While foreclosure continue to steadily decline, the number of foreclosure alternatives completed is adding up, and the industry completed another 99,000 foreclosure prevention actions in November 2015, according to data released by HOPE NOW  on Wednesday.
The 99,000 foreclosure prevention actions completed in November included permanent loan modifications, deeds-in-lieu of foreclosure, short sales, and other workout plans. Meanwhile, at the other end of the spectrum, foreclosure sales for the month totaled 24,500, meaning that non-foreclosure solutions still outpaced completed foreclosures by a four to one ratio.
"This metric is important as it shows the breadth of solutions available to at-risk homeowners and that these homeowners are likely to receive an alternative solution to foreclosure," HOPE NOW's report stated. "It is interesting to note that nearly 40 percent of foreclosure alternative solutions for families were repayment plans. This indicates most families are experiencing short term hardships."
Approximately 26,00o of the foreclosure prevention action were permanent loan modifications, according to HOPE NOW. This number included 19,000 modifications through proprietary programs and 7,691 through the government's Home Affordable Modification Program (HAMP).
"As we turn our attention to 2016, our data continues to indicate recovery in the overall housing market," said Eric Selk, Executive Director of HOPE NOW. "Our November report shows that key trends remain consistent with previous reports. Specifically, foreclosure starts and foreclosure sales completed are at or near pre-crisis norms. Although fewer modifications are being reported, families are receiving assistance through foreclosure alternative solutions such as retention plans and formal repayment plans. This is reflective of an early intervention process that all servicers are employing. The goal is to keep families in their home and respond quickly when someone goes delinquent."
The number of serious delinquencies in the mortgage market also tumbled year-over-year in November, from 1.97 percent down to 1.65 percent, according to HOPE NOW.
"Another key indicator of positive market stability is the decline in serious delinquency," Selk said. "HOPE NOW tracks those homeowners who are 60+ days delinquent and we have reported a steady total of about 1.65 million borrowers for the past 5 months. This is a far cry from the nearly 2 million borrowers who were seriously delinquent just 18 months ago. This is a true testament to the hard work of the HOPE NOW Alliance and others, as well as the recent jobs report and economic recovery."