Foreclosures Fall To All-Time Low In 2021
The housing market is just messing with the crash bros nows. Foreclsoures have now fallen to an all-time low, according to the latest data from Black Knight…(Black Knight)
- The 4,100 foreclosure starts in December represent just 0.24% of loans, an all-time low.
- This is 90% below December 2019 levels, but it is twice as many foreclosures as compared to December 2020,
Unfortuantely, we are not out of the woods completely. Over half a million excess serious delinquencies remain which is more than twice pre-pandemic levels. However, it is important to remember that a Realtor.com study found that the U.S. is short 5.24 million homes, an increase of 1.4 million from the 2019 gap of 3.84 million. Realtor.com chief economist Danielle Hale, said underbuilding has been a problem long before COVID…
- “The pandemic has certainly exacerbated the U.S. housing shortage, but data shows household formations outpaced new construction long before Covid. Put simply, new construction supply hasn’t been meeting demand over the last five years,”
Even if all 500,000 homes foreclosed at the same time that would still only meet 10% of the current demand for homes. Sorry crash bros.