Page 4 – Safeguard Properties

Foreclosure Filings for All 50 States in December 2024

Posted on January 22, 2025 by Safeguard

Industry Update
January 17, 2025

Source: ATTOM

In December 2024, the U.S. housing market experienced a slight decline in foreclosure activity with 28,632 U.S. properties with foreclosure filings – marking a 3% decline from the previous month and 6% decline from a year ago. The U.S. housing market recorded foreclosure filings on one in every 4,922 properties, reflecting a slight easing in foreclosure activity. Foreclosure starts totaled 19,376 properties, down 4% from the previous month and 5% from December 2023, while completed foreclosures decreased by 4% monthly and 16% annually. These trends highlight modest changes in foreclosure activity that may be shaped by evolving economic conditions.

Rob Barber, CEO of ATTOM, observed that the continued decline in foreclosure activity throughout 2024 suggests a housing market that may be stabilizing, despite persistent economic uncertainties. He noted that this year’s data indicates foreclosure trends potentially returning to more predictable levels, offering some clarity for industry professionals, investors, and homeowners. While foreclosure filings remain an essential metric for assessing market health, Barber highlighted that current trends may reflect a more balanced landscape, influenced by prudent lending practices and resilient homeowners.

See the full list here.

For full report, please click the source link above.

Bill Pulte Trump’s Pick for FHFA Director

Posted on January 17, 2025 by Safeguard

Industry Update
January 17, 2025

Source: National Mortgage Professional

In a Thursday post on his social media network Truth Social, President-elect Donald Trump announced his plan to nominate Bill Pulte as director of the Federal Housing Finance Agency (FHFA).

“Bill needs no formal introduction to the Great Citizens of our Country,” Trump wrote, “because they have seen, and many have experienced, his philanthropy firsthand.”

The founder and CEO of the private equity group Pulte Capital Partners, LLC, and former director of PulteGroup, Inc., Pulte has been a vocal Trump supporter, much like Trump’s nominee to lead the U.S. Department of Housing and Urban Development (HUD), Scott Turner.

President and CEO of the Mortgage Bankers Association (MBA), Bob Broeksmit, congratulated Pulte on the nomination in a press release.

“We look forward to working with him and the FHFA staff on policies and programs that boost housing supply and create affordable opportunities for our nation’s homebuyers and renters,” Broeksmit said, “while protecting taxpayers and ensuring a robust secondary mortgage market and Federal Home Loan Bank system for single-family and multifamily lenders.”

As FHFA director, Pulte will oversee the conservatorship of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. Plans to end the conservatorship, initiated during the first Trump administration, are anticipated to be successful during the next one.

Former FHFA director Sandra Thompson recently announced her resignation effective January 19th, 2025, one day before Trump assumes office.

For full report, please click the source link above.

CoreLogic Estimates the Eaton and Palisades Fires are Causing Devasting Initial Property Losses Estimated to be Between $35-45 Billion

Posted on January 17, 2025 by Safeguard

Industry Update
January 16, 2025

Source: CoreLogic

CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced preliminary residential and commercial loss estimates for the Eaton and Palisades Fires in Los Angeles, California. According to this new data analysis, ongoing losses from the Los Angeles wildfires are estimated to be between $35 to $45 billion, as both fires are less than 50% contained as of Thursday afternoon. CoreLogic will provide final insured loss estimates once the fires have been fully contained.

This analysis of both residential and commercial properties accounts for both fire and smoke damage as well as demand surge, debris removal, clean up and Additional Living Expenses (ALE). The majority of losses are to residential properties. Many of the potentially impacted properties are high value homes, so even moderate damage from the fires or smoke could result in costly claims.

“The destruction caused by these fires is anticipated to be the most expensive in the state’s history with effects on the insurance industry that will persist into the future. This event highlights the paramount challenge for homeowners and the insurers that support them – the increasing density of homes and properties near the wildlife-urban-interface,” said Tom Larsen, Senior Director of CoreLogic Insurance Solutions. “Los Angeles is a resilient community, and as they look to rebuild it will be essential to design or redesign with mitigation practices in mind, so an event of this magnitude never happens again.”

CoreLogic is supporting recovery efforts for people affected by the wildfires through a donation to the Red Cross, enabling them to prepare for, respond to and help people recover from these disasters. To join us, visit the Red Cross website.

Please visit the CoreLogic natural hazard risk information center, CoreLogic Hazard HQ Command Central™ to get access to the most up-to-date wildfire data and see reports from previous catastrophes.

For full report, please click the source link above.

U.S. Foreclosure Activity Declines in 2024

Posted on January 17, 2025 by Safeguard

Industry Update
January 15, 2025

Source: ATTOM

ATTOM, a leading curator of land, property data, and real estate analytics, today released its Year-End 2024 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 322,103 U.S. properties in 2024, down 10 percent from 2023 and down 1 percent from 2022 and down 35 percent from 2019, before the pandemic shook up the market. Foreclosure filings in 2024 were also down 89 percent from a peak of nearly 2.9 million in 2010.

