The Federal Housing Finance Agency [1] (FHFA) released its Q2 2017 Foreclosure Prevention Report [2], outlining results of the continued efforts the agency and the GSEs are implementing to prevent homeowners from going into foreclosure.
According to the report, Q2 2017 brought an additional 48,760 foreclosure prevention actions to keep struggling homeowners in their home, bringing the total foreclosure preventions to 3,931,224 since the GSEs first came under the FHFA’s conservatorship toward the end of 2008. The report notes that, to date, permanent loan modifications have accounted for 2 million of the 3.2 million homeowners that have been able to retain their homes.
In addition, the GSEs combined serious delinquency rate stood at 0.9 percent. the lowest it’s been since January 2008, according to the report. In comparison, Federal Housing Administration serious delinquencies fell 3.8 percent, Veteran Affairs loans fell by 2.0 percent. Industry average decline was 2.5 percent.
The number of 60+ day delinquencies has also declined, at a rate of 6 percent, falling to a total number of 354,178, from 377,622 at the end of the first quarter. Real estate owned was also down to 40,392, a 9 percent decrease.
Foreclosure starts by the GSEs also fell in the second quarter by 11 percent to a total of 44,989, and third-party foreclosure fell to 17,542, a drop of 9.0 percent.
Of all completed foreclosure prevention actions that led to home retention, which amounted to 88,171, repayment plans accounted for 18,076 of those actions, forbearance plans 3,750, and charge-offs-in-lieu 736. Standard loan modifications accounted for 65,709.
Home forfeiture, nonforeclosure actions totaled 9,693, of which 6,626 of those were short sales, and 3,067 were deeds-in-lieu.
You can find the full Foreclosure Prevention Report on the FHFA’s website [2].