Posts Tagged ‘foreclosure’

Texas Delinquencies Jump 16% After Harvey

Posted on September 26, 2017 by Laura Lam

Mortgage delinquencies in areas affected by Hurricane Harvey last month were 16% higher than in July, according to Black Knight Financial Services.  More than 6,700 new 30-day delinquencies stem from the hurricane and 1,000 borrowers already 30 days past due missed another payment, said Black Knight. Despite the spike in Harvey-related delinquencies, nationally on loans not yet in foreclosure they were flat compared with July, rising only 0.72% to 3.93%, and compared with a year ago the rate is 7.27% lower than it was last August. Texas is now among the 5 states that have seen the most deterioration in their…

Americans are Getting Better at Paying Mortgages

Posted on September 05, 2017 by Laura Lam

Over the last few weeks, report after report all show the same thing – more Americans are paying the mortgages on time right now than at any time since the housing crisis.  A recent Black Knight Financial Services report showed that there were fewer loans in foreclosure in the month of July than in any month in more than 10 years. Recent data from Transunion showed that mortgage delinquency rates fell to the lowest rate in 10 years during the second quarter, while a recent report from S&P Dow Jones Indices and Experian showed that in July, the average mortgage default rate hit its lowest level in a decade. The most recent report from CoreLogic showed that…

Foreclosures at Lowest Level in Over 10 Years

Posted on August 31, 2017 by Laura Lam

A new report from Black Knight Financial Services shows that there were fewer loans in foreclosure in the month of July than in any month in more than 10 years.  According to the report, there were 398,000 properties in foreclosure pre-sale in July. That’s down 12,000 from June and down more than 150,000 from the same time period last year, a decline of 28%.  July also marked the first time that the number of loans in foreclosure was below 400,000 since February 2007. Additionally, Black Knights report showed that the national foreclosure rate sat at 0.78% in July, down 2.96% from the…

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…

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…

Millions of Homes Still ‘Seriously Underwater’

Posted on May 16, 2017 by Laura Lam

Since the housing recovery began a few years ago, millions of homeowners have gotten their heads back above water due to rising home prices.  That said, there are still millions who are still underwater. In its latest report, ATTOM Data Solutions found nearly 5.5 million homes in the “seriously underwater” category at the end of the first quarter. Homes in that grouping have mortgages that are at least 25% more than the homes’ current value.  The report says the number of homes seriously underwater actually rose from the number at the end of the fourth quarter, suggesting a worsening of…

Foreclosure Process Can Take 5 Years in Some States

Posted on May 10, 2017 by Laura Lam

A decade ago, a home in Connecticut could be sold to another party about 12 months after a borrower stopped paying a mortgage.  These days, it’s more like 5 years.  The national average for liquidation timelines in 2016 reached 48 months. In many Northeastern states, including Connecticut, that timeline reached or surpassed the 55-month mark last year, according to data from Fitch Ratings. Sean Nelson, a senior director at Fitch Ratings, said the increase began as a direct result of the mortgage crisis. Loan servicers were not used to dealing with thousands of delinquent borrowers at one time which created…

Foreclosures Continue Descent but Some Cities Still Struggle

Posted on May 03, 2017 by Laura Lam

ATTOM Data Solutions recently released its Q1 and March 2017 U.S. Foreclosure Market Report, which shows first quarter foreclosure activity was below pre-recession levels nationwide and in 102 out of 216 metropolitan statistical areas (47%). Nationwide the report shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 234,508 U.S. properties in the first quarter of 2017, down 11% from the previous quarter and down 19% from a year ago to the lowest level since Q3 2006. The first-quarter foreclosure activity total was 16% below the pre-recession average of 278,912 properties with foreclosure filings each quarter…