Those 322,103 properties with foreclosure filings in 2024 represented 0.23 percent of all U.S. housing units, down slightly from 0.25 percent in 2023, and down from 0.36 percent in 2019 and down from a peak of 2.23 percent in 2010.

“The continued decline in foreclosure activity throughout 2024 suggests a housing market that may be stabilizing, even as economic uncertainties persist,” said Rob Barber, CEO at ATTOM. “This year’s data points to foreclosure trends potentially returning to more predictable levels, offering some clarity for industry professionals, investors, and homeowners. While foreclosure filings remain a critical metric for understanding market health, current trends may point to a more balanced landscape, potentially shaped by careful lending practices and ongoing homeowner resilience.”

ATTOM’s year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 3,000 counties nationwide, accounting for more than 99 percent of the U.S. population – also available for licensing or customized reporting. See full methodology below.

The report also includes new data for December 2024, showing there were 28,632 U.S. properties with foreclosure filings, down 3 percent from the previous month and down 6 percent from a year ago.

Foreclosure starts on the decline nationwide

Lenders started the foreclosure process on 253,306 U.S. properties in 2024, down 6 percent from 2023, up 174 percent from 2021, but down 25 percent form 2019 and down 88 percent from a peak of 2,139,005 in 2009.

States that saw the greatest number of foreclosure starts in 2024 included California (29,529 foreclosure starts); Florida (29,239 foreclosure starts); Texas (28,946 foreclosure starts); New York (14,436 foreclosure starts); and Illinois (13,082 foreclosure starts).

Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of foreclosure starts in 2024, included New York, New York (15,327 foreclosure starts); Chicago, Illinois (11,508 foreclosure starts); Houston, Texas (10,197 foreclosure starts); Los Angeles, California (8,790 foreclosure starts); and Miami, FL (8,603 foreclosure starts).

Bank repossessions continue second year of decline

Lenders repossessed 36,505 properties through foreclosures (REO) in 2024, down 13 percent from 2023 and down 75 percent from 2019 (143,955) and down 97 percent from a peak of 1,050,500 in 2010.

States that saw the greatest number of REOs in 2024 included California (3,466 REOs); Illinois (2,858 REOs); Pennsylvania (2,828 REOs); Michigan (2,629 REOs); and Texas (2,501 REOs).

Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of REOs in 2024 included Chicago, IL (1,976 REOs); New York, New York (1,815 REOs); Detroit, Michigan (1,575 REOs); Philadelphia, Pennsylvania (946 REOs); and Baltimore, Maryland (905 REOs).

Florida, New Jersey, and Nevada post highest state foreclosure rates in 2024

States with the highest foreclosure rates in 2024 were Florida (1 in ever 267 housing units with a foreclosure filing); New Jersey (1 in every 267 housing units); Nevada (1 in every 273 housing units); Illinois (1 in every 278 housing units); and South Carolina (1 in every 304 housing units).

Rounding out the top 10 states with the highest foreclosure rates in 2024, were Connecticut (1 in every 306 housing units); Maryland (1 in every 322 housing units); Ohio (1 in every 325 housing units); Indiana (1 in every 328 housing units); and Delaware (1 in every 329 housing units).

Lakeland, Atlantic City, and Columbia post highest metro foreclosure rates in 2024

Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2024 were Lakeland, FL (1 in every 172 housing units with a foreclosure filing); Atlantic City, New Jersey (1 in every 200 housing units); Columbia, SC (1 in every 204 housing units); Cleveland, OH (1 in every 208 housing units); and Las Vegas, NV (1 in every 231 housing units).

Metro areas with a population greater than 1 million, including Cleveland, Ohio and Las Vegas, Nevada that had the highest foreclosure rates in 2024 were: Orlando, Florida (1 in every 234 housing units); Jacksonville, Florida (1 in every 241 housing units); Chicago, Illinois (1 in every 245 housing units); and Miami, Florida (1 in every 247 housing units).

Average time to foreclose decreases quarterly but increases annually

U.S. properties foreclosed in the fourth quarter of 2024 had been in the foreclosure process an average of 762 days, a 6 percent decrease from the previous quarter but a 6 percent increase from a year ago.

States with the longest average time to foreclose in Q4 2024 were Louisiana (3,015 days); Hawaii (2,505 days); New York (2,099 days); Wisconsin (1,989 days); and Nevada (1,750 days).

Q4 2024 Foreclosure Activity High-Level Takeaways

There was a total of 84,361 U.S. properties with foreclosure filings in Q4 2024, down 3 percent from the previous quarter and down 9 percent from a year ago.

Nationwide in Q4 2024, one in every 1,671 properties had a foreclosure filing.

States with the highest foreclosure rates in Q4 2023 were Nevada (one in every 1,003 housing units with a foreclosure filing); Florida (one in every 1,110 housing units); New Jersey (one in every 1,127 housing units); Indiana (one in every 1,141 housing units); and Connecticut (one in every 1,222 housing units).

For full report, please click the source link above.

