden.

In short, the Biden administration opened the floodgates, 10 million illegal immigrants poured into the country, and most of the post-pandemic "jobs recovery" went to foreign-born workers, of which illegal immigrants represent the largest chunk.

Asylum seekers from Venezuela await work permits on June 28, 2023 (via the Chicago Tribune)

'But Tyler, illegal immigrants can't possibly work in the United States whilst awaiting their asylum hearings,' one might hear from the peanut gallery. On the contrary: ever since Biden reversed a key aspect of Trump's labor policies, all illegal immigrants - even those awaiting deportation proceedings - have been given carte blanche to work while awaiting said proceedings for up to five years...

... something which even Elon Musk was shocked to learn.

Which leads us to another question: recall that the primary concern for the Biden admin for much of 2022 and 2023 was soaring prices, i.e., relentless inflation in general, and rising wages in particular, which in turn prompted even Goldman to admit two years ago that the diabolical wage-price spiral had been unleashed in the US (diabolical, because nothing absent a major economic shock, read recession or depression, can short-circuit it once it is in place).

Well, there is one other thing that can break the wage-price spiral loop: a flood of ultra-cheap illegal immigrant workers. But don't take our word for it: here is Fed Chair Jerome Powell himself during his February 60 Minutes interview:

PELLEY: Why was immigration important?

POWELL: Because, you know, immigrants come in, and they tend to work at a rate that is at or above that for non-immigrants. Immigrants who come to the country tend to be in the workforce at a slightly higher level than native Americans do. But that's largely because of the age difference. They tend to skew younger.

PELLEY: Why is immigration so important to the economy?

POWELL: Well, first of all, immigration policy is not the Fed's job. The immigration policy of the United States is really important and really much under discussion right now, and that's none of our business. We don't set immigration policy. We don't comment on it.

I will say, over time, though, the U.S. economy has benefited from immigration. And, frankly, just in the last, year a big part of the story of the labor market coming back into better balance is immigration returning to levels that were more typical of the pre-pandemic era.

PELLEY: The country needed the workers.

POWELL: It did. And so, that's what's been happening.

Translation: Immigrants work hard, and Americans are lazy. But much more importantly, since illegal immigrants will work for any pay, and since Biden's Department of Homeland Security, via its Citizenship and Immigration Services Agency, has made it so illegal immigrants can work in the US perfectly legally for up to 5 years (if not more), one can argue that the flood of illegals through the southern border has been the primary reason why inflation - or rather mostly wage inflation, that all too critical component of the wage-price spiral  - has moderated in in the past year, when the US labor market suddenly found itself flooded with millions of perfectly eligible workers, who just also happen to be illegal immigrants and thus have zero wage bargaining options.

None of this is to suggest that the relentless flood of immigrants into the US is not also driven by voting and census concerns - something Elon Musk has been pounding the table on in recent weeks, and has gone so far to call it "the biggest corruption of American democracy in the 21st century", but in retrospect, one can also argue that the only modest success the Biden admin has had in the past year - namely bringing inflation down from a torrid 9% annual rate to "only" 3% - has also been due to the millions of illegals he's imported into the country.

We would be remiss if we didn't also note that this so often carries catastrophic short-term consequences for the social fabric of the country (the Laken Riley fiasco being only the latest example), not to mention the far more dire long-term consequences for the future of the US - chief among them the trillions of dollars in debt the US will need to incur to pay for all those new illegal immigrants Democrat voters and low-paid workers. This is on top of the labor revolution that will kick in once AI leads to mass layoffs among high-paying, white-collar jobs, after which all those newly laid off native-born workers hoping to trade down to lower paying (if available) jobs will discover that hardened criminals from Honduras or Guatemala have already taken them, all thanks to Joe Biden.

Tyler Durden Sun, 03/10/2024 - 19:15

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