Tag Archives: delinquent

GSE Sees Foreclosures Drop 11% in Q2 2013

Reports have shown that Foreclosures and delinquencies have continued to drop within government-sponsored enterprises such as Fannie Mae and Freddie Mac after second-quarter reviews from the Federal Housing and Finance Agency’s (FHFA) Foreclosure Prevention Report. Interestingly, third-party sales and foreclosures fell 10% from last quarter and foreclosure starts decreased by 11%. This is the result […]

Shadow Inventory in July Falls by 30% Year over Year

Lender Processing Services recently previewed its latest Mortgage Monitor, revealing that, at the end of July, more than 4.5 million mortgages were still distressed (some more distressed than others). This indicates a massive reduction in pre-sale foreclosure inventory, also known as “shadow inventory.” The pre-sale inventory between June and July was down 2.82% to a […]

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%, […]

Shadow Inventory and Foreclosure Rates Drop

The recent National Foreclosure Report from CoreLogic announced that the foreclosure inventory — that is, the number of homes in foreclosure — fell by 2.9%, dropping from 1.4 million homes in some stage of foreclosure during the month of April to 1.0 million homes in May. This inventory represented 2.6% of all mortgaged homes in […]

Home Finance Write-offs Fall to Five-Year Low

Equifax recently released its March National Consumer Credit Trends Report, which showed that there were $43.1 billion in home finance balances written off during the first quarter of 2013, down 23% year over year from $55.4 billion in Q1 2012. Last quarter’s figure is at a five-year low. Write-offs (or severe derogatories) include loans that […]

Obama: $943 Million May Be Needed to Bail Out Federal Housing Administration

President Barack Obama recently announced that the Federal Housing Administration may need a bailout to the tune of $943 million in taxpayer money to keep the agency afloat. If this were to happen, it would the first time in FHA’s 80-year history that the government-based mortgage insurer would need a bailout. The FHA is taking […]

Shadow Inventory Falls 18% Year Over Year in January

CoreLogic recently reported that the shadow inventory during the month of January dropped 18% from its January 2012 levels. There are now 2.2 million homes that are considered seriously delinquent, in some stage of foreclosure or REO (real estate owned) by a lender but not listed anywhere as being for sale. Further, January’s figure was […]

80% of Strategic Defaulters Want to Buy Another House Next Year

A recent survey from YouWalkAway.com showed that 80% of homeowners in strategic default — that is, those who “walked away” from their mortgages when they started facing foreclosure — are looking to buy another house within the next 12 months. This may benefit the housing market early next year: Moody’s Analytics says that there will […]

Home Equity Revolving Credit Hits Three-Year High

According to Equifax’s October edition, home equity revolving lines of credit are totaling more than $44 billion (noted from July until now), having reached the highest level it’s had in three years. The lines of credit received a 9% increase from 2010, the recession “low,” which was said to have a total of $40.6 billion. […]