Foreclosure

New data shows U.S. foreclosure activity has hit its lowest point since 2006. Now below pre-recession levels nationwide, there was an 11-percent drop in foreclosure filings in Q1 2017. Nearly half of all metro markets have also fallen below pre-recession levels.

An FHFA report reveals the GSEs completed nearly 15,000 foreclosure prevention actions in January, bringing their total to 3.8 million since the beginning of conservatorship. The report also revealed that GSE foreclosure starts jumped 10 percent for the month, while third-party and foreclosure sales increased 16 percent. The seriously delinquent rate stayed steady, while delinquent loans 30 to 59 days and 60-plus days both dipped.

CoreLogic released its monthly Loan Performance Insights Report for January 2017, which analyzes rates of delinquency and foreclosure. In January 2017, 5.3 percent of mortgages were delinquent by 30 days or more, a 1.1 percent percentage point decline in the overall delinquency rate year-over-year. Overall, delinquency rates saw steady drops year-over-year.

In March, a homeowner sued Bank of America and several other mortgage companies for allegedly attempting to illegally foreclose on his property, and went on to claim that the assigned California federal judge has shown a pro-bank bias, citing that the jurist has tossed 56 out of 57 foreclosure-related cases to come before him since 2008, Law360 reports.

A new study suggests that after the Fed began quantitative easing in 2008, many lenders began leaning more toward refinancing applicants than those seeking new purchase loans. This was likely due to the stronger payment history and less risk associated with these applicants. Weaker, less-capitalized banks were more likely to follow the trend.

The defendants, including Larry Castle and Caren Castle, in State of Colorado v. The Castle Law Group, LLC, et al.,recently gained a major victory in the five-year case when Denver District Judge Morris Hoffman ruled in favor of the defendants, blocking the attorney general’s original request of damages of up to $26 million.

Analyzing data from Ellie Mae’s AllRegs Market Clarity tool, the Mortgage Bankers Association determined that its Mortgage Credit Availability Index increased 3.2 percent in March. However, conforming loans access decreased by 2.6 percent, as mid-priced homes have jumped in price.

Bankruptcy filings nationwide took a sharp uptick in March. The latest report on bankruptcy filings by Epiq Systems shows bankruptcies nearly doubled compared to February. Filings were also up in March for the first time since 2011. Yet, year-to-date, all numbers are flat.

Across the country, reports have come in showing decreases in foreclosure activity. In the New York City area, Property Shark reports foreclosures have dropped 15 percent year-over-year in Q1 2017. Most areas of the city note drops in foreclosure activity, except for Brooklyn. Brooklyn was the only borough of New York City to report an increase in foreclosures, increasing 24 percent over 2016.

Fannie Mae recently released its Monthly Summary for February 2017. Fannie Mae’s gross mortgage portfolio decreased for at a compound annualized rate of 16.9 percent for the month, while the GSEs Conventional Single Family Delinquency Rate stayed much the same month-over-month.