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Foreclosures Start, Build To Rents, Zillow & Inflation. Single family Construction Companies & Builders Need To Be Cautious

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United States Of America- Foreclosures begin to mount as moratoriums end and the S&P 500 has risen last week as the third-quarter earnings season began with good results from big bank firms.

Brent crude oil prices reached an all-time high of $85 per barrel on Friday, the highest since October 2018. Oil, natural gas, and coal prices have reached multiyear highs around the world as a result of a mix of recovering economic demand and supply limitations.

Bitcoin prices surpassed $60,000 for the first time in six months on Friday, owing to investor confidence that the US Securities and Exchange Commission will approve the first Bitcoin futures exchange-traded fund on Tuesday.

The new highs occurred just days after JPMorgan Chase CEO Jamie Dimon said he believes Bitcoin is “worthless,” but that his bank’s customers should be able to buy it if they want to.

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Foreclosures

According to data, mortgage lenders started the foreclosure process on 25,209 houses in the third quarter.
As the government’s pandemic-era mortgage rescue programs have begun to expire, foreclosures have climbed 67 percent from a year ago and 32 percent from the second quarter.

RealtyTrac, the largest online marketplace for foreclosure and distressed properties, recently released its Q3 2021 US Foreclosure Market Report, which indicates that there were 45,517 properties in the United States with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 34% from the previous quarter and 68% from a year ago.

Additionally, the report indicates that there were 19,609 foreclosure filings in the United States in September 2021, up 24% from the previous month and 102% from September 2020.

“Despite the increase in September foreclosure activity, we remain well below historically normal levels,” said Rick Sharga, executive vice president of RealtyTrac

“Foreclosure actions in September were nearly 70% lower than they were prior to the COVID-19 pandemic in September of 2019, and Q3 foreclosure activity was 60% lower than the same quarter the previous year. Even if foreclosures continue to rise at a similar rate over the next few months, we will end the year significantly lower than we would in a normal housing market.”

Foreclosures begin to increase in number across the country.

Lenders began foreclosure proceedings on 25,209 properties in the United States in Q3 2021, up 32% from the previous quarter and 67% from a year ago — the first quarterly increase in double digits since 2014.

“So far the government and the mortgage industry have worked together to do an extraordinary job of preventing millions of unnecessary foreclosures using the foreclosure moratorium and mortgage forbearance program,” Sharga added. “But there are hundreds of thousands of borrowers scheduled to exit forbearance in the next two months, and it’s possible that we might see a higher percentage of those borrowers default on their loans.”

Nevada, Illinois, and Delaware have the highest foreclosure rates

In Q3 2021, one in every 3,019 properties nationwide had a foreclosure filing. Nevada (one in every 1,463 housing units with a foreclosure filing); Illinois (one in every 1,465); Delaware (one in every 1,515); New Jersey (one in every 1,667); and Florida (one in every 1,667) had the highest foreclosure rates in Q3 2021. (one in every 1,743).

Among the 220 metropolitan statistical areas analyzed in the report, Atlantic City, New Jersey (one in every 709 housing units with a foreclosure filing); Peoria, Illinois (one in every 754); Bakersfield, California (one in every 923); Cleveland, Ohio (one in every 936); and Las Vegas, Nevada (one in every 936). (one in every 1,167).

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In Q3 2021, lenders repossessed 7,574 properties in the United States through foreclosure (REO), up 22% from the previous quarter and 46% from a year ago, the first quarterly increase since Q1 2016.

September 2021 Foreclosure Activity High-Level Takeaways

  • Nationwide in September 2021 one in every 7,008 properties had a foreclosure filing.
  • States with the highest foreclosure rates in September 2021 were Florida (one in every 3,276 housing units with a foreclosure filing); Illinois (one in every 3,508 housing units); Delaware (one in every 3,834 housing units); Nevada (one in every 4,009 housing units); and New Jersey (one in every 4,487 housing units).
  • 10,289 U.S. properties started the foreclosure process in September 2021, up 23 percent from the previous month and up 106 percent from a year ago.
  • Lenders completed the foreclosure process on 2,682 U.S. properties in September 2021, up 8 percent from the previous month and up 33 percent from a year ago.

