Next, Rick points out that the parent company he works for, ATTOM Data Solutions says more than 70% of homeowners have more than 20% equity in their homes. Whereas, during the Great Recession over 30% of homeowners had negative equity. That’s a HUGE difference which greatly reduces the risk of another foreclosure crisis.
Third, Rick says the foreclosure rate before Covid was tiny at just 0.6%, well below the normal level of 1%. I know here in CO our foreclosure rate was 0.3% for a long time before Covid.
Fourth, 30-and 60-day late payments are currently at record lows. And if a borrower is not even 30 days late they are in NO danger of foreclosure or short sale.