Tag Archives: Foreclosures

The U.S. Department of Housing and Urban Development (HUD) released its April 2014 Housing Scorecard, noting that home prices remained stable, foreclosure completions continued to their lowest levels since mid-2007, existing home sales stabilized, new home sales slowed, and the administration's foreclosure mitigation efforts continued to provide relief for troubled homeowners.

The Michigan State Housing Development Authority (MSHDA) announced during its 16th annual Building Michigan Communities Conference that it projects increases in new housing starts, rising home price, and a decline in foreclosures. "The economic and housing outlook in Michigan for 2014 is decidedly brighter than what we've seen at any time over the previous five years," said MSHDA Executive Director Scott Woosley.

Delinquency and foreclosures rates have declined to levels not seen since October 2007 and 2008, respectively, according to Black Knight Financial Services "First Look" at March Mortgage Data. The company’s Data and Analytics division reported that the share of loans in foreclosure was down nearly 37 percent year-over-year.

HOPE NOW, a private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors, released its February 2014 loan modification data. The group reported that an estimated 42,000 homeowners received permanent modifications in the month, including modifications from proprietary programs and the government's Home Affordable Modification Program (HAMP).

After a long, dreary winter, the Minneapolis Area Association of Realtors (MAAR) pointed towards signs of renewed optimism in the 13-county Minneapolis-St. Paul metropolitan area. Seller activity rose 5.5 percent to roughly 6,500 newly listed homes in March. Although inventory remains near a 10-year low, the group believes consumers should have more options this year compared to recent years.

In a long line of lawsuits and complaints against corporations alleging discrimination, the National Fair Housing Alliance (NFHA) announced a complaint against Safeguard Properties, the largest mortgage field services company in the country. The organization alleges REO properties were not as well maintained and marketed in African-American, Latino, and other non-white communities compared to properties in white neighborhoods.

Black Knight Financial Service’s Mortgage Monitor Report reports effective loan modification efforts have shown far fewer defaults, which helps those underwater already in homes. However, those looking to get a home that have had some trouble in the past may hit a brick wall, as only 30% of loans last year went to borrowers with credit scores below 720, which isn't even close to the subprime score of 620.

The U.S. Department of Housing and Urban Development's (HUD) latest Housing Scorecard for March, released in conjunction with the U.S. Treasury, showed progress in the housing market, but cautioned that the national economy is still healing from the Great Recession. In particular, the report commented that foreclosure starts continued to decrease while January home prices remained stable.

CoreLogic released its National Foreclosure Report for February, 2014, reporting 43,000 completed foreclosures for the month, a 13.1 percent decrease from January, 2014. Yearly, foreclosures declined 15 percent from February, 2013.

Vacation home sales rose in 2013, while investment purchases fell below the higher levels seen in previous years, according to the National Association of Realtors (NAR). NAR’s 2014 Investment and Vacation Home Buyers Survey found vacation-home sales jumped 29.7 percent to an estimated 717,000, while investment-home sales fell 8.5 percent to an estimated 1.1 million in 2013.