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Tag Archives: Delinquency Rate

Residential Real Estate Bright Spot in Fed Report

The nation's economy generally expanded modestly from mid-August until the end of September, the Federal Reserve said in its periodic Beige Book report issued Wednesday. The report, the last Beige Book to be issued prior to Election Day, painted a mixed regional picture, with a leveling off of economic activity in New York and a slowing in the pace of growth in Kansas City. Residential real estate proved to be a bright spot amid an otherwise pedestrian report.

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Is the Industry Seeing Sunlight Break Through the Shadows?

The shadow inventory that previously darkened industry outlook is beginning to fade. In fact, we may soon begin to see the sunlight on the horizon. In July shadow inventory - unlisted homes that are seriously delinquent, in foreclosure, or held as REOs - declined 10.2 percent year-over-year, falling to 2.3 million homes, according to CoreLogic's Shadow Inventory Report released Tuesday. Seriously delinquent homes – those 90 or more days delinquent – are the most common type of home in today's shadow inventory, making up 1 million of the 2.3 million-home total.

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Equifax Sees ‘Turning Point’ in Home Equity Credit Improvements

Home equity installment balances rose 0.3 percent in August--the first monthly increase since November 2007, according to Equifax. After plummeting 49 percent over the past four years to just $143 billion, the company contends August's uptick could signal ""a possible turning point in mortgage demand."" Equifax says amid signs the contraction in mortgage debt is slowing and delinquencies are trending down, it looks like positive growth may finally be taking hold in the mortgage market.

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Subprime Servicers Improve Cash Flow in Q2: Report

Overall, major subprime servicers improved their ability to limit losses on delinquent loans in the second quarter, according to the Servicer Dashboard report from Moody's Investors Service. Moody's uses a cash flow efficiency metric to measure how much cash a servicer collects relative to losses. The report revealed that the cash flow efficiency metric increased for subprime servicers, rising from 0.27 in Q1 to 0.29 in Q2, the highest level obtained over the past five quarters.

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Pre-2005 Vintages More Vulnerable to Delinquency: Fitch

Performance on vintage prime residential mortgage-backed securities (RMBS) continues to degrade, Fitch Ratings revealed in a report. The ratings agency announced a downgrade on 6 percent of its rated prime RMBS classes, many of which fall into the pre-2005 category. Fitch attributed the downgrade to increased delinquency rates in certain pools.

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CMBS Delinquency Rate Slips Below 10%: Trepp

Commercial mortgage-backed security (CMBS) delinquencies have posted substantial declines over the past two months, according to Trepp. After falling 21 basis points in August, delinquencies decreased another 14 basis points in September, bringing the delinquency rate below 10 percent, just barely. The CMBS delinquency rate is now 9.99 percent, according to Trepp, and the agency predicts the rate should continue to decline over the next few months.

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Foreclosures Decline but Remain High, Prepayments Surge: LPS

Foreclosure inventory continues to decline but remains more than eight times what it was in the decade prior to the housing crisis, according to the latest report from Lender Processing Services (LPS). Noncurrent loans make up 10.9 percent of all loans as of August, demonstrating a year-over-year change of -7.6 percent, according to LPS. As of August, the delinquency rate stands at 6.9 percent, and the foreclosure rate is 4.0 percent. LPS also noted prepayment activity was up ""significantly"" in August, nearing levels last reported in 2005.

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Private MI Activity Up Despite Concerns About Future

The number of borrowers using private mortgage insurance (MI) keeps going up, according to Friday's monthly statistics release from Mortgage Insurance Companies of America (MICA). MICA's member companies--which include Genworth Mortgage Insurance, Mortgage Guaranty Insurance, and Radian Guaranty--reported a total of $397.5 billion in primary insurance in force for August, an increase from $396.4 billion in July. The total primary insurance in force received a boost from reported month-to-month increases in dollar volume, certificates issued, and applications.

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