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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. This week, the Federal Reserve Bank of New York published its quarterly Household Debt and Credit Report. It shows that while still low, distress is creeping back into the housing market. Here’s how the U.S. housing foreclosures in Q1 of 2025 compare to previous years: Q1 2014: 144,500 Q1 2015: 111,820 Q1 2016: 96,680 Q1 2017: 90,460 Q1 2018: 76,360 Q1 2019: 71,040 Q1 2020: 74,720 Q1 2021: 11,400 Q1 2022: 24,220 Q1 2023: 35,640 Q1 2024: 44,180 Q1 2025: 61,660 When COVID-19 lockdowns began, the federal government implemented a nationwide foreclosure moratorium to protect homeowners from the economic fallout. These protectionsincluding forbearance programswere extended multiple times. At the same time, a historic surge in housing demand pushed home prices to new highs during the pandemic housing boom, boosting homeowner equity and keeping foreclosure activity unusually low. But in recent quarters, foreclosures have steadily returned, inching closer to pre-pandemic 2019 levels. That foreclosure rebound picked up pace in Q1 2025, following the expiration of the moratorium on foreclosures of home loans backed by the U.S. Department of Veterans Affairs. The question heading forward: Will housing foreclosures continue to rise through the rest of 2025 and in 2026? Lets take a closer look at the leading indicators. Before U.S. housing foreclosures rise, delinquencies of 90-plus days typically increase. While credit card and auto delinquencies of 90 days or more have surged in recent quarters, delinquencies of 90-plus days on household mortgages remain well below pre-pandemic 2019 levels. Here’s how the recent share of household mortgage balances that are 90-plus days delinquent compares to previous years: Q1 2014: 3.72% Q1 2015: 2.95% Q1 2016: 2.08% Q1 2017: 1.67% Q1 2018: 1.22% Q1 2019: 1.00% Q1 2020: 1.06% Q1 2021: 0.59% Q1 2022: 0.47% Q1 2023: 0.44% Q1 2024: 0.60% Q1 2025: 0.86% On the delinquency front, the most noticeable development this quarter is that student loan delinquencies surged to a five-year high in early 2025. While the jump was expected after years of artificially low student loan delinquency rates, Fed researchers warned of serious consequences for behind student-loan borrowers, including damaged credit and reduced access to mortgages and auto loans. According to the New York Fed, superprime U.S. borrowersthose with credit scores above 760who carry unpaid student loan balances are expected to see their credit scores drop by an average of 171 points this spring. Thats because student loan delinquencies, which hadnt been reported to credit bureaus since the start of the pandemic, are now being reported again. This sudden credit hit could temporarily push some borrowers out of the housing market in 2025 and 2026. The Treasury has also resumed collection tactics on student loans, including wage garnishment and tax refund seizures, raising questions about potential spillover into other areas of consumer credit. And before 90-plus day delinquencies typically increase, 30-plus day delinquencies usually rise first. Indeed, 30-plus day mortgage delinquencies have returned to pre-pandemic 2019 levels. Here’s how the portion of household mortgages transitioning into 30-plus days delinquent compares to historic data. Q1 2014: 4.92% Q1 2015: 4.05% Q1 2016: 3.70% Q1 2017: 3.51% Q1 2018: 3.38% Q1 2019: 3.50% Q1 2020: 3.48% Q1 2021: 1.59% Q1 2022: 1.66% Q1 2023: 2.43% Q1 2024: 3.24% Q1 2025: 3.71% Big picture: While U.S. housing foreclosures remain low and below pre-pandemic 2019 levels, the 30-plus days delinquency data suggests that foreclosures could gradually near pre-pandemic 2019 by the end of 2025.
