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According to the latest release from Fitch Ratings, U.S. foreclosures have doubled from this time last year. This generally lines up with the numbers we are seeing on our end as well. Good news for those of you looking to buy or invest in property is that the increased foreclosure activity is likely to push down prices as much as another 10%.
Fitch measures foreclosure activity with what they call the RMBS (residential mortgage-backed security) Performance Metric. While the rate is nearly double last year at around 10 percent per month, this figure is below the 14 percent average over the last decade. Additionally, foreclosure rates were artificially low last year due to many banks putting foreclosures on hold while the robo-signing scandal was unfolding. To sum it up – there are still a ton of foreclosure out there – but we’re still off the record levels of the past few years.