Home / Media / DS News Webcast: Wednesday 7/13/2016
Print This Post Print This Post

DS News Webcast: Wednesday 7/13/2016

Tuesday’s CoreLogic May 2016 National Foreclosure Report provides further evidence that the housing market may be reaching a quote new normal. The report showed that foreclosure inventory as well as completed foreclosures continued to decline in May 2016 from where it stood the prior year in May 2015. Despite the decline, the foreclosure rate remains twice that of the national long-term average. This is due to the individual rates on a state level and is not, in fact, conducive to the progress already made nationally.

On a month-over-month basis, CoreLogic reported that the foreclosure inventory fell 3 percent in comparison to April 2016. It was also reported that completed foreclosures rose 5 point 5 percent from the 36 thousand reported for April 2016 to 38 thousand in May 2016. It was also found that the number of mortgages in serious delinquency decreased by 21 point 6 percent in May 2016 from the previous year to 1 point 1 million mortgages, or 2 point 8 percent of total mortgages. The serious delinquency rate for May 2016 is the lowest it has been in more than eight years, according to the report.

The introduction of the CHOICE Act—the Republicans’ proposed alternative to Dodd-Frank—last month by Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, has sparked even more fierce debate between the parties in his Committee. On Tuesday in a full Committee hearing focusing on the capital requirements of the CHOICE Act, the tension was evident as both sides presented their cases for why they believe the CHOICE Act would or would not help the financial industry and the economy.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
x

Check Also

DS5: The Shifting Housing Landscape and Remote-Working Challenges

In the latest episode of DS5: Inside the Industry, we spoke to ACC Mortgage’s Robert Senko about Fed actions and zoning shifts, while FHFA diversity leader Sharron Levine provided insights into how the agency and industry are managing the workforce changes brought on by COVID-19.

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.