The GSEs have made helping families avoid foreclosure a top priority since the housing crisis hit the nation seven years ago.
Read More »Foreclosure Completions Skyrocket While Inventory Plummets
The number of completed foreclosures surged from 37,000 in August up to 55,000 in September, an increase of 49.5 percent, largely due to an annual public auctioning of thousands of tax-foreclosed properties in Wayne County, Michigan, where Detroit is the county seat, according to CoreLogic. By comparison, foreclosure completions averaged about 21,000 per month in the pre-recession years from 2000 to 2006.
Read More »Foreclosures Are Declining, But So Are Foreclosure Prevention Actions
In August 2015, the GSEs completed 17,806 foreclosure prevention actions, over half of which (11,382) were permanent loan modifications. August’s total included both home retention actions and home forfeiture actions and brought the total of foreclosure prevention actions completed by the GSEs to 3,578,227 since the conservatorships began in September 2008.
Read More »Mortgage Delinquencies Rise for Second Straight Month, Likely Due to Seasonality
The percentage of delinquent mortgages (loans 30 days or more overdue but not in foreclosure) rose by 1.7 percent over the month in September, reaching 4.87 percent—the highest level since May 2015. This percentage represented about 2.45 million mortgages nationwide, with the monthly increase totaling about 44,000.
Read More »Foreclosure Data Has Significantly Improved From Crisis Peak Five Years Ago
The current data for foreclosures and mortgage delinquencies shows significant improvement compared to data from five years ago, the universally accepted peak of the mortgage crisis, according to HOPE NOW, a private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors.
Read More »Losses on Bank-Serviced Subprime Loans Higher than Those Serviced by Non-Banks
Loss severities on loans serviced by banks were reported to be more than 10 percent higher than loss severities on non-bank serviced loans in those three states, which accounted for 42 percent of all subprime loans in foreclosure in private-label residential mortgage-backed securities.
Read More »Ask the Economist: Rise in Employment, Millennial Demand Will Bring Housing Up in 2016
Ask the Economist is an ongoing series in which DS News talks with an economist about the most pressing issues facing the nation's housing industry and the economy. This installment features Selma Hepp, Chief Economist with Trulia.
Read More »First-Lien Mortgage Performance Improves While Foreclosure Metrics Decline
Foreclosure starts and foreclosure completions were also down over the year, according to the OCC. Servicers initiated 70,728 foreclosures during Q2, which was down from 11.3 percent in the same quarter in 2014. Completed foreclosures during Q2 totaled 37,725, which was a drop of 23.4 percent from a year earlier
Read More »Repeat Foreclosures Are Driving Uptick in Foreclosure Starts
Amid all the good news for housing lately, foreclosure starts were up by 7 percent in August—driven by a rise in the amount of repeat foreclosures, according to the August 2015 Mortgage Monitor released by Black Knight Financial Services on ...
Read More »Law Firms Up Against Foreclosure Statute of Limitations, Maintaining a Pipeline
New and revised regulations coming from Capitol Hill are keeping mortgage lenders, servicers, and attorneys on their toes as far as compliance. How easy or difficult has it been to adjust?
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