Foreclosure

New and revised regulations coming from Capitol Hill are keeping mortgage lenders, servicers, and attorneys on their toes as far as compliance. How easy or difficult has it been to adjust?

Urban stabilization and revitalization have long been at the top of the OCC's national agenda, Curry said, and Cleveland and other Midwestern cities have seen their share of foreclosures, shuttered manufacturers, and population outflow during and since the financial crisis.

Foreclosure metrics were way down across the board again in July 2015, as pre-sale foreclosure inventory dropped to its lowest level since December 2007 and completed foreclosures were down by nearly 25 percent year-over-year, according to CoreLogic's July 2015 National Foreclosure Report released Tuesday.

Freddie Mac has announced that as part of the periodic review, state foreclosure timelines have been extended in 34 of 55 jurisdictions for all foreclosure sales completed on or after August 1, 2015.

Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Angela Kleine, a partner in the San Francisco office of Morrison Foerster.

The foreclosure outflow was steady even with the lower year-over-year decline in foreclosure inventory; Black Knight found that 23 percent of all active foreclosures entering 2015 either were liquidated or went to sale during the six-month period ending June 30, 2015.

The ads will appear in billboards and on Facebook in the areas that have reported foreclosure rescue scams most frequently. Typically, a scammer will promise the distressed homeowner a lifeline out of foreclosure but then take the homeowners money while not providing the help that was promised.

Ask the Economist is an ongoing series in which DS News talks with an economist about the most pressing issues facing the nation's housing industry and the economy. This installment features Amy Crews Cutts, SVP and Chief Economist with Equifax.

The delinquency rate (percentage of properties 30 days or more overdue but not in foreclosure) dropped by 16 percent year-over-year down to 4.71 percent, nearly reaching its lowest point since the crisis. That share of 4.71 delinquent properties represents about 2.39 million loans nationwide. The number of properties in foreclosure pre-sale inventory dropped by 24 percent year-over-year in July down to 711,000.

CoreLogic reported that in June 2015, New York's foreclosure inventory rate (the percentage of residential mortgages in some state of foreclosure) was 3.7 percent, three times the national rate for the month of 1.3 percent and second among states (New Jersey had 4.7 percent).