According to a recent government report from the office of the Special Inspector General of the Troubled Asset Relief Program (SIGTARP), 800,000 homeowners who received loan modifications during the financial crisis will begin to see their monthly payments go up by about $200 a month. About 30,000 homeowners will experience their first set of higher […]
RealtyTrac’s recent U.S. Foreclosure Market Report indicated that filings, such as default notices, bank repossessions, and auctions, dwindled to 1.36 million in 2013—a 26% decline from 2012 and a 53% decrease from the pinnacle in 2010. In addition, the report showed that 1.04% of all housing units, or one in every 96, had at least […]
States that were most affected by the foreclosure crisis are not using all of the money the federal government has set aside for struggling homeowners, according to a report by the Congressional Research Service. The federal government provided $7.6 billion for the “Hardest Hit Fund” to help homeowners in states with high foreclosure rates. However, […]
Local municipalities have seen improvement in the housing market based on a survey of 712 county governments. According to the Thomas Reuters and the National Association of Counties’ Annual Local Property Markets Survey, 72% of U.S. counties reported an increase in assessed property values. In addition, 64% of counties reported a rise in the volume […]
According to CoreLogic, foreclosures during the month of September were down 39% from last September with 84,000 foreclosures twelve months ago to 51,000 this September. The number of completed foreclosures also fell by 0.7% between August 2013 and September 2013. Despite the improvement, the number of completed foreclosures two months ago was higher than it […]
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 […]
According to a recent article in Newsday, new foreclosure cases on Long Island are spiking, even as the mortgage crisis fades in the rest of the United States. The article states that although home values are on the rise — suggesting a housing rebound on the Island — lenders filed 12,271 initial foreclosure cases in […]
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 […]
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 […]
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 […]