U.S. Foreclosure Market Data by State – Q3 2021

Rate RankState NameTotal Properties with Filings1/every X HU (Foreclosure Rate)%∆ Q2 2021%∆ Q3 2020
U.S.45,5173,01934.0268.48
14Alabama7273,102-7.8764.00
23Alaska823,83720.6156.62
34Arizona5565,40236.2192.68
39Arkansas2375,78231.3962.96
9California6,1112,320112.35143.92
42Colorado3616,61125.7386.65
10Connecticut6012,52441.58132.52
3Delaware2861,51552.94188.89
 District of Columbia2612,12238.19106.91
5Florida5,4211,743-0.5620.04
16Georgia1,2523,42145.16136.84
24Hawaii1354,02068.9758.06
43Idaho987,38440.14107.43
2Illinois3,6591,46534.36151.31
7Indiana1,4352,01221.8528.46
12Iowa4742,947306.0298.24
22Kansas3373,778-7.56-33.73
40Kentucky3306,0126.3216.26
20Louisiana5723,6012.931.44
17Maine2113,52060.8127.38
11Maryland8702,81416.90700.00
28Massachusetts6644,363108.23226.10
30Michigan1,0374,43265.13142.59
41Minnesota3936,20419.120.00
35Mississippi2435,44426.7948.60
25Missouri6914,0389.6825.93
47Montana3415,005-12.7110.75
44Nebraska1038,13113.251,055.41
1Nevada8551,46331.0367.65
36New Hampshire1145,56836.6799.36
4New Jersey2,1691,66731.201.32
13New Mexico3073,05540.8672.51
26New York2,0584,04421.8730.47
19North Carolina1,2933,57955.56180.00
46North Dakota2813,32424.1982.32
6Ohio2,5982,00222.4316.29
21Oklahoma4643,732-44.3975.38
48Oregon11415,51716.4223.68
31Pennsylvania1,2694,4869.6821.43
32Rhode Island1024,59217.2512.02
8South Carolina1,0812,115-19.0588.89
50South Dakota1722,857104.9748.52
27Tennessee7014,22854.2639.19
18Texas3,0763,55667.3948.08
33Utah2314,706158.33675.00
45Vermont3110,80645.0717.49
38Virginia6185,68669.23252.56
37Washington5505,648-24.5360.00
49West Virginia4022,30555.9191.30
15Wisconsin7923,40234.0485.29
29Wyoming634,394-7.8764.00
RealtyTrac

Economic figures

Following a strong start to earnings season, Wall Street will receive additional economic data on Tuesday with the release of the US Census Bureau’s September Housing Starts report and the People’s Bank of China’s latest interest rate decision.

Banks profit

Citigroup, Wells Fargo, Morgan Stanley, Goldman Sachs, and JPMorgan Chase all reported earnings beats in the third quarter, but Bank of America shares led the group with a gain of more than 4% in the week.

The third-quarter earnings season will heat up in the coming week, with Netflix reporting on Tuesday, Tesla reporting on Wednesday, and American Airlines and Freeport-McMoRan reporting on Thursday.

According to FactSet, analysts forecast that S&P 500 companies will post 14.9 percent revenue growth in the third quarter.

Zillow Halts it’s Auto Home Buying Program. Could Be Great For Home Remodelers. Or Not….

Corporations have made a huge attempt to get into almost everything and Zillow is no different after 17 years in the game. The Wall Street Journal reported that a Zillow spokesperson said in an email that it is “beyond operational capacity for it’s Zillow Offers business.” Zillow said it is now connecting homeowners looking to sell their home to its local Premier Agent partners.

Zillow has not described in details what that means exactly or if a problem remains to be seen. Possibilities could be an algorithmic program or the a market swing pricing them out of the market now as the real estate boom cools. Zillow may be sitting on homes for a long time that they purchased at peak market without labor to handle the flips and maintenance. The homes possibly with small or no room for margin on the flips will need to be followed.

Zillow purchased a record number of homes in the second quarter at 3,805, competitor open door disclosed 8,494 homes purchased in the same period. These platforms could possibly be taking a lean of foreclosure numbers as well purchasing distressed owners and properties.

A Flood Of Inaccurate & Delayed Data

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As the country goes through what seems to be a blind way forward, post pandemic, data and conventional thought rational has seemed to have some of the largest leaders scrambling and signaling weakness of what seems to be a struggle handling the markets and the economy. 2021 will definitely go down in the history books. We will continue to track indicators and will be processing Tuesday’s data for a update soon.

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