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Mortgage Originations Decline 10 Percent but Quality Soars
Mortgage originations plunged 10.1 percent from November to December, continuing a decline from 2011's September peak. At the same time, loans originated over the last two years have proved to be some of the best quality originations on record.
Mortgage Approvals Handicap Buyers
In another sign that buyers are having an increasingly difficult time getting mortgage financing, nearly one out of three home sales in December went to buyers paid all cash.
Outlook 2012: Ingo Winzer Sees Tale of Two Cities
By: Steve Cook; Mon, Jan 16, 2012
This year will be a tale of two cities. Local employment created by economic growth will drive housing market recoveries, and those markets that create more jobs will see property values and rents improve faster than others that don't.
2011 Foreclosures Fell to Four-year Low; Nevada at a Standstill
By: Steve Cook; Thu, Jan 12, 2012
Foreclosure activity and the national foreclosure rate last year both fell to their lowest annual level since 2007 and a new state law has brought foreclosure starts and sales to a virtual standstill in the state of Nevada, which has led the nation in foreclosures for the past five years.
Atlanta Won’t Miss 2011
By: Steve Cook; Fri, Jan 6, 2012
Home prices in Atlanta plummeted during the fourth quarter as a flood of foreclosures saturated the market, leaving economists across the nation scratching their heads and local homeowners hoping for a turnaround.
Big Banks Created Foreclosure Boom
The largest banks and federal savings associations created a 21.1 percent increase in new foreclosures during the third quarter when they lifted voluntary moratoria implemented in late 2010.
Homeownership Counseling Helps Keep Modified Loans Current
Just three weeks after Congress restored $40 million in its budget for homeownership counseling, a new study by the Urban Institute reports that counseling greatly increased the ability of homeowners to stay current once they cured a serious delinquency or foreclosure.
Retiree Rentals and Foreign Owners: Is Florida the Future?
By: Steve Cook; Tue, Dec 20, 2011
The Housing Crisis, which kicked off with the melt down of the Miami condo market in 2006, is changing Florida into a state where new properties are being exclusively marketed for foreign ownership and snow-state retirees who once were the lifeblood of the state's huge second home market now rent instead of buying.
Nearly Half of all November Sales Were Distressed
By: editor; Tue, Dec 20, 2011
Despite solid demand for home purchases overall, a glut of distressed properties is continuing to put downward pressure on home prices, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
Delinquency Rate Creeps Up
As the year winds down, a growing number of homeowners are 30 days or more behind in their mortgage payments. Delinquency rates, which have been in decline for months, are creeping up again.
November Foreclosures Down 14 Percent from 2010
Foreclosure filings decreased 3 percent from October and 14 percent decrease from November 2010. One in every 579 U.S. housing units with a foreclosure filing during the month, according to RealtyTrac's Foreclosure Market Report.
Florida’s First in Mortgage Fraud
While activity increased on mortgage fraud cases being prosecuted in California, New York also saw acceleration in fraud and fraud activity in Minnesota zoomed, Florida's mortgage fraud index topped the list for the Third-Quarter 2011 Mortgage Fraud Index from MortgageDaily.com.
Mortgage Defaults are on the Road to Recovery
By: editor; Mon, Dec 12, 2011
The UFA Default Risk Index for the fourth quarter of 2011 edged lower to 131 from last quarter's revised 133, which has suggests that residential mortgage default and prepayment risks are continuing their return to normalcy.
Mortgage Banks’ Profits on Originations Soar 377 Percent
By: Steve Cook; Fri, Dec 9, 2011
Mortgage banks made an average profit of $1,263 on each loan they originated in the third quarter of 2011, up from $575 per loan in the second quarter of 2011 and $346 per loan in the first quarter, according to the Mortgage Bankers Association according to the Mortgage Bankers Association. That's a 377 percent increase over a six month period.
Mortgage Delinquencies Forecast to Fall in 2012
By: editor; Wed, Dec 7, 2011
After rising slightly to a rate of 6.02 percent in the first quarter, 60-day mortgage delinquencies will resume their decline, falling to about 5 percent of all performing mortgages by the end of next year
Do REO Sales Threaten Homeownership?
By: Steve Cook; Wed, Dec 7, 2011
During the boom, the only way first-time buyers, minorities and working families could afford to buy a home was through subprime and creative financing. Now that homeownership is affordable, new barriers to financing and competition with investors are locking them out of homeownership and changing the residential fabric of our communities from ownership to rental.
Two-time Losers Flood Foreclosure Inventory
By: Steve Cook; Fri, Dec 2, 2011
Nearly half, 45 percent, of October foreclosure starts were redefaults-mortgages which had previously defaulted and were modified unsuccessfully either by the lender or the federal government. About 105,000 redefaults increased total foreclosure starts in October to 232,865, 11.5 percent more than the level of a year ago.
Excessive Rates Cripple Underwater Borrowers
By: editor; Tue, Nov 29, 2011
In a time of 4 percent mortgages and programs like HARP designed to help homeowners refinance at lower rates, more than 15 million homeowners who are underwater on their mortgages are paying rates higher than 5 percent.
Delinquency Rate Hits Three-year Low as Boom Loans Improve
By: Steve Cook; Fri, Nov 18, 2011
The national delinquency rate for residential home loans fell to 7.99 percent in the third quarter, the lowest reading since the fourth quarter of 2008, and it represents a decline of 45 basis points from the second quarter of this year and a drop of 114 basis points from the third quarter of last year
First Mortgage Defaults Rose in October
In another sign that more foreclosures are on the way, defaults on first mortgages rose last month as defaults on other credit categories declined.
Foreclosure Defaults Are Rising Again
Foreclosure default notices are on the rise as the economy continues to take its toll and lenders become more aggressive as they move past the processing problems that have plagued foreclosures for more than a year.
Damaged Foreclosures Continue to Poison Prices
By: Steve Cook; Wed, Nov 2, 2011
Nearly half of all foreclosures listed for sale are so seriously damaged they need major repair before they are habitable, a percentage that has remained virtually unchanged over the past two years.
Landlords Welcome Strategic Defaulters
By: Steve Cook; Wed, Oct 19, 2011
A new survey of former homeowners who have walked away from their homes found that their credit was good enough after foreclosure for the vast majority to rent new housing and few were required to make a larger than normal deposit.
New York Foreclosures Take 3.2 Years
By: Steve Cook; Thu, Oct 13, 2011
The average time to process a foreclosure in New York State in the third quarter is now 986 days, the longest of any state and a new record for New York. When sales time is added, the time from default to a new owner closes is now 1179 days, or 3.2 years.
Seriously Delinquent Mortgages Hit Three-year Low
By: Steve Cook; Tue, Oct 4, 2011
Of the approximately 4 million mortgages that are either 90 or more days delinquent or in foreclosure, the number that are delinquent 90 days or more days has shrunk to levels not seen since 2008.
