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Tag Archives: Mortgage Bankers Association

Survey: Delinquency, Foreclosure Inventory Rates Fall to Lowest Levels Since 2007

Both the delinquency rate and the foreclosure inventory rate in Q4 2014 for residential mortgage loans fell to their lowest levels since 2007, according to the Mortgage Bankers Association's National Delinquency Survey released Wednesday. The delinquency rate, which includes loans that are at least one payment past due but not loans in foreclosure, fell to a seasonally-adjusted rate of 5.68 percent in Q4 for all mortgage loans outstanding at the end of the quarter, the lowest level since the third quarter of 2007.

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New Home Purchases Drop in June

Applications for new home purchases slipped again in June, though the annualized rate of new home sales is forecast to have increased. The Mortgage Bankers Association's (MBA) Builder Applications Survey (BAS), a gauge of application volume from mortgage subsidiaries of homebuilders, suggests new home purchase applications slipped 5 percent from May to June, the group reported Thursday. The change does not include any adjustments for typical seasonal movements.

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Are Mortgage Rates Too Low to Threaten the Recovery?

The recent rise in mortgage rates is not enough to pose any real threat to the housing recovery, but that's not to say the increase doesn't come with any risk, according to a recent analysis from Capital Economics. To put things into perspective, Ed Stansfield, chief property economist at Capital Economics, noted that on a long-term view, rates are still ""exceptionally low"" as they return to levels seen in late 2011 and early 2012. However, 18 months ago, when mortgage rates hovered around the levels seen today, ""house prices were at best flat, if not still edging lower, while the recovery in housing sales was very much in its infancy,"" Capital Economics stated.

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Threat of Shadow Inventory Fades as Delinquencies, Foreclosures Decline

The foreclosure inventory rate fell to 4.07 percent in Q3 to the lowest level since the first quarter of 2009, according to the latest delinquency survey from the Mortgage Bankers Association (MBA). In addition, the national delinquency declined to 7.40 percent, and the serious delinquency rate fell to 7.03 percent. In a commentary, Capital Economics suggested the combination of fewer homes in foreclosure and seriously delinquent loans points to a decline in shadow inventory.

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Congressman Takes Eminent Domain Battle to D.C.

Rep. John Campbell (R-California) introduced to Congress a piece of legislation designed to keep local governments from using eminent domain to seize homes with underwater mortgages. Titled ""The Defending American Taxpayers from Abusive Government Takings Act,"" the bill would prohibit Fannie Mae, Freddie Mac, FHA, and the Veterans Administration from purchasing or guaranteeing loans originating in counties where a municipality has seized a mortgage loan through eminent domain in the last decade.

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