Home / Featured / DS News Webcast: Thursday 9/25/2014
Print This Post Print This Post

DS News Webcast: Thursday 9/25/2014

Foreclosure inventory is down nationwide, but the delinquency rate is up, according to Black Knight Financial Services' First Look at August Mortgage Data released today. Foreclosure starts declined by 10 percent from July to August and by 24 percent from August 2013 to August 2014, according to Black Knight. The month-over-month decrease in foreclosure starts was the first in five months. The total number of foreclosure starts in August was reported at 81,600. Foreclosure inventory, which is the total number of loans in foreclosure, fell to 913,000, its lowest point since March 2008. Foreclosure loans are past due for an average of 1,010 days.

While foreclosure starts and overall inventory fell, however, the mortgage delinquency rate took a 5 percent month-over-month leap in August up to its highest point since February; the delinquency rate declined year-over-year, however, by 4.8 percent, Black Knight reported. The majority of new delinquencies reported in August were in the early stage of delinquency. The total number of delinquent loans increased by 146,000 from July to August. Delinquent loans are defined as those more than 30 days past due but not in foreclosure.

The August median price of U.S. distressed homes climbed both monthly and annually, according to RealtyTrac's August 2014 U.S. Residential and Foreclosure Sales Report released today. Distressed properties, which are homes that are either in foreclosure or owned by banks, saw their average sale price jump up to $129,000 dollars for August, which is an increase of 2 percent from July and 15 percent from August 2013, RealtyTrac reported. That price, despite the monthly and annual increases, is still 37 percent below the national median price of a non-distressed home, which was reported at $205,000.

About Author: Jordan Funderburk

x

Check Also

Federal Reserve Holds Rates Steady Moving Into the New Year

The Federal Reserve’s Federal Open Market Committee again chose that no action is better than changing rates as the economy begins to stabilize.