Bank Risk Managers Foresee Years of High Foreclosures, Low Prices
By: Steve Cook; Mon, Oct 3, 2011
FICO's latest quarterly survey of bank risk professionals found that growing optimism of late 2010 and early 2011 has been replaced with a markedly pessimistic outlook for defaults and home prices.
Shadow Inventory Joins Biggest Losers
By: Steve Cook; Tue, Sep 27, 2011
The so-called shadow inventory of foreclosures-properties that are seriously delinquent by not yet listed on multiple listing services for resale-is shrinking faster than a Weight Watchers spokesperson.
Foreclosure Lawsuits Soar
By: editor; Mon, Sep 26, 2011
Litigation over the foreclosure process reached its highest level in the second quarter than in any quarter since MortgageDaily.com's Mortgage Litigation Index was introduced in 2007.
First-Time Buyers Losing Interest in Short Sales
By: editor; Mon, Sep 26, 2011
Processing delays have taken their toll on first-time homebuyer interest in short sales, which now account for more than one of every six house sales, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
Mortgage Delinquencies Resume Decline
By: Steve Cook; Wed, Sep 21, 2011
After two months of increases during and following the Congressional debate over the federal deficit last June, mortgage delinquencies may have resumed their decline.
Foreclosures Down One Third from 2010
By: editor; Thu, Sep 15, 2011
Foreclosure filings rose 7 percent in August, but they are still down nearly 33 percent from August 2010. Foreclosure activity on a year over year basis now has been down for 11 straight months.
Fannie Mae’s Defaults Sink to 2 Year Low
By: editor; Wed, Aug 31, 2011
The percentage of mortgages in default more than 60 days in Fannie Mae's portfolio have fallen to the lowest level in two years, another sign that defaults are slowly but steadily declining as more homeowners pay their mortgages on time.
Foreclosures Now Take 20 Months
By: Steve Cook; Tue, Aug 30, 2011
The average home entering the foreclosure process today won't house new owners until the next President has been inaugurated and in office for three months.
Short Sales Soar 19 Percent in Second Quarter
By: Steve Cook; Thu, Aug 25, 2011
Short sales of pre-foreclosure properties jumped 19 percent in the second quarter even as sales of bank-owned foreclosures declined and overall distressed sales were flat.
Delinquencies Rise with Recession Fears
By: editor; Thu, Aug 25, 2011
It's official! With the nation on the brink of a double dip recession, mortgage delinquency rates, especially 30-day delinquencies-- have shifted course and they are trending up again.
Delinquency Decline Erases Foreclosure Inventory Rise
Though the national delinquency rate is about percent below the level of a year ago, the inventory of foreclosures yet to be sold is about 10 percent higher.
Despite Unemployment, Mortgage Default Rates Plunge
By: Steve Cook; Tue, Aug 16, 2011
First and second mortgage default rates in July fell to levels lower than three years at the onset of the recession three years ago despite continued high unemployment levels.
REOs Extend Foreclosure Pain
By: Steve Cook; Fri, Aug 12, 2011
Bank-owned foreclosures (REOs) are taking significantly longer to sell than foreclosures bought and resold by investors, extending the timeline for REO foreclosures even longer than the extraordinary delays for resulting from slower processing.
TransUnion: Mortgage Delinquencies Plummeted in Second Quarter
By: Steve Cook; Wed, Aug 10, 2011
The national mortgage delinquency rate (the rate of borrowers 60 or more days past due) decreased for the sixth consecutive quarter, dropping to 5.82 percent at the end of the second quarter in 2011 according to a quarterly analysis of credit-active U.S. consumers by TransUnion.
Foreclosure Timeline Soars to 587 Days
By: Steve Cook; Fri, Aug 5, 2011
The average loan in foreclosure today has not seen a payment for 587 days, a new record and the total of loans in foreclosure or seriously delinquent now is 12.8 percent higher than last year.
June “Normal” Home Prices Only 1.1 Percent Below 2010
By: Steve Cook; Wed, Aug 3, 2011
June prices of non-distress sale homes were down only 1.1 percent from Juje 2010, and improvement over May, when prices were 2.1 percent below the previous year.
Foreclosures Fall Across America
By: Steve Cook; Thu, Jul 28, 2011
Foreclosure activity decreased in 85 percent of nation's metropolitan areas in the first half of the year and all top 10 metro areas with the highest foreclosure rates posted decreasing foreclosure activity.
Foreclosure Filings Fall Yet Processing Takes Longer
By: Steve Cook; Thu, Jul 14, 2011
Foreclosure filings in the first half of this year fell 25 percent from the last six months of 2010 and are off 29 percent from the first half of 2010.
New Foreclosure Study Finds the More that’s Owed, the Longer the Defaulter Can Stay
By: Steve Cook; Fri, Jul 8, 2011
Homeowners living in houses worth over $417,000 can live in their homes mortgage-free without fear of foreclosure for more than a year, but those in the less valuable homes are getting thrown out in 300 days or less.
Foreclosure Sales Plummeted in May
By: Steve Cook; Wed, Jun 29, 2011
There are significantly fewer foreclosure sales today than there were before foreclosure moratoria were put into place during the Robogate scandal last fall and foreclosure sales are declining.
Shadow Inventory Slowly Fades
By: Steve Cook; Wed, Jun 22, 2011
The so-called "shadow inventory" of foreclosures, properties in the foreclosure pipeline but not yet listed on multiple listings services, slowly shank over the pst year but still amount to five months' worth of home sales.
Mortgage Defaults Hit Four-year Low
By: Steve Cook; Tue, Jun 21, 2011
Default rates on first and second mortgages sank lower than they have been since 2007 and 2006 as more and more homeowners are meeting their mortgage obligations on time.
Radian’s Mortgage Delinquencies Rose 8.6 Percent in May
By: Steve Cook; Fri, Jun 10, 2011
New mortgage delinquencies reported by Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., rose 8.6 percent in May and the major mortgage insurer reported a slower pace of the decline in its delinquency inventory.
Administration Rips Four Major Mortgage Lenders
By: Steve Cook; Fri, Jun 10, 2011
Four of the nation's largest mortgage lenders are "in need of substantial improvement" to service homeowners applying for mortgage modifications under the Making Home Affordable Program (HAMP).
Negative Equity Ducks a Bullet
By: Steve Cook; Tue, Jun 7, 2011
Despite double dipping to their lowest levels since 2009, housing prices in the first quarter failed to drive up the percentage of homeowners who are underwater on their mortgages.
Fannie Finally Mandates Consistency
By: Steve Cook; Mon, Jun 6, 2011
After more than 3.5 million families have lost their homes to foreclosure over the past five years, Fannie Mae has issued new standards requiring servicers to take a consistent approach for handling delinquent mortgages.