Category:
E-Commerce
The web wasnt always like it is now. It used to be weirderin a good way. And it still can be. After all, we all occasionally need a tranquil break amidst a hectic daybe it a beautiful sunset, the sight of a cat falling asleep on a windowsill, or even just the landscape rolling by as you stare out the window. Thats what the tool we’re about to go over is all about. Its a way to look out a windowbut not your window. Another persons window. Right from your workday screen. On the surface, it may not appear practicalbut arguably, its the most practical thing in the world. Even just a few moments of staring into a virtual window can inject something invaluable into your day. Sometimes, theres nothing more practical than simply taking care of yourself. In that sense, its good for productivity, too. Place the window on a secondary monitoror keep it in one corner of your computer screenand it just might put you in the right mood to tackle the rest of your to-do list without any doomscrolling or other distractions. So, ready to find your favorite magical window? Unearth all sorts of little-known tech treasures with my free Cool Tools newsletter from The Intelligence. A spiffy new discovery in your inbox every Wednesday! Watch windows around the world This simple-as-can-be website lets you peer out someones window via video captured somewhere else in the worldand there’s no telling where, exactly, youll end up. Its random. The site is called WindowSwap, and its a brilliant brain-resetting resource you can use for free. And it couldn’t be much easier to get started with, either: Just open up the WindowSwap website and click (or tap) on Open a window somewhere in the world. You can keep clicking Open a window somewhere in the world as much as you want to randomly flip through different streams. The location of the videoand the time it was captured, likely in the last few monthswill appear at the top of the screen. Heres what the experience actually feels like in action: *click* Its the golden hour near sunset. Youre looking out a window from a high-up apartment at the soft glow of the sky, cars slowly cruising by on the calm street below. *click* Its night time in winter. Snow falls peacefully in a backyard somewhere. All is still. *click* Youre watching out an airplane window as an airplane makes a gradual descent through a clear blue sky, snowy mountains on the horizon. *click* Tropical foliage fills your view. A cockatoo flies toward the camera. *click* A cat faces away from you, staring out the window along with you. Beautiful views from all around the globe are never more than a click away with the free WindowSwap website. You get the idea. It goes on and on like that from there. You can stop wherever you like and take in the viewor maybe even leave it open while you work. WindowSwap is free, but the service will sometimes ask for your support. You can close any pop-ups requesting you subscribe if you aren’t interested in contributing. If you do end up contributing, the WindowSwap All Access subscription offers a handful of extra featureslike the ability to search for specific cameras rather than flipping through them randomlybut you really dont need any of that to enjoy the service. WindowSwap is available as a website for phones, PCs, Chromebooks, Macs, and any other device you may be using. This core service is completely free. And you dont have to create an account or provide any personal information to use it. Ready for more week-enhancing tech treats? Check out my free Cool Tools newsletter for an instant introduction to an incredible audio appand another off-the-beaten-path gem every Wednesday!
Category:
E-Commerce
On Monday, Starbucks rolled out a new dress code as part of its larger corporate overhaul. But union workers say the change is both restrictive and unproductiveand now, baristas are walking out. The dress code comes as new CEO Brian Niccol is on a mission to bring the brand back to basics, including by scaling back its menu, returning hand-written notes on cups, and introducing ceramic mugs in stores. Employees are now required to wear a more simplified palette of solid black tops along with khaki, black, or blue denim bottoms under the companys signature-green apron. However, in an email to supporters, Starbucks Workers Unitedthe union representing Starbucks baristascalled the dress code restrictive, adding that it was implemented without input from the baristas it affects. The union has been bargaining to reach a contract with Starbucks for over three years, with no end in sight. It says that the new dress code represents bad faith bargaining, alleging that the code undermines a tentative agreement about attire made at the bargaining table. A spokesperson from Workers United told Fast Company that, as of Wednesday evening, walkouts have occurred at more than 100 Starbucks locations and included more than 1,200 baristas. The strikes come in the wake of a lackluster financial report for Starbucks’s second quarter of 2025, during which revenue dipped below expectations, U.S. comparable store sales declined 2%, and U.S. comparable transactions were down 4%leaving some analysts wondering just how well Niccol’s “back to basics” plan is actually working. Union workers are frustrated with the new dress code According to a series of videos posted by Workers United, baristas are frustrated with the new dress code for a number of reasons. In one clip posted to Bluesky, a group of workers at a store in Dallas claim they were told their black sneakers were no longer acceptable under the dress code, and that they would have to buy new shoes before returning to work. The Workers United spokesperson explained that, in the