In the third quarter of 2023, the share of mortgage loans in the foreclosure process in the United States decreased slightly to 0.49 percent. Following the outbreak of the coronavirus crisis, mortgage delinquency rates in the United States spiked to the highest levels since the Subprime mortgage crisis (2007-2010). To prevent further impact on homeowners, Congress passed the CARES Act that provides foreclosure protections for borrowers with federally backed mortgage loans. As a result, the foreclosure rate remained at historically low levels.
Share of loans in foreclosure processes in the United States from 2000 to 3rd quarter 2023
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Share of loans
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Covers one- to four-family residential non farm mortgage
loans. Mortgage origination is the making of a new mortgage, including all steps taken by a lender to attract and qualify a borrower, process the mortgage loan, and place it on the lender’s books. Based on the national Delinquency Survey which covers 45 million loans on one- to four unit properties, representing between 80 to 85 percent of all 'first lien' residential mortgage loan outstanding. Loans surveyed were reported by approximately 120 lenders, including mortgage bankers, commercial banks and thrifts. Percentage of loans in the foreclosure processes at year-end, not seasonally adjusted.
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Mortgage Bankers Association. (November 9, 2023). Share of loans in foreclosure processes in the United States from 2000 to 3rd quarter 2023 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/205983/total-loans-in-foreclosure-process-in-the-us-since-1990/
Mortgage Bankers Association. "Share of loans in foreclosure processes in the United States from 2000 to 3rd quarter 2023." Chart. November 9, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/205983/total-loans-in-foreclosure-process-in-the-us-since-1990/
Mortgage Bankers Association. (2023). Share of loans in foreclosure processes in the United States from 2000 to 3rd quarter 2023. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/205983/total-loans-in-foreclosure-process-in-the-us-since-1990/
Mortgage Bankers Association. "Share of Loans in Foreclosure Processes in The United States from 2000 to 3rd Quarter 2023." Statista, Statista Inc., 9 Nov 2023, https://www.statista.com/statistics/205983/total-loans-in-foreclosure-process-in-the-us-since-1990/
Mortgage Bankers Association, Share of loans in foreclosure processes in the United States from 2000 to 3rd quarter 2023 Statista, https://www.statista.com/statistics/205983/total-loans-in-foreclosure-process-in-the-us-since-1990/ (last visited July 22, 2024)
Share of loans in foreclosure processes in the United States from 2000 to 3rd quarter 2023 [Graph], Mortgage Bankers Association, November 9, 2023. [Online]. Available: https://www.statista.com/statistics/205983/total-loans-in-foreclosure-process-in-the-us-since-1990/