Appraisals Are Still Killing Home Sales
By: Steve Cook; Wed, May 25, 2011
One out of ten Realtors (11 percent) report that low appraisals are killing home sales contracts and an addition 10 percent say they are delaying closings, according to an April NAR practitioners survey of Realtors. Some 14 percent report that appraisals coming in under the purchase price are sending purchase deals back to the negotiating table.
First-time Buyers Evaporate
By: Steve Cook; Fri, May 20, 2011
First-time buyer market share fell 18 percent below the level of a year ago, reducing absorption of distressed properties, which accounted for nearly half of all sales during the month.
Negative Equity is “Stubbornly High”
By: Steve Cook; Thu, May 19, 2011
Negative equity, which remains "stubbornly high" as the economy slowly improves, is concentrated among lower valued properties in foreclosure and in properties valued between $100,000 and $200,000 reported CoreLogic in its monthly US Housing and Mortgage Trends Report.
Foreclosure Inventories Ebb But Still Outpace 2010
By: Steve Cook; Wed, May 18, 2011
The inventory of homes in foreclosure awaiting resale fell slightly in April, but they are still 12.7 percent higher than they were a year ago, according to Lender Processing Services April 2011 month-end mortgage performance statistics.
Massive Backlog Freezes Foreclosures
By: Steve Cook; Thu, May 12, 2011
"Massive" delays in foreclosure processing brought the number of new foreclosures to a 40-year low in April, extending the average foreclosure timeline to 400 days but reached 900 days in some states.
US: Deutsche Bank Fraud May Cost More than $1.5 Billion
By: Steve Cook; Wed, May 4, 2011
Yesterday the Justice Department sued Deutsche Bank AG, one of the world's 10 biggest banks by assets, for at least $1 billion for defrauding taxpayers by "repeatedly" lying to a federal agency when securing taxpayer-backed insurance for thousands of mortgages.
Banks Build Record Foreclosure Inventory
By: Steve Cook; Tue, May 3, 2011
The pace of foreclosure starts increased by a third in March, building the national inventory of REO properties to an all-time high of 2.2 million at the end of the month.
Nearly Half of Sales Now Distressed Properties
By: Steve Cook; Mon, Apr 25, 2011
Sales of distressed properties rose to 48.6 percent in March - the second highest level seen in the past 12 months, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
Delinquencies Fall After Negative Equity Rises
By: Steve Cook; Wed, Apr 20, 2011
Mortgages delinquent 30 days or more are continuing to decline steadily even though the number home owners who owe more on their homes rose slightly in the fourth quarter last year.
Slow Processing Stretches Foreclosure Pain
By: Steve Cook; Sat, Apr 16, 2011
Reforms in the processing of foreclosures that have been put in place in the wake of the Robogate scandal are slowing the foreclosure timeline and extending the corrosive effects of large numbers of foreclosures on local markets.
Get Ready for a Weak Recovery
By: Steve Cook; Tue, Apr 12, 2011
Some markets are stabilizing now and on the macro level, the housing recovery is not far away, according to Sam Khater, senior economist at CoreLogic. But the long awaited recovery won't be much to get excited about, at least initially.
Corelogic: Non-distressed Prices are Stabilizing
By: Steve Cook; Fri, Apr 8, 2011
Nationally home prices fell for the seventh month in a row in February according to the CoreLogic HPI, declining by 6.7 percent year over year after declining by 5.5 percent in January 2011 compared to January 2010.
Shadow Inventory Shrinks
By: Steve Cook; Wed, Mar 30, 2011
The inventory of unlisted properties that are in the foreclosure pipeline shrank slightly over the past year but remains at a nine months' supply.
Homeowners Still Pay Credit Cards Before Mortgages
By: Steve Cook; Wed, Mar 30, 2011
Despite a steadily improving economy and declining mortgage delinquency rates over the past year, more homeowners still are paying credit card bills before their monthly mortgage payment, a three year old practice than roughly parallels the foreclosure era and the emergence of "strategic defaults," where mortgage holders walk away from their homes even though they can afford the mortgage payments
Massive Foreclosure Inventory Overwhelms Sales
By: Steve Cook; Tue, Mar 29, 2011
An enormous backlog of foreclosures dominates the foreclosure picture at every level, outpacing the monthly sales volume by a factor of thirty and promising to continue the Foreclosure Era for months and years to come.
Delinquencies Fell Faster in January
By: Steve Cook; Mon, Mar 21, 2011
The delinquency rate on mortgages 30 days or more past due fell by more last month than it has in nearly a year, according to Lender Processor Services' Mortgage Monitor report to be released later this week.
Default Risk Rises for Nonprime Mortgages
By: Steve Cook; Fri, Mar 18, 2011
The potential default risk on nonprime mortgages that were closed in the first quarter rose to the same level as loans closed last spring and fall after a drop in the fourth quarter, according to the UFA Default Risk Index, which measures the risk of default on newly originated nonprime mortgages.
Foreclosures Take a Dive
By: Steve Cook; Thu, Mar 10, 2011
Foreclosures hit their lowest level in three years in February, in part because of the continuing confusion and disruption caused by the Robogate scandal last fall and in part because delinquencies have fallen steadily for a year as the economy slowly recovers.
New Delinquencies Continue to Fall, But So Do Foreclosure Sales
By: Steve Cook; Wed, Mar 2, 2011
New delinquencies and foreclosure starts continued to fall in January, but increases in foreclosure processing and sales were not enough to offset swelling foreclosure inventories or lengthening foreclosure timelines. In fact, the average loan in foreclosure has not made a payment in over 500 days, according to Lender Processor Services' February Mortgage Monitor report.
Half of January Home Sales were Distressed Properties
By: Steve Cook; Tue, Feb 22, 2011
Almost half of the homes sold in January were foreclosures or short sales, the highest level of distressed sales in nearly a year, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
Delinquency Rates Dip Downward Again
By: Steve Cook; Fri, Feb 18, 2011
Delinquency rates (on mortgages 30 or more days past due, but not in foreclosure) have been the brightest light in the gloomy foreclosure picture over the past year. Two new reports confirm that delinquencies are falling to pre-recession levels, a sign that the economy is steadily improving and the end of the foreclosure plague may be in sight.
Is There Light at the End of the Foreclosure Tunnel?
By: Steve Cook; Thu, Feb 10, 2011
Not so long ago, foreclosures were rare and mortgage-backed securities were considered sleepy, conservative, super low risk investments. In fact, there is reason to hope that the end of the multi-year foreclosure nightmare is finally in sight. The flow of future foreclosures has steadily slowed over the past year. Delinquency and default rates have been falling consistently.
