According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011. Serious delinquencies rose from 9.2 percent in June 2011 to 9.7 percent in December 2011 for the nation’s 100 ... [Read More]
According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011.
Serious delinquencies rose from 9.2 percent in June 2011 to 9.7 percent in December 2011 for the nation’s 100 largest metropolitan areas. While the 90-plus delinquencies component of the percentage is flat at 3.8 percent and has remained largely unchanged for the past four quarters, foreclosure rates continue to rise and now stand at 5.9 percent. In June 2011, the foreclosure rate was 5.5 percent.
Analysis with the data suggested the build-up of foreclosed homes in judicial states is the main reason behind the rising foreclosure rate.
Metros located in judicial states had foreclosure rates averaging 7.2 percent in December 2011 compared with 4.7 percent for metros in non-judicial states.
Also, when separating metro trends in judicial states from non-judicial, the foreclosure rate in judicial areas has actually increased since March 2009, when Foreclosure-Response.org began tracking the data, while the rate has been roughly flat in non-judicial metros for the last five quarters.
Nearly half, or 46, of the 100 largest U.S. metro areas are located in judicial states.
http://www2.realtoractioncenter.com/site/R?i=iEo9QuAEyhY-KJ1Sje-0vA
Estimates by Standard & Poor’s Rating Services, based on first quarter 2012 data, show that it will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory. The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011. While national residential ... [Read More]
Estimates by Standard & Poor’s Rating Services, based on first quarter 2012 data, show that it will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory.
The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011.
While national residential mortgage liquidation rates appeared stable over the first three months of this year, these rates varied widely between local markets, which prevented any significant reduction in S&P’s months-to-clear estimate, the agency explained in its report.
Regional variations in how quickly servicers can clear the backlog of nonperforming loans are primarily due to differences in foreclosure procedures, judicial vs. non-judicial.
As of first-quarter 2012, S&P says its months-to-clear estimate in judicial states was almost two and half times as long as non-judicial states.
S&P includes in the shadow inventory all outstanding properties on which the mortgage payments are 90 or more days delinquent, properties in foreclosure, and properties that are REO. The agency also includes 70 percent of the loans that became current, or “cured,” from 90-day delinquency within the past 12 months because S&P says these loans are more likely to re-default.
http://www2.realtoractioncenter.com/site/R?i=2tlc77M2XTRRPk_hNzPxEw
Estimates by Standard & Poor’s Rating Services, based on first quarter 2012 data, show that it will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory. The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011. While national residential ... [Read More]
Estimates by Standard & Poor’s Rating Services, based on first quarter 2012 data, show that it will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory.
The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011.
While national residential mortgage liquidation rates appeared stable over the first three months of this year, these rates varied widely between local markets, which prevented any significant reduction in S&P’s months-to-clear estimate, the agency explained in its report.
Regional variations in how quickly servicers can clear the backlog of nonperforming loans are primarily due to differences in foreclosure procedures, judicial vs. non-judicial.
As of first-quarter 2012, S&P says its months-to-clear estimate in judicial states was almost two and half times as long as non-judicial states.
S&P includes in the shadow inventory all outstanding properties on which the mortgage payments are 90 or more days delinquent, properties in foreclosure, and properties that are REO. The agency also includes 70 percent of the loans that became current, or “cured,” from 90-day delinquency within the past 12 months because S&P says these loans are more likely to re-default.
http://www2.realtoractioncenter.com/site/R?i=2tlc77M2XTRRPk_hNzPxEw
Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – from $2,500 to $30,000 – at the completion of a qualifying short sale. To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a ... [Read More]
Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – from $2,500 to $30,000 – at the completion of a qualifying short sale.
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of 2012 and close by Sept. 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
Initially, the program will be offered on mortgages that are owned and served by Bank of America. Currently, the percentage of loans that qualify for the program is 8 percent nationwide.
http://www2.realtoractioncenter.com/site/R?i=9SkYMMUWJORJ5pAdh1CeLQ
Despite the fact that Americans overwhelmingly support homeownership, legislative and regulatory proposals now under consideration would greatly harm homeowners, home buyers, the housing market, and the nation’s economy, according to the National Association of Home Builders (NAHB). To that end, NAHB has launched a new website, www.ProtectHomeownership.com, to bring attention to the threats to homeownership ... [Read More]
Despite the fact that Americans overwhelmingly support homeownership, legislative and regulatory proposals now under consideration would greatly harm homeowners, home buyers, the housing market, and the nation’s economy, according to the National Association of Home Builders (NAHB). To that end, NAHB has launched a new website, www.ProtectHomeownership.com, to bring attention to the threats to homeownership and inspire the public to take action to protect it.
Tax, legislative, and regulatory policies currently under consideration would scale back or eliminate the mortgage interest deduction and make mortgages and small business loans unaffordable and even more difficult to obtain.
ProtectHomesownership.com explains some of these threats and documents homeownership’s importance to individual households and to local, state, and national economies through an FAQ, poll data, economic analysis, and reports.
