Quicker Foreclosures Mean Quicker Recovery

In states where foreclosures are processed quickly, the housing recovery also moved quickly compared to those states where foreclosures have languished in the courts, according to a new study. Pro Teck Valuation Services, a national appraisal firm, found that of the largest 30 U.S. metropolitan areas, the bottom performers were all in so-called judicial states – states where every foreclosure must go before a judge before completion. By contrast all of the top ten performing mortgage markets Read more [...]

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on November 29th 2013 in Mortgage News

U.S. Foreclosures Sneak Up in September But Still Reach 6-Year Low

The number of U.S. homes in the foreclosure process rose slightly in September, according to housing data company RealtyTrac, but on a quarterly basis total foreclosures fell to the lowest level in more than six years. Monthly Numbers In September 131,232 properties nationwide were reported to have a foreclosure filing , including default notices, scheduled auctions and bank repossessions, a two percent increase from August but down 27 percent from one year ago. Foreclosures have now fallen Read more [...]

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on October 10th 2013 in Mortgage News

Foreclosure Starts Fall to 8-Year Low

Foreclosure activity continued to wane in August on a yearly basis, according to market data tracker RealtyTrac, with the number of properties starting the process dropping to an almost eight year low. The total number of foreclosure filings in the U.S., including default notices, scheduled auctions and bank repossessions, fell 2 percent in August from July bring the foreclosure rate to one out of every 1.019 households receiving some notice. Compared with last year, total foreclosure activity Read more [...]

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on September 12th 2013 in Mortgage Loan News

Modified Mortgages Post Poor Success Rate

A government program to save struggling homeowners from foreclosure  is producing disappointing results, although doing better than private sector modifications, according to a new report  from a federal inspector. The Home Affordable Modification Program, or HAMP, was designed by the Obama administration to help homeowners hit hard by the mortgage meltdown by lowering their monthly payments. The report from the office of Christy Romero, special inspector general for the Troubled Asset Relief Read more [...]

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on April 26th 2013 in Mortgage News

Modified Mortgages Continue to Have High Default Rates

Even though mortgage modifications have helped many struggling homeowners avoid foreclosure, the “re-default” rate remains high, according to data from the Office of the Comptroller of the Currency (OCC.) In its latest report, the OCC found that 52.3 percent of the almost three million mortgages that have been modified since 2008 are either delinquent or in foreclosure. Breaking it down, through the fourth quarter of 2012, 7.1 percent of all modified loans were delinquent by 30 to 59 days, Read more [...]

U.S. Home Prices Reach Two-Year High

With nineteen of 20 major U.S. cities posting gains, home prices rose to their highest level in almost two years, according to data from S&P Dow Jones Indices. The S& P/Case-Shiller 20-city composite index registered a non-seasonally adjusted 0.9 percent increase in August from July, and was up 2.0 percent from the previous year. While price growth slowed in August - it grew 1.6 percent in July - it still marked five straight months of increases. The 10-city composite also posted a Read more [...]

Foreclosure Filings Drop in September

For the second straight month, U.S. foreclosure filings decreased in September, according to foreclosure data firm RealtyTrac Inc, reaching a five-year low. Last month, there were just 180,427 foreclosure filings, down 7 percent from August and down 16 percent from the previous year. September's total was the lowest since July 2007. Filings include default notices, scheduled auctions and repossessions. Foreclosure starts, which include just first default notices or scheduled auctions, also Read more [...]

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on October 12th 2012 in Mortgage News

New Regulator Cautions Seniors About Reverse Mortgages

The U.S. mortgage market's new regulator has found cause to worry about reverse mortgages in a recent report, a sign that tighter rules may be on the way. The Consumer Financial Protection Bureau (CFPB), assigned oversight of all mortgages as a result of the Frank-Dodd act, issued a warning in its report about the hazards that could befall seniors taking on reverse mortgages. The study, commissioned by Congress, found that borrowers are obtaining reverse mortgages at much younger ages, taking Read more [...]

Percentage of Underwater Homeowners Grows in Latest Quarter

More and more homeowners are finding themselves underwater on their mortgage loans. According to mortgage data firm CoreLogic, during the fourth quarter of 2011, 11.1 million homeowners owed more on their loans than their homes were worth, up 22.1 percent from 10.7 million in the third quarter. That is the highest level since the company started tracking in the third quarter of 2009. The current figure represents 22.8 percent of all mortgages across the country, almost one of out every four homes. Read more [...]

Foreclosures Activity Dips in November

Total foreclosure activity dropped in November, according to foreclosure listing firm RealtyTrac Inc., following typical seasonal patterns. The number of foreclosure-related notices on U.S. properties fell 3 percent from October to 224,393, reflecting a foreclosure rate of one out of every 579 households. Foreclosure notices are down 14 percent from a year ago. First-time default notices also decreased, falling 8 percent from the month before and 9 percent from November 2010. Yet, while activity Read more [...]