Foreclosure Inventories are 7.8 Times above Normal and Rising
By: Steve Cook; Tue, Feb 8, 2011
A report by Lender Processing Services today confirms Fitch Ratings' analysis yesterday that the volume of defaulted loans moving to REO status has fallen to a trickle as a consequence of the Robo-gate scandal, contributing to a backlog of foreclosures that threatens to reverse the overall decrease in foreclosure inventory caused by the steady decline in new delinquencies last year.
Robo-gate Will Haunt REO Inventory for Four Years
By: Steve Cook; Mon, Feb 7, 2011
Fall-out from the scandal known as "Robo-gate" will lengthen the time frame for clearing all the current non-agency inventory of distressed properties to four years, according to a new report today by Fitch Ratings.
HAMP Cuts Re-default Rate
By: Steve Cook; Fri, Feb 4, 2011
Homeowners who modified their mortgages under government's Home Affordable Modification Program (HAMP) are staying current on their loans at a far better rate than critics expected and are outperforming industry modifications, according to the largest data from the Treasury Department.
Challenges Face Luxury Homes
By: Steve Cook; Fri, Jan 21, 2011
Things were looking up for luxury home sales during the tax credit boomlet last year. However, the credit wasn't the primary reason; after all, $4000 isn't a compelling incentive to well-heeled move up buyers in the million dollar plus housing bracket.
Fed Bid to Limit Rescission Rights Sparks Consumer Outrage
By: Frances Flynn Thorsen; Tue, Jan 11, 2011
The Federal Reserve is moving ahead with plans to change the right-of-rescission rule as part of the Truth in Lending Act (TILA) despite intense outcry from consumer advocates and top members of the Senate Banking Committee.
FHA Steps Up Intervention for Seniors at Risk of Foreclosure
By: Frances Flynn Thorsen; Wed, Jan 5, 2011
The Federal Housing Administration (FHA) offers new guidance for homeowners and lenders for borrowers with reverse mortgages falling behind on property taxes and insurance premiums, placing them at risk of foreclosure. “We understand that some senior citizens have not paid their taxes or insurance for some time and may be at risk of losing their [...]
Foreclosure: Crafting Graceful Exit Options and Recovery Strategies
By: Frances Flynn Thorsen; Thu, Dec 23, 2010
“Not since the Great Depression has an economic downturn and the accompanying foreclosure crisis left so many lives in ruins. How can individuals and families find the resources and support they need to put their lives back in order?” asks A Resource Guide for Foreclosure Recovery, a 25-page handbook published by the Community Affairs division [...]
More Homeowners Dodge Foreclosure Bullet with NFMC Counseling
By: Frances Flynn Thorsen; Tue, Dec 21, 2010
All loss mitigators are not created equal. The odds of curing a foreclosure and avoiding redefault are 1.7 times better for homeowners enrolled in the National Foreclosure Mitigation Counseling (NFMC) Program than for homeowners who do not receiving such counseling, according to the Urban Institute. The group released a report yesterday analyzing the NFMC program [...]
IDAs Increase Down Payment Cash, Reduce Foreclosure Risk
By: Frances Flynn Thorsen; Mon, Dec 20, 2010
Low-income homebuyers who participate in matched savings plans (IDAs) and financial education are three times less likely to lose their homes to foreclosure than other low-income buyers in the same locale.
TransUnion Sees Double Digit Decline in Delinquencies Next Year
By: Steve Cook; Fri, Dec 17, 2010
Mortgage delinquencies will drop nearly 20 percent by the end of 2011 to 4.98 percent of all mortgages from an expected 6.21 percent at the end of 2010, according to the latest forecast from TransUnion, one of the three top credit rating bureaus.
Scottsdale Market Snapshot: Cash and Crash Indicators
By: Frances Flynn Thorsen; Thu, Dec 16, 2010
The New York Times once described downtown Scottsdale as “a desert version of Miami’s South Beach” with “plenty of late night partying and a buzzing hotel scene.” Luxury marketer and builder Luetta Newnam of Casa Buena Realty LLC, is a second-generation Realtor who has watched the real estate market swing to dizzying heights and record equity [...]
Poor Condition of REOs Depresses Home Values
By: Steve Cook; Fri, Dec 10, 2010
The quality, as well as the quantity, of many bank-owned properties in the REO inventory is creating a drag on home values because they are difficult to sell in today's market, Scott Sambucci, vice president of Altos Research, said yesterday in a Webinar for investors.
Rural Foreclosures: The Hidden Heartland Inventory
By: Steve Cook; Mon, Dec 6, 2010
You've heard of the Shadow Inventory? The Heartland's foreclosure inventory isn't in a shadow. It's totally hidden.
Foreclosure Discount Grows, Home Values Fall
By: Steve Cook; Thu, Dec 2, 2010
Not only did the number of foreclosures grow during the third quarter, so too did the "foreclosure discount," the difference between the average price of foreclosed properties and properties for sale that are not in foreclosure.
Fitch Foreclosure Forecast Casts a Pall on Recovery Hopes
By: Steve Cook; Tue, Nov 2, 2010
Not until March 1, 2014 will the last of the seven million properties that are currently delinquent, in foreclosure, or bank-owned finally return to life as homes or investments.
Crisis Freezes Foreclosures as REO Inventories Rise
By: Steve Cook; Thu, Oct 14, 2010
As investigations and multi-month delays in the foreclosure process begin, those who will suffer most are JP Morgan Chase, Bank of America and Wells Fargo, according to a new survey of foreclosure exposure, and foreclosure suspensions are coming at a bad time, just as foreclosue sales are down and REO inventories are rising.
ForeclosureGate Won’t Close til 2011
By: Steve Cook; Wed, Oct 13, 2010
Almost hourly the nightmare facing the housing industry worsens as the ramifications of what is being called ForeclosureGate become clearer.
Fannie Confirms Delinquencies Declining
By: Steve Cook; Fri, Oct 1, 2010
In its second quarter report, Fannie Mae confirmed what others have previously reported: since the first of the year, serious mortgage delinquency rates have slowly but steadily declined.
Mortgage Modifications are Sticking
By: Steve Cook; Wed, Sep 29, 2010
Though the Administration's Home Affordable Modification Program (HAMP) is falling far short of its goal of helping three to four million homeowners, the program is succeeding at helping those who do make through the program are stay current on their payments and avoid re-default.
Though Foreclosures Rise, Delinquencies Wane
By: Steve Cook; Fri, Sep 24, 2010
While foreclosure starts remain high, the longer term foreclosure picture is improving as evidence mounts that delinquencies, though still very high, are declining, despite the economy.
Straightening Out the MERS Mess
By: Steve Cook; Thu, Sep 23, 2010
Could 62 million homeowners be secure from the threat of foreclosure because their mortgages are held by an industry-run electronic mortgage registry that a California bankruptcy court recently ruled cannot be used to establish ownership of the loans?
