Seriously Delinquent Mortgages Fall to 5-Year Low

The number of mortgages that were 'seriously delinquent' in November fell to the lowest level since the end of 2008, according to a new data from property information firm CoreLogic. Completed foreclosures also dropped, an indication that the U.S. housing market is getting back on stable footing. In November there were less than 2 million mortgage loans that were classed as seriously delinquent – those that were late by 90 days or more – accounting for roughly 5 percent of all mortgages, the Read more [...]

Foreclosures Fall to Seven-Year Low

Total U.S. foreclosures fell last month to the lowest point in seven years, according to foreclosure data market RealtyTrac, a sign that a slowly healing economy is also resolving the foreclosure crisis. There were 113,454 foreclosure filings – including default notices, auctions and bank repossessions – in November, a 15 percent decrease from October and a 37 percent drop from November 2012.That represents the largest monthly decline since November 2010, when the “robo-signing” scandal Read more [...]

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on December 12th 2013 in Mortgage News

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

Existing Home Sales Fall Even As Prices Climb

Sales of existing U.S. homes dropped for the second month in October, according to the National Association of Realtors, a product of restricted inventory and tight credit standards. Total existing-home sales fell 3.2 percent in October to a seasonally adjusted annual rate of 5.12 million, down from September’s 5.29 million pace. Compared with a year ago however, sales are still up 6.0 percent. On a yearly basis, sales have now been up for 28 consecutive months. The national median price Read more [...]

Mortgage Delinquencies Reach 5-Year Low

A sign of the tighter lending standards enforced since the housing bust, the number of U.S. homeowners behind on their mortgage payments has fallen to the lowest point in over five years, according to new data from the Mortgage Bankers Association (MBA.) Just 6.41 percent of all home loans were delinquent in the third quarter of 2013, a rate not seen since the 2008 second quarter. The new figure is down from 6.96 percent last quarter and 7.40 percent one year ago. Delinquencies include those loans Read more [...]

Home Sales Slipped in September

Sales and prices of existing U.S. homes fell in September from August, according to the National Association of Realtors, but both continued to rise on a yearly basis. Existing-home sales slumped 1.9 percent last month to seasonally adjusted annual rate of 5.29 million, down from 5.39 million in August, but rose 10.7 percent from September 2012’s pace. Sales have now increased on a year-over-year basis for 27 consecutive months. Meanwhile, the median price for an existing-home dropped to Read more [...]

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

Getting a Normal Mortgage in a Not-Yet Normal Market

The U.S. housing market is recovering, but is a ways off yet from returning to “normal” levels. In fact, the market is now 64 percent back to normal, according to real estate data company Trulia. While that is certainly more than half way there, it means there are still some challenges when it comes to mortgages. Home loan lenders are only recently starting to ease up on their credit standards. Since the housing bubble popped several years ago, lenders have been reeling from the aftermath Read more [...]

Report: Fannie and Freddie’s Accounting Masks Major Losses

Mortgage finance companies Fannie Mae and Freddie Mac posted profits in the latest quarter, a notable change from their consistent losses during the Great Recession. Yet now that they seem to have turned a financial corner, it looks like there might be some lingering problems, according to the agencies' regulator. The Federal Housing Finance Agency released details Monday that show Fannie and Freddie's profits may be misleading as they are not yet reporting all their losses due to loan write-offs. Read more [...]

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on August 19th 2013 in Mortgage News