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Tag Archives: Delinquency Rate

HOPE NOW: Proprietary Loan Mods Up 43% in July

The number of homeowners who received permanent, affordable proprietary loan modifications jumped up 43 percent from June to July, HOPE NOW reported Wednesday. The voluntary, private sector alliance of mortgage professionals and non-profit counselors released its July 2012 loan modification data, revealing that an estimated 66,002 homeowners received proprietary loan modifications in July, an increase from 46,208 in June.

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New York Fed Reports Mortgage Delinquency Rates Down in Q2

Low interest rates and better debt management brought mortgage delinquencies down in Q2, the Federal Reserve Bank of New York reported Wednesday. The New York Fed released its latest Quarterly Report on Household Debt and Credit, revealing that the delinquency rate for mortgages declined from the first quarter to 6.3 percent. Meanwhile, an estimated 256,000 consumers had a foreclosure notation added to their credit reports, the lowest number since mid-2007.

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Report: Homeownership at Lowest Rate in Nearly 50 Years

A report released Monday from John Burns Real Estate Consulting revealed that the real homeownership rate-measured as the percentage of households that own a home and are not seriously delinquent on their mortgage-has fallen to 62.1 percent, the lowest level in almost half a century. The firm said that the Census Bureau's 65.5 percent homeownership estimate was a vast overestimate, as it includes 3.8 million homeowners who are 90 or more days delinquent.

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Mortgage Delinquency Rate Sees Significant Improvement: Equifax

The percentage of first-mortgages 30 days or more past due saw a double digit year-over-year decline, according to a report from Equifax. First-mortgage delinquency rates dropped 15 percent in July 2012 from July 2011. In addition, first mortgage severe derogatory rates, which are mainly loans transitioning to REO status, declined 17 percent year-over-year.

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Households Climb Out of Financial Distress in Q2: CredAbility

U.S. households have found their way out of financial distress for the first time in nearly four years, with housing as the main reason for the improvement, according to the CredAbility Consumer Distress Index released Wednesday. Households found relief with their mortgages as homeowners refinanced and late payments hit a three-year low.

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Fitch Foresees Troubles for FHA as Delinquencies Rise

Times haven't been too swell for the Federal Housing Administration. That was apparent, by some accounts, when the agency raised insurance premiums for lenders of single-family mortgages in February, a choice it made to shore up its crisis-weary Mutual Mortgage Insurance Fund. Now, according to Fitch Ratings, a new tide of mortgage delinquencies and price declines may tip the fund back toward troubled waters - and possibly insolvency.

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HOPE NOW Reports 385K Loan Mods in First Half of 2012

The first half of 2012 saw more than 385,000 permanent loan modifications for struggling homeowners, HOPE NOW reported Tuesday. The voluntary, private sector alliance of mortgage professionals and non-profit counselors released its June 2012 data, showing that 385,468 homeowners received permanent loan modifications for the first half of the year.

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Arizona and California Delinquency Rates Improve Most in Q2: Report

Along with second quarter decreases in the national mortgage delinquency rate came signficant improvements for hard-hit states California and Arizona, according to a TransUnion report. The national mortgage delinquency rate slipped for the second straight quarter to 5.49 percent. Arizona and California saw the greatest year-over-year declines, each falling around 21 percent from the second quarter of 2011.

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Freddie Mac: Shadow Inventory Unlikely to Bring Down Prices

The GSE released its U.S. Economic and Housing Market Outlook for August on Wednesday, examining recent trends in home price indices and speculating on the impact of shadow inventory on home prices. While prices have shown positive growth in many states through this year, concerns about shadow inventory-the stock of single-family loans that are seriously delinquent-- have some experts worried about prices taking another tumble.

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LPS: Judicial States See High Share of Aging Past Due Loans

A report from Lender Processing Services (LPS) revealed that in judicial states, the share of aging past due loans is significantly higher than in non-judicial states. In judicial states, nearly 60 percent of borrowers with loans in foreclosure have not made a payment in 2 years, whereas in non-judicial states, that percentage is at about 30 percent. Among those with loans 90 days or more past due, 50 percent of borrowers in judicial states have not made a payment in more than one year, compared to slightly more than 40 percent in non-judicial states.

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