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Tag Archives: Foreclosure Moratorium

Foreclosure Sale Hike in Judicial States Sparks Inventory Decline

National foreclosure inventory fell to 3.2 percent in April, its lowest level in four years, according to Lender Processing Services' Mortgage Monitor report. The report also revealed a hike in foreclosure sales in judicial states, which stimulated the decline in the national foreclosure inventory. Foreclosure sales in judicial states jumped 17 percent over the month of April and reached their highest level since 2010 when foreclosure moratoria and process reviews brought the foreclosure process to a near halt across the nation, LPS stated.

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Banks Provide $50.6B in Relief, Settlement Obligations Nearly Met

The five banks that took part in the national mortgage settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five banks--Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial--have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an update from the settlement monitor Joseph A. Smith, Jr. The provided relief comes out to about $81,437 per borrower.

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Delinquent Loans Rolling into Foreclosure Inventory after Settlement

Foreclosure inventory seems to be making a comeback after experiencing steady declines following the national mortgage settlement, RealtyTrac revealed in a report Thursday. In the first quarter of 2013, the number of properties that were in the foreclosure process or bank-owned rose 9 percent year-over-year to 1.5 million, according to data from the online foreclosure marketplace. The most recent figure represents a 12 percent increase from the five-year low seen in May 2012. The report also found 35 percent of the homes in the foreclosure process were abandoned by the homeowner.

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RealtyTrac: 57% of Metros See Increase in Foreclosure Activity

More than half of the nation's largest metros experienced an upturn in foreclosure activity in 2012 compared to 2011, according to a report from RealtyTrac. RealtyTrac observed foreclosure trends in 212 markets with a population of 200,000 or more and found 120 markets, or 57 percent, displayed an increase in foreclosure activity from 2011. Meanwhile, out of the 20 largest metros, 12 experienced a slowdown in foreclosure activity.

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Report: Servicers Decrease Loans in Shadow Inventory in Q3

As servicers rise out of the paralysis caused by regulatory issues, they are able to take necessary steps to clear out aging loans in shadow inventory, according to a report from Moody's Investors Service. In the report, Moody's revealed the number of loans in foreclosure shadow inventory, or loans in the process of foreclosure but with no resolution, decreased from Q2 to Q3, with the exception of jumbo loans from Citi and subprime loans from Bank of America.

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Foreclosures Declined in 2012, Increases Expected in 2013

Foreclosures declined in 2012 compared with the previous year, but RealtyTrac expects this year to be ""book-ended by two discrete jumps in foreclosure activity,"" according to the firm’s latest report released Thursday. Foreclosure filings were doled out to 1.84 million homes in 2012, which is 3 percent fewer homes than in 2011 and 36 percent below the foreclosure peak in 2010 when 2.9 million properties received foreclosure filings. In December, foreclosure activity fell 10 percent month-over-month to a 68-month low.

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LPS: Foreclosure Inventory Falls, Expect to See a ‘Rebound’ in Starts

Foreclosure inventory in November fell as requirements from the national mortgage settlement ""influence the pace of first-time foreclosure starts,"" Lender Processing Services (LPS) stated in a recent report. Foreclosure inventory shrunk to 3.51 percent in November, a near 10 percent decline from September 2012. LPS explained the settlement requires the servicers to provide a 14 day notice before referring borrowers to foreclosure, and the letters were sent starting in September. However, as servicers get up to speed on settlement requirements, LPS says it expects foreclosure starts to rebound in the coming months.

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Ten Banks Reach $8.5B Deal with Regulators in Foreclosure Settlement

Ten major mortgage servicers reached an agreement with federal regulators to pay more than $8.5 billion over alleged foreclosure abuses, the Federal Reserve announced in a release Monday. The agreement replaces the Independent Foreclosure Review process with a new framework allowing eligible borrowers to receive compensation more quickly. Of the $8.5 billion, $3.3 billion will go toward direct payments to eligible borrowers and $5.2 billion will be used to assist borrowers in other ways, such as through loan modifications.

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Foreclosure Starts Plunge to 71-Month Low, REO Activty Increases

A significant drop in foreclosure starts brought down foreclosure activity in November, according to a foreclosure report from RealtyTrac. Foreclosure starts were filed on 77,494 U.S. properties in November, a 71-month low and the lowest level since December 2006, RealtyTrac reported Thursday. The decrease represents a 13 percent drop from October and a 28 percent decline from November 2011. While foreclosure starts fell, bank repossessions rose annually for the first time in 25 months.

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