FEMA Major Disaster Declaration – Alaska Severe Storm and Flooding

Posted on January 16, 2025 by Safeguard

FEMA Alert
January 15, 2025

FEMA has issued a Major Disaster Declaration for the state of Alaska to supplement state, tribal, and local recovery efforts in areas affected by a severe storm and flooding from October 20-23, 2024. The following areas have been approved for assistance:

Public Assistance:

Bering Strait Regional Educational Attendance Area
Northwest Arctic

***Please note: only properties located within the Bering Strait Regional Educational Attendance Area are eligible for assistance, as well as properties located in the Northwest Arctic borough.***

Alaska Severe Storm and Flooding (DR-4859-AK)

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

California Wildfires: Containment and Evacuation Information

Posted on January 13, 2025 by Safeguard

Disaster Alert
January 13, 2025

Source: Cal Fire

Below is the latest information regarding containment and evacuations areas for the Palisades Fire, the Eaton Fire, and the Hurst Fire.

As of this afternoon, Cal Fire reports 40,588 acres burned, 19 fatalities and 12,300+ structures destroyed.

Palisades Fire:

23,713 Acres

14% Containment

Areas in red remain under evacuation order; areas in light yellow are under evacuation warning.

Eaton Fire:

14,117 Acres

33% Containment

Areas in red remain under evacuation order; areas in light yellow are under evacuation warning.

Hurst Fire:

799 Acres

95% Containment

Evacuation orders have been lifted for the area.

Click here for a list of zip codes associated with affected areas, designated by fire.

We will continue to update as additional information is acquired.

To order an inspection, please log-in to your SafeView Access account.

To read the full articles, please click the source links above.

FEMA Major Disaster Declaration – Native Village of Kwigillingok Severe Storm and Flooding

Posted on January 13, 2025January 17, 2025 by Safeguard

FEMA Alert
January 10, 2025

FEMA has issued a Major Disaster Declaration for the Native Village of Kwigillingok in Alaska to supplement tribal and local recovery efforts in areas affected by a severe storm and flooding from August 15-18, 2024. The following areas have been approved for assistance:

Public Assistance:

Kwigillingok

***Please note: only properties located within the Native Village of Kwigillingok are eligible for assistance.***

Native Village of Kwigillingok Severe Storm and Flooding (DR-4857)

Map of Affected Area

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – South Carolina Severe Storms and Flooding

Posted on January 13, 2025 by Safeguard

FEMA Alert
January 10, 2025

FEMA has issued a Major Disaster Declaration for the state of South Carolina to supplement state, tribal, and local recovery efforts in areas affected by severe storms and flooding from November 6-14, 2024. The following counties have been approved for assistance:

Public Assistance:

Bamberg
Calhoun
Orangeburg

South Carolina Severe Storms and Flooding (DR-4858-SC)

Map of Affected Areas

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FHFA Director Sandra Thompson Departs Amid Speculation About GSE Conservatorship

Posted on January 10, 2025 by Safeguard

Industry Update
January 9, 2025

Source: Globest.com

Sandra Thompson, director of the Federal Housing Finance Agency, is set to step down on January 19, according to an agency spokesperson. This announcement comes at a crucial time for the US housing market, as the FHFA oversees two key players: Fannie Mae and Freddie Mac, as well as the Federal Home Loan Bank system.

Had Thompson chosen to remain in her position, President-elect Donald Trump would have had the authority to swiftly remove her following his January 20 inauguration, thanks to a recent US Supreme Court decision that eased the process of removing the FHFA director.

The timing of Thompson’s resignation coincides with growing market anticipation that the Trump administration may move to release Fannie Mae and Freddie Mac from conservatorship. (The federal government took control of the companies during the 2008 financial crisis, providing a bailout of approximately $187.5 billion).

This prospect of their release has already had a significant impact on the market, with Fannie Mae’s stock soaring 258% since Trump’s election in November. This surge is largely attributed to the advocacy of Bill Ackman, founder of Pershing Square Capital Management, who has argued that the Trump team’s commitment to reducing government involvement will help complete the process of releasing Fannie and Freddie from conservatorship.

Earlier this month, the agencies overseeing Fannie Mae and Freddie Mac unveiled a roadmap for releasing the pair from government supervision. This announcement sent the entity’s common stock to its highest levels since 2019. The new guidelines reinstate the US Treasury’s authority to approve any release plan, aiming to ensure an “orderly” process.

However, the process of releasing Fannie Mae and Freddie Mac from government control is likely to be complex and time-consuming. Bloomberg Intelligence analyst Ben Elliott told Bloomberg that a government exit is “at best a 2026-27 prospect”. The complexity of this undertaking and concerns about potential disruptions to the housing market had previously slowed efforts during Trump’s first administration.

The potential release of Fannie Mae and Freddie Mac from conservatorship has significant financial implications that go beyond the likely change in mission for these entities. In exchange for its financial injection in 2008, the Treasury received senior preferred shares in Fannie and Freddie. The recent agreement does not affect the GSEs’ capital retention or dividend payments under these senior preferred shares.

Investors have long battled over the future of these entities. During the financial crisis, holders of Fannie and Freddie’s preferred shares were adversely affected when the entities ceased dividend payments. The prospect of releasing the companies from conservatorship has reignited investor interest, with some, likeAckman, recommending buying the entities’ common stock.

For full report, please click the source link above.