Distress Sales Market Share to Rise
By: Steve Cook; Fri, Sep 17, 2010
Distress sales, foreclosures and short sales will increase their market share during the fourth quarter as the tax-credit induced sales bump disappears and buyers return to bargain shopping.
Housing Faces the Fall
By: Steve Cook; Mon, Sep 6, 2010
The consensus among the experts that home prices will fall farther before they hit bottom may become a self-fulfilling prophecy as the very buyers so desperately needed to buy up the excess inventory and stop the price slide will wait until they are absolutely sure that prices have reached their lowest point.
REOs Put New Pressure on Prices
By: Steve Cook; Wed, Sep 1, 2010
Rising numbers of real-estate owned properties (REOs) and delinquencies are creating excess supply in housing markets across the country.
TransUnion Reports Delinquencies Fall for Second Straight Quarter
By: Steve Cook; Tue, Aug 17, 2010
Another provider of national credit data reported today that mortgage delinquencies have been falling during the first half of the year, suggesting that the housing sector is beginning to stabilize.
Foreclosure Report Stuns Wall Street
By: Steve Cook; Thu, Aug 12, 2010
However, RealtyTrac;s news wasn't all bad. In fact, it confirmed a trend of declining default, suggesting foreclosures will decline as well in the months to come
Job Losses and Medical Bills Drive PA Foreclosures
By: Steve Cook; Wed, Aug 4, 2010
A new study by the Pennsylvania of Realtors provides new evidence that job losses and unexpected medical bills, not subprime mortgages, are the two leading causes of foreclosure in that state.
Foreclosures Move in Next Door
By: Steve Cook; Thu, Jul 29, 2010
While foreclosures fell in nine out of the nation's ten highest foreclosure markets during the past six months, they are increasing almost everywhere else in the nation as the changing causes of mortgage defaults bring foreclosures home to hundreds of communities.
Foreclosure Picture Improves in First Half
By: Steve Cook; Thu, Jul 15, 2010
Foreclosure filings fell 5 percent in the first half of the year but still exceed the first six months of 2009 by 8 percent, according to figures released today by RealtyTrac. One in 78 home0wners received a foreclosure notice in the first half.
Foreclosure Sales Fell 33 Percent in Q1; Discounts Rose
By: Steve Cook; Wed, Jun 30, 2010
Sales of foreclosed properties fell by one third in the first quarter from a year ago and 14 percent from the last quarter of 2009, according to a new report released today by RealtyTrac, the leading online marketplace for foreclosure properties.
Strategic Defaults May Have Peaked Last Year
By: Steve Cook; Mon, Jun 28, 2010
Despite the recent publicity and current debate about homeowners who walk away from their mortgages even thought hey have the ability to pay; the phenomenon of "strategic default" may have peaked before it was identified.
Supply is High as Shadow Inventory Looms
By: Steve Cook; Wed, Jun 23, 2010
The inventory of unsold existing homes remained unnervingly high in May, raising questions about the price outlook for the balance of the year, especially in light of an immense backlog of foreclosed properties, known as the "shadow inventory," that will certainly have a depressing effect on prices as those homes begin to come on market.
Most Modified Loans Will Re-default in 12 Months
By: Steve Cook; Wed, Jun 16, 2010
Despite the extensive and lengthy process required to modify mortgages in default so that borrowers could afford their payments, most will default again in a year or less, according to Fitch Ratings.
Mortgage Defaults Fell Seven Percent in May
By: Steve Cook; Thu, Jun 10, 2010
Good news on the foreclosure front continues as defaults fell 7 percent in May. Overall foreclosure activity fell 3 percent during the month and is virtually unchanged from the level of a year ago, according to RealtyTrac's latest report.
High Risk Delinquency Rates Turn the Corner
By: Steve Cook; Mon, Jun 7, 2010
The worst looks to be over for the high risk loans that ignited the housing depression. Alt-A delinquencies declined for the second consecutive month following a steady four-year increase and subprime delinquencies also fell for the third straight month, according to the latest performance metrics from Fitch Ratings.
Foreclosures Will Plague the Markets Until 2013
By: Steve Cook; Wed, Jun 2, 2010
Processing of so many foreclosed properties has slowed down and the so-called “shadow inventory” has grow so large that it will take until 2013 to work them through the system.
UFA Sees Mortgage Risks Rapidly Returning to Normal
By: Steve Cook; Sun, May 23, 2010
Default risk for nonprime mortgages fell during the first quarter.
New Survey Reveals Shocking Increase in Strategic Defaulters
By: Steve Cook; Thu, May 20, 2010
The Trulia-RealtyTrac survey produced the highest number yet of potential strategic defaulters.
Shadow Inventory Reaches 4.3 Million Homes
By: Steve Cook; Wed, May 19, 2010
The large number of homes in serious delinquency, or in the foreclosure process, suggest that the so-called "shadow inventory" of properties owned by lenders but not yet on the market has reached 4.2 to 4.3 million homes, said Jay Brinkmann, MBA's chief economist.
Strategic Defaults Outpace HAMP Modifications
By: Steve Cook; Tue, May 4, 2010
The percentage of foreclosures that were perceived to be strategic was 31 percent in March 2010, compared to 22 percent in March 2009.
Mortgage Picture Improves Despite 7.39 Million Delinquent Loans
By: Steve Cook; Thu, Apr 29, 2010
The Mortgage Monitor report released today by Lender Processing Services, Inc., a leading provider of mortgage performance data and analytics, showed modest improvements in the number of loans curing to current and reductions in total new delinquencies.
Bank Repossessions Hit All-time High
By: Steve Cook; Thu, Apr 15, 2010
Bank repossessions of homes (REOs) hit a record high in the first quarter.
One Out of Ten Mortgages is Delinquent
By: Steve Cook; Mon, Apr 12, 2010
Despite a slight seasonal improvement over last month, mortgage delinquencies still hover near record highs, 21 percent above a year ago
Fifteen Percent Say it’s OK to Walk Away
By: Steve Cook; Tue, Apr 6, 2010
When asked if financial distress makes stopping payments on an underwater mortgage acceptable, 15 percent of respondents said yes in Fannie Mae's National Housing Survey, a remarkable level of public acceptance for homeowners who walk away from their mortgages in light of the growing number of defaults in Fannie Mae's portfolio.
Distressed Property Sales Soar
By: Steve Cook; Mon, Mar 22, 2010
The share of home purchase transactions involving distressed properties surged to almost half in February, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions.
Delinquencies Slow But They Exceed Modifications
By: Steve Cook; Mon, Mar 15, 2010
The February 2010 Mortgage Monitor report, released by Lender Processing Services, Inc. shows that while delinquency rates in the U.S. have risen to historic highs, the pace of deterioration has slowed. However, the nation's housing market remains far from a full recovery.
