Noteworthy pieces of title insurance industry news involve the highest Home Purchasing Sentiment (HPSI) from Fannie Mae ever recorded, home price appreciation, and millennials and refinancing rates

We begin today’s title insurance industry news with recent data from ATTOM Data Solutions on foreclosure activity in the U.S. This information comes from the company’s Year-End 2017 U.S. Foreclosure Market Report, which according to ATTOM shows that, “foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005.”

The article continues with added information on the statistics. “Those 676,535 properties with foreclosure filings in 2017 represented 0.51 percent of all U.S. housing units, down from 0.70 percent in 2016 and down from a peak of 2.23 percent in 2010 to the lowest level since 2005.”

Title insurance industry news: Mortgage delinquencies decline

The next story looks at mortgage delinquencies, which declined during the month of November. According to Core Logic, “In November 2017, 5.1 percent of home mortgages were in some stage of delinquency, down from 5.2 percent a year earlier and the lowest for any November since 2006, when it was 4.6 percent, according to the latest CoreLogic Loan Performance Insights Report.  The measure includes all home loans 30 days or more past due, including those in foreclosure. For the month of November, the share of delinquent mortgages was highest – 11.5 percent – in November 2009.”

Title insurance industry news: There s a strong belief that home prices will go up

Fannie Mae’s Home Purchase Sentiment Index (HPSI) increased during January by 3.7% to 89.5. According to the study, “The net share of Americans who say home prices will go up rose 8 percentage points to 52% in January, reaching a new survey high. The percentage who said home prices will go up reached a new survey high of 58%.”

There was also a growth in the amount of people who believe now is a good time to sell a house. “Additionally, the net share who reported that now is a good time to sell a home increased 4 percentage points and is now up 23 percentage points year over year.”

A higher level of job security is also being expressed. “Americans also expressed a greater sense of job security, with the net share who say they are not concerned about losing their job increasing 5 percentage points.”

Millennials and refinancing rates

According to Ellie Mae, refinancing rates for millennials is growing. “December was the third straight month refinances accounted for 15 percent of all closed loans for Millennial borrowers – the highest percentage of refinances for this demographic since February 2017’s annual high of 17 percent. The percentage of closed purchase loans remained at 84 percent, decreasing from June 2017’s peak of 90 percent.”

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Resources for this article on title insurance industry news:

U.S. Foreclosure Activity Drops to 12-Year Low in 2017

Loan Performance Insights Report Highlights: November 2017

Housing Sentiment at New Survey High on Higher Home Price Expectations

Refinances Remain Steady in Last Quarter of 2017 According to December Ellie Mae Millennial Tracker™