🌡️ Foreclosure Fever & Debt Deal Drama
Rising risks and ripe opportunities await investors
Foreclosure filings in Q3 2023 sprang up like unwelcome weeds on 124,539 U.S. properties.
We're talking a 28% increase from just the last quarter, and an even steeper 34% climb from last year.
As if that wasn't enough to raise eyebrows, September saw 37,679 properties battling the foreclosure blues, a jump of 11%.
But here's where it gets spicy:
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FHFA says they've offloaded $30B worth of non-performing loans.
The goal? Shed some of that bad weight and let the private folks handle the risks.
What about mortgage rates? Well they're scaling new heights which is scaring away homebuyers.
We're talking rates over 8% for a 30-year mortgage!
In this edition of the AltReports:
🏘️ Foreclosure Fiasco
🎉 Borrower Bonanza
🌅 Bargain Bay
📈 Rates Rebellion
🎢 Realty Rollercoaster
Video of the Week: Housing Market is Poised for More Defaults than 2008
Chart of the Week: The Probability of a Recession in 2024 is Now Over 60%
Podcast of the Week: From $16/Hour Factory Wages to SIX-FIGURE Real Estate Paychecks
U.S. Foreclosure Filings Up 28% in Q3
ATTOM's latest drama-filled report for Q3 2023 shows that foreclosure filings popped up on 124,539 U.S. properties.
That’s up 28% from the last quarter and a whopping 34% from last year.
Things got even gloomier in September, with 37,679 properties dealing with the foreclosure bug, up 11%
GSEs Sell Off $30B of Non-Performing Loans
FHFA has just released its latest hot gossip on the plushy world of selling non-performing loans (NPLs).
These wayward loans are those naughty little debts that refuse to pay.
They claim that flogging off these rebellious debts is a good way to slim down delinquent loans, while also shoving the credit risk onto the private sector.
Oakland Rents Fall Fastest Among Large US Cities
While San Francisco is playing catch up with a 4.1% dip, Oakland still leads the bargain-hunting challenge with the lowest asking rents t since those prehistoric days of 2017.
Other city rents are also tumbling down faster than a drunken unicyclist but Oakland is having real trouble dribbling back up.