Foreclosures Fall, Optimism Rises
By: Steve Cook; Thu, Mar 11, 2010
For the second time in three weeks, a major national report on foreclosures and delinquent mortgages suggest that the flood of foreclosures that washed over the housing markets in 2009 is ebbing and may even be at an end.
Where Did the Shadow go?
By: Steve Cook; Wed, Mar 10, 2010
With the year nearly one quarter over, inventories give no sign of a large "shadow inventory" of foreclosed homes being kept off the market.
Delinquency Rate Falls Below Ten Percent
By: Steve Cook; Fri, Feb 19, 2010
The delinquency rate for mortgage loans on one-to-four-unit residential properties fell to a seasonally adjusted rate of 9.47 percent of all loans outstanding as of the end of the fourth quarter of 2009.
Negative Equity Drives Foreclosures into the Heartland
By: Steve Cook; Thu, Feb 11, 2010
The trend suggests that no locality is immune from what has become the leading cause of mortgage defaults, negative equity.
“The Federal Government Has Become the Mortgage Market”
By: Steve Cook; Tue, Feb 9, 2010
Federal programs now stretch from origination to guarantor to securitization and finally to domination of mortgage backed securities markets.
Ten Percent of Prime Jumbo Loans Are Delinquent
By: Steve Cook; Tue, Feb 9, 2010
The higher end of the US housing market continued to weaken in January.
’09 Foreclosure Binge to Produce Hangover in ‘10
By: Steve Cook; Thu, Jan 14, 2010
So many properties are in the pipeline that huge numbers of delinquent properties won't come to market until this year or later.
Recasting Mortgages Worth $47 Billion Will Increase Defaults
By: Steve Cook; Mon, Jan 11, 2010
Thousands of homeowners who have been making payments on interest only mortgages are in for a rude shock this year
Foreclosed Fowl Forfeit Roost
By: Steve Cook; Mon, Jan 11, 2010
At first, all was well at the new location until a neighbor reported the chickens to the county's nuisance line last month.
Crime Falls in Foreclosure Hotbeds
By: Steve Cook; Thu, Jan 7, 2010
Crime rates fell in nearly every one of the nation's leading foreclosure markets last year, exceeding a decline in the national crime rate in many cases, despite the widespread belief that foreclosures spawn crime.
Prediction: Foreclosure Mills Will Prosper
By: Steve Cook; Mon, Jan 4, 2010
To a small group of legal professionals who have figured out how to made foreclosures their pot of gold, the Foreclosure Era continues to be a time of prosperity and profit.
Speculator Sticks Ten Banks with 20 Mortgages Worth $6.4 Million
By: Steve Cook; Sun, Dec 27, 2009
A New York speculator convinced ten different banks to give him 20 separate mortgages to buy 10 homes with no money down and he defaulted on every one.
One of Five Modified Loans Fails in 90 Days
By: Steve Cook; Tue, Dec 22, 2009
That's the good and bad news from the latest Mortgage Metrics Report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
God Bless ‘Em Every One
By: Steve Cook; Sat, Dec 19, 2009
Unwilling to appear Scroogy a week before Christmas, Bank of America, JPMorgan Chase and OneWest Bank joined Citigroup, Fannie Mae and Freddie Mac in postponing foreclosure evictions through January 3.
Shadow Inventory Rises 54 Percent
By: Steve Cook; Fri, Dec 18, 2009
The 1.7 million homes currently in the "shadow inventory" significantly increases calculations of the inventory of homes for sale, according to a new report from First American CoreLogic.
Some Foreclosure Evictions Break for the Holidays
By: Steve Cook; Fri, Dec 18, 2009
Not only were Fannie and Freddie 27 days later this year than last announcing their moratorium, they're giving families facing foreclosures only 15 days of holiday peace, from December to January 3, 2010.
Bargains Get Tougher for Investors
By: Steve Cook; Wed, Dec 16, 2009
Recent industry studies suggest factors are at work that will make bargains harder to find and profit margins slimmer.
Poll Finds 2 Million Unemployed Lost Their Homes
By: Steve Cook; Tue, Dec 15, 2009
Some 4 million would be at risk of losing their homes and 2 million would have lost them, if the survey's findings proved to be true on a national level. Total foreclosures in 2009 are expected to exceed 3.5 million, according to RealtyTrac.
HAMP Credited with 40 Percent Rise in California Foreclosure Cancellations
By: Steve Cook; Tue, Dec 15, 2009
"While many have predicted a wave of foreclosures and REO's, I believe we are instead likely to see a wave of foreclosure cancellations as the Administration kicks off their conversion drive to make more modifications permanent, said ForeclosureRadar CEO Sean O'Toole.
Foreclosures Bring Out the Bugs
By: Steve Cook; Mon, Dec 14, 2009
In the San Francisco Bay region, where foreclosures reached record levels this year, rats and bugs are moving into abandoned houses as quickly as humans depart.
Florida HOAs See Foreclosures Worsening
By: Steve Cook; Mon, Dec 14, 2009
Some 86 percent of Florida condominium and homeowners associations expect foreclosures and delinquencies to stay the same or increase next year, creating additional revenue shortfalls for their associations.
Foreclosure Activity Falls Eight Percent
By: Steve Cook; Thu, Dec 10, 2009
Foreclosure filings fell nearly eight percent from October and were down 15 percent from the July peak.
Fed Governor Says Lenders Flee Foreclosures in Devastated Neighborhoods
By: Steve Cook; Wed, Dec 9, 2009
Rather than foreclosing on defaulted mortgages in neighborhoods devastated by the economy, lenders are abandoning them because the cost of proceeding with foreclosure is greater than their value.
Farmer Sues Wells Fargo to Feed Foreclosed Animals
By: Steve Cook; Wed, Dec 9, 2009
"I would have tried to place the animals somewhere safe," the farmer said. "Apparently they're not animal people at all."
Ten Percent of Homeowners Would Walk Away
By: Steve Cook; Tue, Dec 8, 2009
Nearly one out of ten homeowners, 9.2 percent or 7.4 million homeowners, say they would likely walk away from their homes, default on their mortgages and suffer the consequences to their credit if they felt financially vulnerable and owed more on their homes than they are worth, according to a new national survey released today.
Wild Parties Trash San Diego Foreclosures
By: Steve Cook; Fri, Dec 4, 2009
In San Diego, one person's pain is another's...place to party.
Mortgage Deterioration Rate Exceeds 3:1
By: Steve Cook; Wed, Dec 2, 2009
Of home loans that were current as of December 2008, more than two million, or 4.02 percent, were delinquent or in foreclosure by the end of October 2009.
Are Foreclosures Igniting a Firestorm of Arson?
By: Steve Cook; Wed, Dec 2, 2009
A year ago fire safety organizations and insurance companies warned that desperate homeowners and business owners facing foreclosure would be burning their property to collect insurance money and avoid the stigma of foreclosure.
