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FHFA Updates on Foreclosure Stats

Fannie Mae and Freddie Mac completed 13,589 foreclosure prevention actions in January, according to the Federal Housing Finance Agency’s January Foreclosure Prevention Report. January’s actions brings the total number of preventative actions to approximately 4.3 million since the start of conservatorships in September 2008.

More than half of the actions reported in January (8,446) were permanent loan modifications, which is an increase from the 7,437 completed in December 2018. A total of 12,888 foreclosure prevention actions were reported in January.

Fannie Mae and Freddie Mac have completed 2,322,567 permanent loan modifications since the conservatorships began in September 2008.

According to the report, 31% of January’s modifications included principal forbearance, and modifications with extended-term only accounted for 62% of all loan modifications during the month. Two areas that saw a dip were in short sales and deeds-in-lieu. Short sales fell to 574 in January from 582 in December, and deeds-in-lieu went from 207 to 200 in January 2019.

Pertaining to delinquency rates, the report detailed a slight increase—74% from 73% in December 2018—and the amount of homeowners who are 30-59 days delinquent decreased to 3337,600 in January from 364,333 in December 2018. Those who are delinquent more than 60 days fell from 302,211 in December 2018 to 298,007 in January.

Fannie Mae and Freddie Mac reported a 2.5%-decrease in foreclosure starts, falling to 12,121 in January from 12,440 in December 2018. Foreclosure sales, according to the report, saw an approximately 27% increase from 3,206 in December 2018 to 4,070 in January.

Earlier this year, Black Knight released a report detailing how the decline of mortgage rates hasn't impacted the mortgage prepayment rate.

The report states that even though foreclosure starts indicated an increase, they remained down 19.4% on a year-over-year basis. The number of loans in active foreclosure also continued to decline, falling to 265,000, down by 72,000 from last year. According to the report, this foreclosure inventory is also "the smallest it's been since May 2006."

Properties that are 30 days past due fell to around 1.9 million, declining by 257,000 year-over-year. Properties that were 90 days past due also fell 203,000 year-over-year to 504,000, the Black Knight report indicated.

About Author: Mike Albanese

Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville.
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