Home / Tag Archives: Mortgage Debt (page 8)

Tag Archives: Mortgage Debt

Commercial/Multifamily Debt Rises Among All Investor Groups

For the fourth consecutive quarter, commercial/multifamily mortgage debt outstanding increased in the third quarter, according to the a report from the Mortgage Bankers Association (MBA). The increase was 0.3 percent over the third quarter of this year. In dollar volume, commercial/multifamily mortgage debt rose $6.6 billion over the quarter, bringing the national total to $2.38 trillion.

Read More »

Home Values Up in Q3 Per Fed Report

Fueled by a $370 billion jump in the value of household real estate, household net worth grew $1.7 trillion in the third quarter to $64.8 trillion, the Federal Reserve reported Thursday in its quarterly Flow of Funds report. And, while the value of owner-occupied household real estate increased, total residential mortgage debt fell $85.8 billion. As a result, owners' equity increased almost $390 billion. Homeowners' equity as a percentage of the value of the real estate rose to 44.8 percent, the highest level since 2007, according to the report.

Read More »

RealtyTrac: Short Sales, Pre-Foreclosure Sales Increase in Q3

Although short sales continue to be utilized more and more as an alternative to foreclosure, RealtyTrac suggested the trend may change if the Mortgage Debt Relief Act of 2007 does not get extended. According to RealtyTrac's Q3 foreclosure and short sales report, short sales increased quarterly and yearly by 15 percent and 17 percent, respectively. ""However, the scheduled expiration of the Mortgage Forgiveness Debt Relief Act at the end of this year could stifle this trend toward short sales,"" said Daren Blomquist, VP of RealtyTrac. Pre-foreclosure sales--properties in default or scheduled for auction--were also up in Q3 and increased by 22 percent both quarterly and yearly.

Read More »

Lenders, Homeowner Advocates Unite Behind Mortgage Debt Relief Act

The Center for Responsible Lending, a nonprofit group dedicated to protecting consumers from predatory lending practices, and the Financial Services Roundtable, a group of representatives from the nation's largest financial institutions, have come together to ask Congress to extend the Mortgage Forgiveness Debt Relief Act, which will otherwise expire at the end of this year. The two groups argue that if lawmakers fail to act, it will make it difficult for struggling homeowners to accept short sale, and even loan modification, offers.

Read More »

Bankrate: Consumers Less Positive About Personal Finances

Consumer sentiment regarding personal finances was down in November, indicating Americans foster a more negative perception about their own finances than they did last year, according to Bankrate's Financial Security Index released this week. In fact, the index has indicated a decline in consumer confidence year-over-year in 22 of the past 24 months. Bankrate measures consumers' perceptions of financial security in five categories: debt, net worth, savings, job security, and overall financial situation.

Read More »

Consumer Debt Continues to Fall with Mortgages Leading the Way

Consumer debt declined in the third quarter, largely due to decreasing mortgage debt throughout the nation, according to the latest Quarterly Report on Household Debt and Credit released by the Federal Reserve Bank of New York. After decreasing by $74 billion in the third quarter, consumer debt now stands at about $11.31 trillion. Mortgage balances make up the bulk of household debt but are on the decline as well. After a 1.5 percent decline over the third quarter, Americans hold $8.03 trillion in mortgage debt.

Read More »

LendingTree Ranks States by Average Monthly Mortgage Payments

When calculating average monthly mortgage payments by state and the District of Columbia, Lending Tree found the nation's capital has the highest average monthly payment and highest share of income that goes toward a house payment. In D.C., monthly mortgage payments average $1,641, while 31 percent of household income goes toward a mortgage, according to LendingTree. Hawaii ranked second with its average payment of $1,536, and homeowners in the state spend about 30 percent of their household income for a house payment.

Read More »

Lingering Headwinds Make Recovery ‘Disappointingly Slow’

While various economic reports hint at improvements in the nation's economy since the economic crisis was in full swing, improvement is meek and recovery seems too strong a word to describe the progress thus far. Federal Reserve Chairman Ben Bernanke calls the pace of recovery ""disappointingly slow."" In a speech before the New York Economic Club Tuesday, Bernanke pointed out some of the lingering headwinds preventing the economy from more momentous progress.

Read More »

Mortgage Insurers Report Q3 Refis and Modifications

Mortgage Insurance Companies of America (MICA), an association of private mortgage insurers, reported Monday that since 2009, its members have insured $86.9 billion in mortgages modified or refinanced through the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) as well as in mortgages modified through other means. The $86.9 billion is distributed among 496,961 homes across the nation.

Read More »

Servicers Provide $26.1B in Mortgage Relief Through Settlement

Five mortgage servicers--Bank of America, Chase, Citi, Wells Fargo, and Ally--have provided over 300,000 borrowers with some form of mortgage relief as part of a settlement agreement, according to a report from settlement monitor Joseph A. Smith, Jr. As of September 30, 2012, the banks reported they have provided $26.1 billion in actual consumer relief. Short sales accounted for $13.13 billion of that amount. Part of the settlement agreement requires the banks to provide $20 billion in relief, but the servicers are not always credited on a dollar-for-dollar basis.

Read More »