NY Fed Releases 3rd Quarter Report

The New York Federal Reserve’s Quarterly Report On Household Debt And Credit finds new foreclosures fell in the third quarter while the number of mortgages that became delinquent rose slightly. About 2.7 percent of current mortgage balances transitioned into delinquency during the third quarter, up from 2.6 percent in the second quarter. The number of individuals with a new foreclosure notice added to their credit report fell 5.5 percent from the second quarter. Also in the report, mortgage originations rose 4.3 percent to $380 billion, 26 percent above their low in the fourth quarter of 2008. More here, here, and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, News, Real Estate, Trends

Default Notices Drop 30 Percent From Last Year

The number of homeowners receiving initial default notices in August fell 1 percent from July and 30 percent from a year earlier. RealtyTrac’s August U.S. Foreclosure Market Report, shows total foreclosure filings, including default notices, scheduled auctions, and bank repossessions, were reported on 338,836 properties, a 4 percent increase from the month before and a 5 percent drop from 2009. James J. Saccacio, RealtyTrac’s chief executive officer, says the trend lines of decreasing default notices and increasing bank repossessions indicates the backlog of distressed properties is being carefully managed to avoid flooding the market and putting downward pressure on prices. More here, here, and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, Inventory, News, Real Estate, Repossessions, Trends

Mixed News On Foreclosures

According to The Mortgage Bankers Association, the inventory of homes somewhere in the foreclosure process fell for the first time since 2006. The number of seriously delinquent loans, or those late by three months or more, dropped to 9.11 percent from 9.54 percent in the first quarter. Jay Brinkmann, MBA’s chief economist, said the numbers provided a mixture of good and somewhat bad news. Though foreclosure starts and the number of loans late by 90 days or more fell, the rate of first-time delinquencies, or those one payment behind, rose after four consecutive quarters of decline. More here, here, and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, News, Real Estate, Trends

Foreclosures Nearly Flat Year-Over-Year

Foreclosure filings were reported on 322,920 properties in May, a 3 percent drop from April and increase of less than 1 percent from a year before, according to RealtyTrac’s U.S. Foreclosure Market Report. James J. Saccacio, chief executive officer of RealtyTrac, says May’s numbers confirm that the inflow of delinquencies has slowed as lenders work through the backlog of forestalled foreclosures. In May, one in every 400 U.S. housing units received a foreclosure filing, which include default notices, scheduled auctions, and bank repossessions. More here and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, News, Real Estate, Repossessions, Trends

Fannie, Freddie, and The Housing Forecast

With 25 percent of mortgages underwater and high levels of delinquencies, James Lockhart, former director of The Office of Federal Housing Enterprise Oversight, says the housing market will need another year or more before it shows signs of recovery.

Filed under: Uncategorized, Delinquencies, Fannie Mae, Foreclosures, Freddie Mac, Housing Market, Real Estate, Second-Lien Modification, Video, Views

Shadow Inventory and The Housing Recovery

The housing market’s current mix of ups and downs has experts and industry insiders forecasting a variety of possible outcomes over the next few months and beyond. The shadow inventory looms large among many factors influencing whether the recent stretch of stability continues or the market takes a downturn. Estimates of the number of homes that are ready to sell but haven’t been put on the market vary. A recent report from Barclays Capital says the shadow inventory will peak this summer and begin falling as the market stabilizes. But with an estimated 4.5 million homes potentially hitting the market over the next few years, an orderly pace is required to prevent flooding the market and driving prices down again. More here, here and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, Inventory, News, Prices, Real Estate