Tag Archives: delinquencies

New York’s Serious Delinquency Rate Exceeds National Average

According to Mortgage Bankers Association data, the rate of new foreclosures in the second quarter of 2013 was 1.07%, a record figure going back to 1979. This was higher than the national average of 0.64%. It was also reported that the Empire State had the third-highest serious delinquency rate in the nation with 9.2%, followed […]

Mortgage Delinquencies Jump by Almost 10% in June

Lender Processing Services (LPS) recently released its Mortgage Monitor Report, which showed that early mortgage delinquencies rose by 9.9% during the month of June. The national mortgage delinquency rate went from 6.08% in May to 6.68% in June. However, it is lower than it was in the beginning of the year, when it was 6.9%, […]

FICO Survey Shows Mortgage Delinquencies Will Decrease Slightly

A recent survey conducted by the Professional Risk Managers Association and FICO respondents, showed that during the first quarter of 2013, 45.2 percent of respondents believed that mortgage delinquency rates would remain constant over the next six months and 38.5 percent saw further rate declines, as compared to the fourth quarter of 2012, when 31.3 […]

Mortgage Applications Rise, While Mortgage Delinquencies Tumble

There has been some good news in the housing market, particularly the mortgage market. Based on economic indicators, more people filed mortgage application forms to buy a house or to refinance their loan. Meanwhile, fewer mortgage holders are finding themselves behind on their payments. The Mortgage Bankers Association reported that the total number of mortgage […]

Study Shows Pre-purchase Counseling Can Be Effective Tool Against Default

A recent study by NeighborWorks shows that prospective homeowners who underwent pre-purchase counseling before obtaining a mortgage were less likely to default on their mortgages than those who did not seek counseling. NeighborWorks studied 75,000 mortgages originated between 2007 and 2009 and found that those who went through the counseling program were 33% less likely […]

Affordable Financial Services LTD Weekly Review

RealtyTrac recently reported that short sales outpaced foreclosure sales in 2012 by a 3-to-1 margin. While foreclosure sales accounted for 11% of all sales — a 13% drop from 2011 — short sales made up 32% of all sales last year, a 5% year-over-year gain. In the fourth quarter of 2012, foreclosures sold at a […]

More Than 850,000 Loan Modifications Completed in 2012

Hope Now, a consortium of mortgage servicers, investors, insurers and housing non-profits, recently released a report showing that 850,034 mortgages were modified in 2012 as the number of foreclosures and delinquencies declined. That is a decrease from 2011, when there were 1.05 million loan mods. Of the modifications that were completed last year, 661,362 were […]

Foreclosed and Delinquent Loans Decrease, According to MBA

The number of foreclosed loans in the third quarter of this year has declined by 20 basis points (bps) from the second quarter and 36 bps from one year ago, according to the Mortgage Bankers Association’s National Delinquency Survey. The delinquency rate for one- to four-family homes dropped to 7.4% in the third quarter, 18 […]

Treasury Says HAMP Didn’t Really Help Homeowners

The Treasury Department recently released a report showing that, as of June 30, more than 1 million temporary and permanent loan modifications have failed since the start of the Home Affordable Modification Program (HAMP) took effect three years ago. According to the report, had the larger servicers were better-equipped to handle the crushing caseload of […]

Affordable Financial Services LTD’ Weekly Finance Review

Home prices are falling in most major U.S. cities, as reported by Bloomberg BusinessWeek. At least 10 major U.S. markets, including New York, are at their lowest point since the housing boom of 2006-2007. According to The Standard & Poor’s/Case-Shiller city index, home prices fell in 19 out of the 20 major cities. The record […]