past, waterproof shoes have always been a requirement. On Monday, though, several workers (including those in the aforementioned video) claim they were told their waterproof shoes couldnt have any mesh fabric, despite the fact that such a stipulation was not included in the new dress code. As this new dress code begins to be enforced, Starbucks didn't provide money for new shoes. The company would rather understaff stores than let us work in the shoes we've always worn during shifts. Customers don't care about what's on our feet![image or embed]— Starbucks Workers United (@sbworkersunited.org) May 13, 2025 at 7:50 AM The spokesperson also alleged that employees have been sent home for small details like the color of their blue jeans or the number of visible piercings. Managers are told that they have to enforce all these things; otherwise their own jobs are in jeopardy, the spokesperson said. It’s creating a lot of frustration and confusion, and making baristas feel like this really isn’t about what they’re wearing; it’s just about control. In another video of workers announcing their reasons for walking out, one barista shared: Now we have to purchase new shirts and shoes to be compliant with the new policy. Why doesnt Starbucks do the right thing and provide a stipend for these newly required items? View this post on Instagram A post shared by Starbucks Workers United (@sbworkersunited) Starbucks announced its dress code change on April 14. At the time, the company said it was also launching a line of company-branded T-shirts, adding that employees could receive two of these shirts at no cost. However, the Workers United spokesperson said theyd received several reports of the free shirts not being ready for baristas on Monday. Starbucks, on the other hand, claimed that, of the 18 styles available, only three were temporarily unavailable in a few sizes this week. In response to the recent walkouts, a Starbucks spokesperson said: The biggest update to our dress code is simple: wear a black shirteither your own or one we provide.While Workers United, which represents less than 5% of our workforce, attempted to create disruption in a handful of stores, the overwhelming majority of our 10,000 U.S. company-operated stores remain open and are serving customers as normal. The spokesperson noted that there haven’t been any changes to the shoes baristas can wear, other than the heel height, adding that footwear can be black, grey, navy, brown, tan, or white. However, they did not comment on baristas’ complaints about the inconsistent application of the dress code. The spokesperson added that it would be more productive if the union would put the same effort into coming back to the table to finalize a reasonable contract. A broader issue Strikes due to the dress code are just the latest chapter in an ongoing battle between Workers United and Starbucksand union members say their concerns go far beyond what they’re supposed to wear. Over the past three and a half years, Workers United has been in a continuous bargaining process with Starbucks management, seeking a contract that includes higher wages, guaranteed hours, and better staffing in stores. Members reported that negotiations between the union and the company broke down in late February, which has led union members to increasingly engage in acts of civil disobedience, like sip-ins, walkouts, and picket lines. In the past, both the union and the National Labor Relations Board (NLRB) have argued that Starbucks hasnt been bargaining in good faith. In December, Workers United filed an updated unfair labor practice charge with the NLRB outlining their concerns around the drawn-out bargaining process. And, recently, the union filed a new amendment with the NLRB alleging failure to bargain over the dress code. The amendment calls the dress code an example of bad faith bargaining for unilaterally implementing a new dress code policy . . . that materially differed from both the status quo and what the parties had tentatively agreed to at the bargaining table. A Starbucks spokesperson said they would “make sure any differences between our negotiations and store implementations are addressed lawfully and fairly.” Jasmine Leli is a barista from Buffalo, New York, whos worked at Starbucks for three years. Shes also one of the union bargaining delegates who ran the dress code working group that led to a tentative agreement about a future dress code. The unions proposed dress code, she says, included protections like allowing workers to wear union T-shirts to work and to keep their visible piercings. Leli calls the new dress code a distraction from fixing the real issues that we have in our stores. As partners, we don’t have guaranteed hours, Leli says. We don’t have enough people at work during the middle of the day and at night. I’m not getting all of the hours that I need. I’m not making a fair wageI got a 30cent raiseand now I’m being asked to go out and purchase a completely new wardrobe, including shoes, and our contract hasn’t been finalized. Ultimately, Leli says, Starbucks should be working to finish the contract and solve its staffing issuenot implementing a new dress code. Customers care more about the wait time for their latte than the shirt their barista is wearing, she adds. We’re more than mad because the changes that the company is making don’t address the issues that we’re facing in the stores, Leli says. Starbucks is iconic for their green apron. Customers know they’re walking into a Starbucks. It’s not a mystery. And with my regulars, I know their drink, and they know me, whether I’m in a purple shirt or a black shirt.
Category:
E-Commerce
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