Home / Featured / DS News Webcast: Wednesday 5/21/2014
Print This Post Print This Post

DS News Webcast: Wednesday 5/21/2014

Hope Now, a group focused on keeping distressed homeowners in their homes, reported they had successfully completed roughly 133,000 modifications in the first quarter of 2014. Of the reported total, approximately 41,000 permanent modifications were from the Home Affordable Modification Program. In March, the group reported roughly 45,000 total completed modifications, increasing slightly from February's total of 42,000.The total number of loan modifications completed are the highest they have been in five months.

For the first quarter of 2014, foreclosure starts totaled roughly 218,000. Foreclosure starts in March stayed relatively flat at 70,280, dropping from February's total of 70,317. Prime loans made up roughly 77 percent of total foreclosure starts for the month, with approximately 54,000 new starts. Subprime loans rounded out the remainder with 15,500. Since the third quarter of 2007, HOPE NOW has completed a total of 6.9 million modifications.

Zillow released its Negative Equity report for the first quarter, revealing an estimated 9.7 million homeowners continue to owe more on their mortgage than their home is worth. That number, down from about 9.8 million in Q4 2013, represents about 18.8 percent of mortgage-paying Americans, according to Zillow. Conservative estimates from the company call for a negative equity rate of 17 percent by this time next year as home value growth moderates.

About Author: DSNews

x

Check Also

flooding

Equipping Homeowners for Floods

According to Director of the Water & Climate Team at the Natural Resources Defense Council Rob Moore, the existing National Flood Insurance Program (NFIP) is not equipped to handle the financial reality of today’s storms.

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.