After Tuesday’s CoreLogic May 2016 National Foreclosure Report was released, it showed foreclosure inventory as well as completed foreclosures continued to decline in May 2016 from where they stood the prior year in May 2015. In a report DS News earlier this week, it was noted that despite the decline, the foreclosure rate remains twice that of the national long-term average. CoreLogic attributed this to the individual rates on a state level.
For a look at the foreclosure rates on a month-by-month basis, data from RealtyTrac reported that foreclosure filings decreased by 6.3 percent nationally from May to June. With individual state level foreclosure rates causing the current national rate to remain two times that of the long-term average rate, these are the 10 states that had the highest foreclosure rates in June ranked from lowest to highest.
While HUD recently proposed changes to its distressed loan sale program allowing a "preferential bidding" option to involve more non-profits, Fannie Mae still sells its non-performing loans to the highest bidder. Fannie Mae announced the winning bidders for its sixth non-performing loan sale which includes approximately 9,300 loans totaling in $1.5 billion of unpaid principal balance to be divided among six pools, according to an announcement from the GSE. The winning bidders for the transaction are LSF9 Mortgage Holdings, LLC and PRMF Acquisition LLC, with three pools going to each bidder. These transactions are expected to close on August 24.