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Tag Archives: Delinquency Rate

GSE’s Overdues Continue to Head South

Fannie Mae's past due loans continue to decline. The GSE reported Tuesday that its conventional single-family serious delinquency rate was 2.70 percent in July, down seven basis points from June. The multifamily serious delinquency rate was 0.18 percent, a drop of 10 basis points. Fannie Mae completed 11,870 loan modifications during the month, bringing the year's total to 95,381 for the first seven months of 2013.

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Delinquencies Continue Decline; Highest Among Alt-A, Subprime Loans

Delinquencies and foreclosures are continuing to decline with higher concentrations among Alt-A and subprime loans, according to the latest Mortgage Market Monitor from Lender Processing Services (LPS). Foreclosures are down 31 percent year-over-year in July, while delinquencies are down 9 percent, according to LPS data. Both delinquencies and foreclosures declined over the 12-month period among all types of loans, except Alt-A and subprime loans.

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Distressed Inventory Fading Fast as Housing Market Strengthens

As the housing market heals, foreclosure inventory is depleting quickly, CoreLogic reported Thursday. In July, about 949,000 homes were in some stage of foreclosure, down 32 percent from 1.4 million a year ago. CoreLogic also reported steep declines in completed foreclosures and serious delinquencies. According to the data provider's estimate, about 49,000 properties were lost to foreclosure in July, down 25 percent from 65,000 in July 2012. At 5.4 percent, the serious delinquency rate decreased to the lowest level since December 2008, according to CoreLogic.

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Trulia: Housing in Third Phase of Recovery, Awaiting Fourth

The first two phases of the recovery began in 2009 and 2012, respectively, according to Trulia's monthly Housing Barometer. The milestone marking the first phase was when sales and construction first started to pick up. The second phase began when home prices reached bottom and began to increase. The third phase began this spring after housing inventory bottomed out and both inventory and mortgage rates began to climb, according to Trulia. What we're waiting on now, according to Trulia, is the fourth phase, in which ""young adults finally start moving out of their parents' homes.""

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Report: Mortgage Industry Nets Nearly 3K Jobs Losses in Q2

According to Mortgage Daily's Mortgage Employment Index, the number of mortgage layoffs surpassed the number of newly added jobs by nearly 3,000 in the second quarter. From April to June of this year, the mortgage industry experienced 9,950 job losses, while newly filled positions totaled 6,969, leading to a net 2,981 layoffs. The second quarter statistics are a significant letdown when compared to the first quarter of this year, when mortgage companies added a net 5,129 jobs, with layoffs at just 2,930, Mortgage Daily reported.

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Delinquency Rate Back on Downward Course After Seasonal Increase

The delinquency rate, which includes loans 30 days or more past due, slipped to 6.41 percent in July after increasing to 6.7 percent in June, LPS reported Monday. The decrease represents a monthly and yearly decline of 3.96 percent 8.76 percent, respectively. Foreclosure inventory also fell in July, dropping 2.82 percent, down from 3.46 percent in June. Compared to a year ago, the decrease is much steeper, at 30.76 percent. According to LPS, the foreclosure inventory rate is at the lowest level since February 2009.

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First Mortgage Default Rate Inches Up in July

National default rates inched up in July, with first mortgages showing a slight increase, according to the S&P/Experian Consumer Credit Default Indices. For the first time this year, the default rate for first mortgages increased. In July, the default rate was 1.25 percent, up from 1.23 percent in June. The first mortgage default rate though is still down compared to July 2012, when it was 1.41 percent.

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Household, Mortgage Debt Decrease in Q2

Mortgage debt decreased with overall household debt in the second quarter, the Federal Reserve Bank of New York reported Wednesday. Mortgage balances stood at $7.84 trillion in the second quarter, down by $91 billion from the first quarter. The New York Fed report explained the decrease was partly ""due to reporting gaps associated with the servicing transfer of a higher-than-usual number of loans."" Overall consumer debt continued to fall, ending at $11.15 trillion in the second quarter, down by $78 billion, or 0.7 percent, compared to the first quarter.

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MBA: Delinquencies, Foreclosures Recede to More ‘Normal’ Levels

The percentage of homeowners behind on their mortgage fell to the lowest level since 2008, with a decrease in 90-plus delinquencies driving the improvement, according to a report from the Mortgage Bankers Association (MBA). On a seasonally adjusted basis, the national mortgage delinquency rate on one-to-four unit residences stood at 6.96 percent in the second quarter, a decrease from 7.25 percent in the first quarter and 7.58 percent a year ago. ""For most of the country, delinquencies and foreclosures have returned to more normal historical levels,"" said Jay Brinkmann, MBA's chief economist and SVP of research and economics.

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Q2 Delinquency Rate Decrease Represents All-Time High

The national mortgage delinquency rate sunk to 4.09 percent in the second quarter of this year, representing a near 26 percent decrease from the same quarter last year, according to data from TransUnion. The delinquency rate, which includes loans that are 60 days or more past due, also showed a 10 percent quarterly decline. The reduction was widespread across the country, with all states, plus the District of Columbia, experiencing annual declines in their delinquency rates. Furthermore, 95.4 percent of metro areas tracked saw annual declines in their delinquency rate in the second quarter, up from 91 percent in the first quarter of this year.

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