Foreclosure

Mortgage delinquencies remain elevated while other aspects of the consumer credit picture, such as bankcard performance, are improving, according to a new report from Experian. The credit bureau says instances of 60-day mortgage delinquencies have risen by 25 percent from 2007, prior to the recession, while 60-day credit card delinquencies have decreased 20 percent since that time. Portland shows the greatest increase in missed mortgage payments, almost double since 2007.

Ally Financial Inc. reported a profit for the second quarter of 2011, but its results were down from previous earnings. Net income for Q2 was $113 million, a decline from $146 million in the previous quarter and from $565 million one year ago. The company says reducing risk in its legacy mortgage portfolio has been among the top priorities. Ally's GMAC Mortgage has completed more than 700,000 loan workouts for defaulted homeowners since 2008. The mortgage unit says it modifies two loans for every one foreclosure.

Sales of foreclosed REO homes and short sales continue to dominate the Las Vegas market. These distressed sales made up nearly 70 percent of the region's home resales in June, according to the research firm DataQuick. REOs accounted for 58 percent of existing-home sales during the month, while short sales comprised 11 percent. With such a heavy presence of distress, the median home price in the Las Vegas metro area dropped to $115,000 in June - the lowest it's been since October 1995.

Third-party investors are much faster at reselling foreclosures than banks, according to the tracking firm ForeclosureRadar. It keeps close tabs on foreclosure activity in states along the country's western seaboard, and the company says one market dynamic that's consistent throughout the area is that investors are moving foreclosed homes at a more rapid pace than lenders who take possession of REOs. For example, California banks on average take 104 days longer to dispose of REOs than third-party investors do to resell their distressed assets.

Claims Recovery Financial Services, LLC (CRFS), a nationwide provider of post-foreclosure claim processing management solutions, announced this week that it has begun offering a host of consulting and training services to educate, inform, and assist lenders, mortgage service companies, and financial institutions. The company says the inclusion of consulting services is a direct response to the significant turmoil within the mortgage industry that has forced lenders to bring on new personnel and provide additional training to existing staff.

Housing prices increased 2 percent over the second quarter of 2011, according to the IAS360 House Price Index compiled by Integrated Asset Services (IAS). In contrast to the previous quarter, prices rose in all four of the U.S. Census regions. The smallest increase was in the West - a region hard-hit by the housing crisis - which reported a 0.1 percent rise. IAS attributes the recent gains, at least in part, to delays in foreclosure processing due to legal battles.

The Law Offices of Marshall C. Watson, P.A., a Fort Lauderdale, Florida-based provider of legal services to mortgage lenders and servicers, recently announced that former Broward Chief Circuit Judge Victor Tobin has joined the firm as general counsel. Tobin will oversee the attorneys and ensure best practices are followed and foreclosure procedures are enhanced, according to the firm.

The Nevada legislature has set an October 1 effective date for a new law aimed at dissuading homeowners facing foreclosure from vandalizing the property. The law ""prohibits the destruction of real property that is subject to foreclosure with the intent to defraud."" A person who intentionally removes, conceals, or destroys any real property and causes the secured party or lender to suffer a financial loss as a result is guilty of a misdemeanor crime.

The Hopp Law Firm, a regional provider of commercial and creditor legal services, recently announced that C. Kent Jolliff has joined its legal team. Jolliff will be based out of the firm's Little Rock, Arkansas office, and will serve as general counsel to the firm and collections group chair, oversee the collection and transportation practices on a daily basis. With over 28 years' experience, his background covers a range of regulatory and compliance matters in creditor's rights, real estate, mortgage banking, mortgage servicing, foreclosures, and litigation.

Foreclosure activity has fallen to its lowest level in over three-and-a-half years, according to RealtyTrac. The company released its July foreclosure market report on Thursday, which showed a 4 percent decline in filings from the previous month and a drop of 35 percent when compared to July 2010. The company says while the string of declines was initially triggered by the robo-signing controversy back in October 2010, the downward trend in foreclosure activity ""has now taken on a life of its own.""