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Home | News | Foreclosure

AACER: Bankruptcy Filings Continue Year-Over-Year Decline, But Rise 10 Percent Monthly

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While bankruptcy filings nationwide in February continued their trend of year-over-year decline since the foreclosure crisis peaked in 2010, the number of filings rose slightly from January to February, according to AACER bankruptcy data reported by Epiq Systems. While February featured one fewer filing day than January did (19 compared to 20), bankruptcy filings nationwide totaled 65,002 for February, up from 59, 050 in January (an increase of 10 percent).

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Survey: Delinquency, Foreclosure Inventory Rates Fall to Lowest Levels Since 2007

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Both the delinquency rate and the foreclosure inventory rate in Q4 2014 for residential mortgage loans fell to their lowest levels since 2007, according to the Mortgage Bankers Association's National Delinquency Survey released Wednesday. The delinquency rate, which includes loans that are at least one payment past due but not loans in foreclosure, fell to a seasonally-adjusted rate of 5.68 percent in Q4 for all mortgage loans outstanding at the end of the quarter, the lowest level since the third quarter of 2007.

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Foreclosure Inventory Down Despite Rise in Starts

Fast-Track Foreclosure

Foreclosure inventory was way down nationwide year-over-year in January despite a 5.5 percent month-over-month increase in foreclosure starts, according to Black Knight Financial Services' First Look at January Mortgage Data. Foreclosure starts totaled 94,300 for January, which was the highest number since December 2013. January's total was a 5.5 percent increase from December and a slight increase of 0.2 percent from January 2014.

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Economist: Leverage Plays Major Role in Driving Foreclosures

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With the nation's homeownership rates similar to those of 50 years ago, the foreclosure rate is significantly higher compared to the early 1960s. The main reason for the increase in foreclosure risk while the homeownership rate remains little changed is leverage, according to CoreLogic chief economist Sam Khater. The economist noted that leverage remains unaddressed by those responsible for initiating housing policy, and he recommended in his study that they may want to consider the ability to manage leverage in order to obtain financial stability in the residential housing market.

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