Judge Wipes Out Mortgage, Shocks Lending Industry
By: Steve Cook; Fri, Nov 27, 2009
Last week’s ruling by a Suffolk County, New York judge wiping out $525,000 in mortgage debt has sent shudders throughout the lending industry.
Real Estate Investors Walk Away Before Homeowners
By: Steve Cook; Wed, Nov 25, 2009
When they owe more on a property than it is worth, investors are more likely to stop paying on their mortgage and default than owners living in a primary residence.
Freddie Mac’s Delinquency Rate Rises for 30th Month
By: Steve Cook; Tue, Nov 24, 2009
Freddie Mac's mortgage delinquency rate for its single family mortgages past due by 90 days or more rose for the 30th straight month in October, reaching a record 3.54 percent of its portfolio.
Unemployment Drives Record Mortgage Delinquencies
By: Steve Cook; Thu, Nov 19, 2009
Fourteen percent of all American mortgages are either delinquent or in the process of foreclosure.
Foreclosures Overwhelm Rural Communities
By: Steve Cook; Wed, Nov 18, 2009
Like suburban areas, rural communities also are suffering the devastating impact of negative equity on their housing markets.
Hot Refi Checks Leave Illinois Homeowners in the Cold
By: Steve Cook; Mon, Nov 16, 2009
Last month a process server drove up to his Mokena, Ill. home and handed Franson papers notifying him he owed his old lender $93,702.51 and they were foreclosing on his home.
Low Priced Foreclosures and High Hopes for Appreciation Draw Investors Back to Real Estate
By: Steve Cook; Thu, Nov 12, 2009
The number of consumers interested in investing in real estate has doubled since March 2009.
Delinquent Mortgages and Foreclosures Soared in September
By: Steve Cook; Mon, Nov 9, 2009
Today one out of every eight American homeowners with a mortgage (12.49 percent) is either in foreclosure or delinquent in their payments.
Tidal Wave of New Defaults Arrives
By: Steve Cook; Mon, Nov 9, 2009
The first wavelets of a long-dreaded tsunami of new defaults are washing up on the shores of California, Nevada and other markets where prices soared during the housing boom.
Foreclosure Hot Spots Spread to Idaho and Utah
By: Steve Cook; Fri, Oct 30, 2009
Foreclosures fell in five of the top ten markets for distressed sales during the third quarter, but new foreclosure hot spots cropped up in unlikely Western markets.
Homeowners Accused of Torturing Loan Modification Agents
By: Steve Cook; Thu, Oct 29, 2009
A Los Angeles-area couple and three partners were charged last week with torturing two employees of a loan modification company who they believed had defrauded them and reneged on a promise to help save their home in a Los Angeles suburb.
Foreclosures Drove September Prices Up Six Percent
By: Steve Cook; Mon, Oct 19, 2009
Real estate agents participating in the Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions report that residential property values rose 6 percent from August to September.
More Churches Face Foreclosure
By: Steve Cook; Sun, Oct 18, 2009
Churches, parsonages, church schools and other properties are becoming victims of the same sour national economy that has devastated secular real estate.
Foreclosures Seen Declining in 2010
By: Steve Cook; Fri, Oct 16, 2009
After reaching an all-time high in 2009, foreclosure starts will to decline after the first of the new year, according to a new forecast from UFA LLC.
Foreclosures Reach All-Time High
By: Steve Cook; Thu, Oct 15, 2009
Nearly one million homes received some form of foreclosure notice during the third quarter, setting an all-time high for foreclosure filings reported by RealtyTrac.
Nevada Suit Could Halt Thousands of Foreclosures
By: Steve Cook; Sun, Oct 4, 2009
A Reno law firm is preparing a class action lawsuit on behalf of Nevada homeowners who face foreclosure by a surrogate company that represents thousands of mortgage owners but doesn't actually own the loans themselves.
“Marinstock” to Help Families Facing Foreclosure
By: Steve Cook; Fri, Oct 2, 2009
A day of music, children's entertainment, food and a healing sanctuary begin at 10 AM tomorrow in Novato, California's Hamilton Amphitheater to raise money to help nearly 80 families from Marin and Sonoma counties who are facing losing their homes to foreclosure
Fannie Mae’s Delinquent Loans Soar
By: Steve Cook; Tue, Sep 29, 2009
Nearly one out of twenty mortgages guaranteed by Fannie Mae was seriously delinquent in July, according to the latest data released today from the Congressionally-chartered company.
ASPCA Says Abandoned Animals are Starving in Foreclosed Homes
By: Steve Cook; Thu, Sep 24, 2009
Owners may abandon as many as a million or more animals in foreclosed homes this year and many could possibly starve to death before they are discovered, a senior official of the American Society for the Prevention of Cruelty to Animals said today.
State Foreclosure Programs Stuck in Neutral
By: Steve Cook; Wed, Sep 23, 2009
State and local programs to help troubled homeowners stave off foreclosure through mediation have yet to make much difference to date, according to a new report from the National Consumer Law Center.
Foreclosures Will Overwhelm Government Efforts
By: Steve Cook; Fri, Sep 11, 2009
Even if the disappointingly slow Federal foreclosure program achieves the goals for which it was designed, the foreclosure crisis could be as bad in three years as it is today. A flood of new foreclosures generated by the double whammy of unemployment and resetting exotic loans will overwhelm the government efforts and impede recovery.
Waves of Resets Promise a New Foreclosure Flood
By: Steve Cook; Wed, Sep 9, 2009
Two reports out yesterday revived fears that waves of new foreclosures will come crashing down on residential real estate markets as borrowers default on exotic adjustable rate mortgages (ARMs) that will reset over the next three years.
Underwater Owners are Failing to Cure
By: Steve Cook; Tue, Aug 25, 2009
"Cure rates," the percentage of borrowers who recover on their own after falling delinquent on their mortgages, may not be as great as previously assumed, according to a new report from Fitch Ratings.
Delinquencies Soar Nine Percent in Second Quarter
By: Steve Cook; Thu, Aug 20, 2009
Just when you think the foreclosure picture can't get any worse, it does. MBA's quarterly delinquency survey set another distressing record today.
Foreclosures Set a New Record–Again
By: Steve Cook; Thu, Aug 13, 2009
Foreclosure filings for July rose 32 percent over a year ago and seven percent over June, according to RealtyTrac. One in every 355 US homes received a default notice, was scheduled for auction or was repossessed by a bank last month
Report from Connect: Prepared for the Real Estate Recovery?
By: Steve Cook; Fri, Aug 7, 2009
Like a bride preparing for her wedding, the residential real estate industry is slimming down, primping up, and generally working hard to reinvent itself in anticipation of the day when long-absent consumers will return to the marketplace.
