Black Knight Financial Services released its Mortgage Monitor Report Tuesday, which looked at data through the end of January, 2014. The report found that HARP eligible loans have shrunk throughout the year from the January, 2013 figure of 2.3 million to the 2014 figure of 709,000. The report cites that the population of loans available to refinance through HARP has fallen by 13% over the last two months alone. Overall originations were down nearly 60% year-over-year, according to the report.
Certain regions have more HARP eligible populations than others. The Midwest is particularly strong, with Illinois, Michigan, Missouri, and Ohio reporting more than 2% of loans as available for refinancing through the government program. The total U.S. loan delinquency rate is 6.27%, a decrease of 2.96% month-over-month. The total U.S. foreclosure pre-sale inventory rate is 2.35%, down 5.32%t month-over-month.
U.S. Department of Housing and Urban Development Secretary Shaun Donovan revealed HUD's fiscal year budget proposal for 2015. The proposed budget increases current levels by 2.6%t to $46.66 billion. Donovan believes the new budget, "helps to create opportunity for all Americans by providing housing, capital investments, and critical services for millions of families." A portion of the budget would go to a new pilot program, Homeowners Armed with Knowledge or HAWK, which would increase access to credit for first-time home buyers and embed counseling for troubled homeowners.