Industry Update
July 12, 2024
Source: Auction.com 2024 Seller Insights Report
Auction.com, the nation’s leading distressed real estate marketplace, today released its 2024 Seller Insights Report, which shows that most default servicing leaders surveyed in Q2 2024 expect a soft landing in the economy, a continued rise in home prices and a gradual increase in foreclosure volumes in the second half of the year.
Survey respondents identified the rising “hidden” homeownership costs of homeowners insurance and property taxes as the biggest potential risk for triggering higher delinquency rates in 2024.
Slightly more than half (51 percent) of loans in loss mitigation at the time of the survey were expected to permanently perform, according to respondents.
The report was based on a survey of more than 30 key default servicing leaders at the eighth annual Auction.com Disposition Summit in late April.
Respondents included leaders from banks, nonbanks, mortgage asset owners, government agencies and government[1]sponsored enterprises.
“Our partners in the default servicing industry are on the frontlines of any emerging risk in the mortgage market, and we communicate regularly with them to identify those risks and build solutions of value,” said Jason Allnutt, CEO at Auction.com. “Nearly halfway through the year, leaders in this industry are telling us that the risk of rapidly rising delinquencies and foreclosures this year remains low and that they expect a soft landing in the housing market and broader economy despite an expectation that mortgage rates will remain relatively high throughout the remainder of the year.”
For full report, please click the source link above.
