Posts Tagged ‘delinquent’

Mortgage Delinquencies Continue to Decline

Posted on July 27, 2017 by Laura Lam

Mortgage delinquencies dropped in April and the economy continued to show improvement, according to the latest Loan Performance Insights Report from CoreLogic.  Nationally, mortgages in some stage of delinquencies, those that are 30 days or more past due including those in foreclosure, dropped to 4.8% of total mortgages in April. This is a decrease of 0.5 percentage points from last year’s 5.3%. The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, decreased to 0.7%, down from April 2016’s 1%. The serious delinquency rate, defined as 90 days or more past due including loans…

Foreclosure Filings Down 20% from Year Ago

Posted on July 26, 2017 by Laura Lam

According to ATTOM Data Solutions’ Midyear 2017 U.S. Foreclosure Market Report the total number of U.S. properties with foreclosure filings during the first half of the year decreased by 20% from the previous year to 428,400, and down 28% from the first half of 2015.  While the amount of foreclosures decreased nationally, 7 states – Texas, Illinois, Connecticut, Oklahoma, West Virginia, Montana and North Dakota – and D.C. saw increases. ATTOM Data Solutions says that default notices, scheduled auctions or bank repossessions were lower in almost all areas but 8 areas saw an increase, led by a 60% rise in the District…

Rate Hike Prevented 1 Million Americans From Paying Mortgage

Posted on July 25, 2017 by Laura Lam

A new analysis from TransUnion found that 10.6 million Americans could struggle to absorb their increased monthly payments after the Federal Reserve Board raised interest rates in December, however further examination showed only 1 million struggled with being delinquent after the rate hike. TransUnion’s study identified 63 million consumers who carried debts where the minimum monthly payments was tied to the market interest rate, and would be effected by rate hikes. Using its CreditVision aggregate excess payment algorithm, TransUnion found that 10.6 million consumers were at an elevated risk of not being able to absorb the 0.25% rate hike. The average change in monthly payments was an…

CMBS Delinquency Rate Jumps to 5-Year High

Posted on July 10, 2017 by Laura Lam

Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, released its June 2017 U.S. CMBS Delinquency Report.  The commercial mortgage-backed securities (CMBS) delinquency rate climbed by its highest amount in more than 5 years.  The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.75%, an increase of 28 basis points from May. The jump in June’s reading is the highest rate increase measured since March 2012. The June 2017 rate is now 115 basis points higher than the year-ago level. “After months of marginal increases, the…

Consumer Delinquencies on the Rise

Posted on July 06, 2017 by Laura Lam

Delinquencies in both open- and closed-end loans rose in the first quarter of 2017, according to the ABA Consumer Credit Delinquency Bulletin released today.  The rise in closed-end delinquencies was driven by an uptick in late payments on auto loans, the report noted. The composite ratio, which tracks delinquencies in the closed-end installment loan categories, rose 5 basis points to 1.56% of all accounts, but remained well below the 15-year average of 2.17%. Delinquencies in indirect auto loans rose 8 basis points to 1.83% of all accounts, while direct auto lending delinquencies increased by 9 points to 1.03% of all accounts….

Foreclosure Activity Hits Post-Recession Low in April

Posted on June 08, 2017 by Laura Lam

ATTOM Data Solutions released its April 2017 U.S. Foreclosure Market data, which shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 77,049 U.S. properties in April, down 7% from the previous month and down 23% from a year ago to the lowest level since November 2005. “Foreclosure activity continued to search for a new post-recession floor in April thanks in large part to the above-par performance of mortgages originated in the past 7 years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile we are seeing an elevated share of repeat foreclosures…

Household Debt Hits New Record

Posted on May 23, 2017 by Laura Lam

Household debt is topping its 2008 peak prior to the housing crash. Total household debt has risen to $12.73 trillion in the first quarter, the Federal Reserve Bank of New York reported last week. However, Americans are handling their debt—mortgages, credit cards, auto loans, and other forms of borrowing – much better, the report shows.  Americans were delinquent on 4.8% of total debt in the first quarter. For comparison, at the end of 2009, 11.9% of consumers were delinquent on their debt by at least 30 days. The increase in household debt may indicate that more Americans are confident about…

Student Loan Defaults on the Rise

Posted on March 29, 2017 by Laura Lam

A new analysis of government data by the Consumer Federation of America found that the number of Americans in default on their student loans jumped by nearly 17% last year.  As of the end of 2016, there were 4.2 million Federal Direct Loan borrowers in default, meaning they’ve not made a payment in more than 270 days. That’s up from 3.6 million at the end of 2015. “Despite all improvements in the economy, student loan borrowers are still struggling,” said Rohit Chopra, senior fellow at the Consumer Federation of America (CFA).  As of the end of 2016, 42.4 million Americans…

Are Automakers Creating the Next Financial Crisis?

Posted on March 06, 2017 by Laura Lam

The country’s auto debt hit a record in the fourth quarter of 2016, according to the Federal Reserve Bank of New York, when a rush of year-end car shopping pushed vehicle loans to a dubious peak of $1.16 trillion. The combination of new car smell and new credit woes stretches from Subarus in Maine to Teslas in San Francisco.  It’s an alarming number, big enough to incite talk of a bubble. On average, every licensed driver in the U.S, owes about $6,100 in car payments. But the market for cars is a lot different than that for houses. Vehicles are a more fluid asset…

Subprime Borrowers Have Stopped Paying Auto Loans

Posted on December 21, 2016 by Laura Lam

More Americans are behind on their auto loans, which is keeping some banking experts up a night.  Roughly 6 million individuals are at least 90 days late on their car payments. The number of auto loans sinking into delinquency hit their highest level since 2010 in the third quarter, according to data from Federal Reserve Bank of New York researchers. The broader auto loan market remains robust. The total delinquency rates rose by just 3.6% in the third quarter, kept low by loans issued by banks and credit unions. Subprime auto loan delinquencies, in contrast, have worsened significantly in the past few years, rising to levels not…