News

The nation's foreclosure inventory fell to its lowest level in almost seven years in November, but the percentage of delinquent mortgage loans is on the rise, according to Black Knight Financial Services' November 2014 "First Look" at Mortgage Data.

As the new year rolls in, DS News is taking a look back at some of the biggest secondary market headlines and stories of 2014.

As the new year rolls in, DS News is taking a look back at some of the biggest foreclosure headlines and stories of 2014.

As the new year rolls in, DS News is taking a look back at some of the biggest market studies headlines and stories of 2014.

November's mortgage default risk index was reported at 11.69 percent, its highest level in two years, according to a briefing released by the American Enterprise Institute's International Center on Housing Risk. The November default risk index crept upward by 0.4 percentage points from October, when it was reported at 11.29 percent.

The national MiMi value stands at 74.5, which is up 0.12 percent from September to October and up 0.42 percent over the past three months. Year-over-year, the national housing market has improved 4.48 percent. While still well short of the all-time MiMi high of 122.5, reached in June 2006, the national index is markedly better than it was in September 2011, when the housing market was at 60.3.

The Federal Housing Finance Agency (FHFA) has approved the merger application for the Federal Home Loan Banks of Des Moines and Seattle that was submitted on October 31, 2014, according to a press release. The historic voluntary merger between two FHLBanks is subject to satisfaction of specific closing conditions the FHFA approval letter set forth, including the receipt of approvals by members of both the Des Moines and Seattle Banks.

A new forecast of existing-home sales for the month of December has projected activity rising but still finishing the year on a low note after a weaker than expected November. In its latest Nowcast projections, online real estate auction company Auction.com calls for pre-owned home sales to fall between seasonally adjusted annual rates of 4.79 and 5.18 million for December, with a targeted number of 4.98 million.

According to BEA, the latest quarterly estimate includes improved contributions from consumer spending, which is now estimated to have increased 3.2 percent compared to Q2's 2.5 percent gain. Also improved in the third report was the contribution from nonresidential fixed investment, which increased 8.9 percent. Residential fixed investment—a measure of the housing market's direct contribution to economic activity—increased just 3.2 percent.

On Monday, the Atlanta-based firm—one of the biggest mortgage servicers in the nation and the largest subprime servicer—announced it had agreed to pay $150 million for homeowner relief over allegations it conducted improper foreclosure procedures, used outdated and conflicting systems in managing its portfolio, and was involved in transactions with related companies that constituted conflicts of interest.