Minorities and Foreclosures
By: Steve Cook; Mon, Aug 3, 2009
Increasing minority homeownership has been a national policy of both Republican and Democratic Administrations for decades, and for good reason. Traditionally, homeownership has been the path most families have taken to establish financial security. Moreover, homeownership has long been associated with such positive factors as safer neighborhoods and better neighborhood schools.
This Schizophrenic Market is a Long Way from Healing
By: Steve Cook; Mon, Jul 27, 2009
Like black markets that spring up in ravaged cities during wartime, there's something inherently unhealthy about the existence of a two-tiered housing market, one for "normal" sales and one for "distressed" sales.
Inventories Fall Despite Record Foreclosures
By: Steve Cook; Fri, Jul 24, 2009
The best news in this week's June existing home sales report was not the increase in sales in the face of rising interest rates, which was certainly welcome news, but the fact that inventories declined despite record foreclosures during the first half of the year.
One-third of Mortgage Defaulters Don’t Need Help
By: Steve Cook; Wed, Jul 22, 2009
Nearly one third of all homeowners who seriously default on their mortgages end up paying what they owe and don't need to renegotiate their loans, according to a new, massive study by economists at the Federal Reserve Bank of Boston.
Foreclosures: Time for Heat or Light?
By: Steve Cook; Fri, Jul 17, 2009
As long as Americans have owned homes and records have been kept, never have more families lost more homes to foreclosure than in the first six months of this year. The raw numbers in RealtyTrac's latest report are startling.
Reality Check for the Obama Foreclosure Plan
By: Steve Cook; Fri, Jul 10, 2009
Five months and 1,1 million foreclosures after President Obama announced the Making Home Affordable programs, the Administration has yet to identify a single borrower who has closed on a modified loan under the program, though at least one servicer reports approving 87,100 mods.
Why They Walk Away…
By: Steve Cook; Tue, Jul 7, 2009
A recent study conducted by researchers from the graduate schools of business at the University of Chicago and Northwestern University found that one out of four homeowners who default on their mortgages make a strategic decision to clear out their belongings and walk away from their homes-even if they can afford to pay their mortgages.
S&P Counts the Dead Bodies
By: Steve Cook; Tue, Jul 7, 2009
Standard & Poor's latest report on the cost of mortgage losses to the financial sector does a good job of totaling up the dying bodies to date killed by securities backed by tainted, exotic loans. The tally is frightening, but what may be scarier are the good old fashioned foreclosures yet to come.
It’s the Economy, Stupid
By: Steve Cook; Mon, Jul 6, 2009
Last week's report that the economy lost 467,000 jobs in June and the unemployment rate climbed to 9.5 percent, the highest rate since August 1983, was not just bad news for Wall Street. It was also terrible news for the war against foreclosures.
Real Progress on the Foreclosure Front
By: Steve Cook; Wed, Jul 1, 2009
With the raging recession killing jobs, falling prices driving even more homeowners underwater, and thousands of loans that should never have been made resetting, reports of record foreclosures have become the norm.
HUD Secretary Shoots for Millions of Loan Mods
By: Steve Cook; Thu, Jun 18, 2009
The Administration's loan modification program is aiming for millions of mods over its three year lifespan, HUD Secretary Shawn Donovan told a conference of real estate journalists today and there are 200,000 trial modifications in process right now, 40,000 were added in the last week alone .
Does the Shadow REALLY Know?
By: Steve Cook; Wed, Jun 17, 2009
For a year or so, rumors of a "shadow inventory" of foreclosed homes have captivated the real estate industry.
Take Another Look at May Foreclosures
By: Steve Cook; Fri, Jun 12, 2009
The May foreclosure numbers from Realty Trac show a six percent decrease in Foreclosure filings—default notices, scheduled auctions and bank repossessions—over April and several media outlets decided the report was good news.
The Delinquency Catch-22
By: Steve Cook; Tue, Jun 2, 2009
What was suggested strongly by the latest MBA quarterly delinquency survey (see Delinquencies: Trading One Nightmare for Another) has been confirmed by a new report from TransUnion.
Delinquencies: Trading One Nightmare for Another
By: Steve Cook; Thu, May 28, 2009
If there is any slight comfort to be taken from today's record-breaking mortgage delinquency numbers from the Mortgage Bankers Association, it's that there are early signs that the option ARM nightmare may not be as bad as many feared.
What One Hand Giveth…
By: Steve Cook; Thu, May 14, 2009
Families struggling to stay in their homes and working through loan modifications with their lenders are being targeted with the following message broadcast by the National Taxpayer Advocate.
Is a Flood of New Foreclosures Coming to Market?
By: Steve Cook; Thu, May 14, 2009
For the past three months, the number of homes possessed by lenders (REOs) has fallen, reaching the lowest level in a year in April, even though the total level of foreclosure filings has risen to a record high.
Foreclosure Filings Rise
By: Steve Cook; Sun, Apr 26, 2009
Foreclosure filings surge in March to an all-time record as banks lifted moratoria on filings. Five states accounted for nearly 60 percent of foreclosures in the first quarter of the year.
Moratoria Mask Foreclosures
By: Steve Cook; Sat, Apr 25, 2009
For real estate market watchers anxious to see the end of the foreclosure plague that has poisoned property values across the nation...
REO Discounts Drive Down Values
By: Steve Cook; Tue, Mar 24, 2009
Last year the gap between sales prices of REO properties and non-foreclosed homes grew dramatically in a number of the nation’s leading residential markets, suggesting that REO properties are increasingly discounting their prices and driving down home values at a faster rate.
The Economics of Foreclosure
By: David Lereah; Tue, Mar 17, 2009
The Obama foreclosure mitigation plan offers hope for the future but the present foreclosure situation illustrates the magnitude of the problem it faces. Foreclosure filings in February were 290,000, up 6 percent from a month earlier and up nearly 30 percent from a year earlier. With the economy contracting and shedding a large number of jobs on a monthly basis, it is likely that the grim foreclosure situation will continue throughout the remaining months of this year
What’s Up With Foreclosures?
By: Steve Cook; Tue, Mar 17, 2009
Foreclosures in February soared 30 percent in 12 months, increasing 6 percent over January. The rise cannot be blamed on the lifting of moratoria on foreclosures alone because moratoria instituted in January by Fannie Mae, Freddie Mac and leading lenders remain in effect to allow defaulting borrowers to participate in the Administration’s new foreclosure prevention program.
Delinquencies Set a Record, Moratoria Create Artificial Spike
By: Steve Cook; Tue, Mar 10, 2009
In the fourth quarter of last year, more homeowners—nearly 8 percent—were delinquent on their mortgages than 1972, when records were first kept. Jay Brinkmann, MBA’s chief economist and senior vice president for research and economics attributed the increase in delinquencies to factors that had nothing to do with the economy.
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