The site also provides multiple ways for the public to take positive action to protect this very important aspect of American life. These include an online petition urging policymakers to keep housing a national priority, information about how to participate in homeownership rallies that are being held in a number of communities in 2012, and links to social media communities on Facebook.com/ProtectHomeownership and Twitter.com/4Homeownership.
http://www2.realtoractioncenter.com/site/R?i=0NnYhybBaVL82sjh-4RSeA
The Washington Post With home prices at historic lows and rental rates on the rise, a growing number of investors with cash to spare are seeking lucrative returns by gobbling up foreclosures in distressed markets across the country and turning them into rentals. Read the full story http://www.washingtonpost.com/business/economy/housing-downturn-spurs-a-boom-in-foreclosure-to-rental-conversions/2012/04/24/gIQAFWUZeT_story.html?hpid=z2 [Read More]
The Wall Street Journal Former Fannie Mae CEO, speaking on a panel at a conference, says that an influx of investors into the housing market – rather than government policy – was the main cause of the housing market’s collapse. Read the full story http://blogs.wsj.com/developments/2012/04/20/raines-dont-blame-homeowners-government-for-housing-bust/ [Read More]
The Washington Post With home prices at historic lows and rental rates on the rise, a growing number of investors with cash to spare are seeking lucrative returns by gobbling up foreclosures in distressed markets across the country and turning them into rentals. Read the full story http://www.washingtonpost.com/business/economy/housing-downturn-spurs-a-boom-in-foreclosure-to-rental-conversions/2012/04/24/gIQAFWUZeT_story.html?hpid=z2 [Read More]
With the recent landmark National Mortgage Settlement between the nation’s five largest real estate loan servicers and state attorneys general over faulty foreclosure practices, troubled homeowners are at risk of falling victim to scam artists offering mortgage modification and other foreclosure prevention services. C.A.R. wants to help consumers from being defrauded and has launched a ... [Read More]
With the recent landmark National Mortgage Settlement between the nation’s five largest real estate loan servicers and state attorneys general over faulty foreclosure practices, troubled homeowners are at risk of falling victim to scam artists offering mortgage modification and other foreclosure prevention services.
C.A.R. wants to help consumers from being defrauded and has launched a special section on car.org with information about forclosure-prevention, short sale, and other types of mortgage-related fraud, along with information on where to get help and where to report suspected cases of fraud.
http://www2.realtoractioncenter.com/site/R?i=K6Gb5mN3CidEVn8uFsKfiA
The Financial Crimes Enforcement Network has released its full year 2011 update of mortgage loan fraud reported suspicious activity reports (MLF SARs), which shows financial institutions submitted 92,028 MLF SARs last year, a 31 percent increase compared with the 70,472 submitted in 2010. The increase can be primarily attributed to mortgage repurchase demands. Financial institutions ... [Read More]
The Financial Crimes Enforcement Network has released its full year 2011 update of mortgage loan fraud reported suspicious activity reports (MLF SARs), which shows financial institutions submitted 92,028 MLF SARs last year, a 31 percent increase compared with the 70,472 submitted in 2010. The increase can be primarily attributed to mortgage repurchase demands.
Financial institutions submitted 17,050 MLF SARs in the 2011 fourth quarter, a 9 percent decrease in filings compared with the same period in 2010 when financial institutions filed 18,759 MLF SARs. While too soon to call a trend, the fourth quarter of 2011 was the first time since the fourth quarter of 2010, when filings of MLF SARs had fallen from the previous year. FinCEN also updated its SAR data sets used in the report.
Yahoo! Real Estate Signaling that housing may be in recovery mode, median list prices for resale homes jumped about 5.6 percent to $189,900 from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®. Read the full story http://realestate.yahoo.com/promo/report-signals-start-of-broad-based-housing-recovery.html [Read More]
CNNMoney The Federal Housing Finance Agency will decide this month whether Fannie Mae and Freddie Mac should allow write downs on the balances of borrowers who owe more than their homes are worth. Read the full story http://money.cnn.com/2012/04/09/news/economy/mortgages-principal-reduction/index.htm?iid=HP_LN [Read More]
Borrowers seeking a review of their mortgage foreclosures under the Federal banking agencies’ Independent Foreclosure Review now have until July 31, 2012, to submit their requests. The new deadline provides an additional three months for borrowers to request a review if they believe they suffered financial injury as a result of errors in foreclosure actions ... [Read More]
Borrowers seeking a review of their mortgage foreclosures under the Federal banking agencies’ Independent Foreclosure Review now have until July 31, 2012, to submit their requests.
The new deadline provides an additional three months for borrowers to request a review if they believe they suffered financial injury as a result of errors in foreclosure actions on their homes in 2009 or 2010 by one of the servicers covered by enforcement actions issued in April 2011.
Borrowers are eligible for an Independent Foreclosure Review if they meet the following basic criteria:
The mortgage loan was serviced by one of the participating mortgage servicers.
The mortgage loan was active in the foreclosure process between January 1, 2009, and December 31, 2010.
The property securing the mortgage loan was the borrower’s primary residence.
There are no costs associated with being included in the review. For more information, borrowers can call 888-952-9105, Monday through Friday, 8 a.m.-10 p.m. ET or Saturday, 8 a.m.-5 p.m. ET or visit www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm or www.occ.gov/independentforeclosurereview.
http://www.federalreserve.gov/newsevents/press/other/20120215a.htm
