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Foreclosure and Mortgage Delinquency Rates Stabilizing

Dennis Norman

A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of June 2010 shows some encouraging news; there are signs that the foreclosure and mortgage delinquency rates are stabilizing, albeit at very elevated levels.

Record Foreclosure Rate Could Hurt Demand For Homes and Slow Recovery

Dennis Norman

In a report just issued by Radarlogic there is some good news for the housing industry as in the report Michael Feder, President and CEO of Radar Logic, states “the evidence continues to support the view that housing has stabilized and is in the early stages of recovery.”  However, the report also reminds us [...]

Delinquent Home Mortgages 21.3 Percent Higher Than Last Year; Foreclosure Rates at Record High

Dennis Norman

A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of February 2010 has some data that is encouraging but that data is overshadowed by data that shows the problems int he U.S. housing market are far from over.

Let’s start with the good news…

Delinquencies on home mortgages declined in February [...]

Foreclosures and Short Sales Dominated the U.S. Housing Market in 2009

It’s not surprising, that according to Zip Realty foreclosures and short sales dominated the U.S. housing market last year and were the driving force for the real estate roller coaster ride of 2009.

Zip Realty broke down what they considered were the nine major real estate stories for 2009 and they are:

[...]

Owner occupants get first shot at Fannie Mae foreclosures under ‘First Look’ initiative

Dennis Norman

Fannie Mae just announced their new “First Look” initiative which is aimed at supporting neighborhood stabilization and promoting home purchases by owner occupants by providing owner occupants an advantage in purchasing Fannie-Mae-owned foreclosed properties.

Under the First Look program only offers from owner occupants and buyers using public funds are considered during the first 15 [...]

Fewer home owners are underwater on their homes according to Zillow report

Dennis Norman

The percent of American home owners with mortgages in a negative equity position fell to 21 percent in the third quarter of this year, down from 23 percent in the second quarter, as home values stabilized in the short term and more underwater homeowners lost their homes to foreclosure, according to the third quarter [...]

HAMP loan modifications up 40 percent in September; Serious mortgage delinquencies up 147 percent in past year

Dennis Norman

Yesterday the Federal Housing Finance Agency (FHFA) reported that Fannie Mae and Freddie Mac’s trial mortgage loan modifications under the Obama Administrations Home Affordable Modification Plan (HAMP) were up more than 40 percent in September 2009 from the previous month.  According to the report, mortgage loans that are 60-plus-days delinquent increased to 1,401,000 borrowers in [...]

Foreclosure rate in U.S. increases 73 percent in August from a year prior

Dennis Norman

The foreclosure rate in the U.S. for the month of August, 2009 was 2.86 percent, a 73.3 percent increase from August, 2008 when the rate was 1.65 percent according to a report released yesterday by First American CoreLogic.

In addition, the report showed that the number of borrowers that are seriously delinquent on their [...]

Has the real estate market bottomed out? Is this the recovery? I don’t think so…

Dennis Norman

Doing what all normal people do at 4:30 am on a Monday, I was scouring the Internet reading real estate news when I ran across an interesting article by Richard Stoyeck titled “Is Real Estate Coming Back Now?”

I’ll cut through the chase and give you Stoyeck’s answer to the question posed in the title [...]

Foreclosures remain at near record levels in August

While there have been positive reports recently about the housing market, specifically existing home sales and, to some extent, a stabilization of prices, unfortunately there is plenty of bad news on the housing market as well.  For one, the number of foreclosures in the U.S. remains at near record highs.

RealtyTrac(R) released their August 2009 U.S. Foreclosure [...]

National Collaboration Turns Foreclosures Into Opportunities

In an unprecedented move, leaders from the nonprofit sector, philanthropic community, financial industry and government have joined forces in creating a highly innovative and effective approach to reclaim neighborhoods devastated by high concentrations of foreclosed and abandoned property.

The National Community Stabilization Trust, a new nonprofit organization, will help re-knit the fabric of neighborhoods torn apart [...]

Mortgage delinquencies increase again but loan modifications appear to be working

Dennis Norman

By: Dennis Norman

Today the Office of the Comptroller of the Currency (OCC) and the Office of the Thrift Supervision (OTS) released their mortgage metrics report for 1st quarter 2009.   The report covers the performance of 34 million home loans in the US.

The report shows that delinquencies and foreclosures continue to increase during the [...]

Foreclosure activity finally decreases 6% in May

Dennis Norman

By: Dennis Norman

According to a report issued by RealtyTrac(R), foreclosure filings (default notices, scheduled auctions and bank repossessions or REO’s) were reported on 321,480 U.S. properties for May.  This is a decrease of 6% from April but is still up nearly 18% from a year ago.

The states of Nevada, California and Florida continue [...]

Foreclosures continue at record rate; a new one every 13 seconds

Dennis Norman

By: Dennis Norman

According to a report issued by the Center for Responsible lending, the number of homes that have had foreclosure proceedings begun on this year broke the 1 million mark this past weekend.  The Center for Responsible lending  website has a rather depressing “foreclosure meter” that shows, in real time (sort of), [...]

Foreclosures decrease 10% in January

By: Dennis Norman

According to a report this week by Realty Trac(R) there were 274,399 US properties in some stage of foreclosure during the month of January.  This represents a 10% decrease from December but is still an 18% increase over a year ago.  Do the math and it works out to a sobering 1 in [...]

Foreclosure rate drops; Re-default rate soars…

By: Dennis Norman

 

The Office of the Comptroller of the Currency and the Office of Thrift Supervision issed a report on mortgage performance which showed an increase in delinquencies, foreclosures in process, and other actions leading to home forfeiture but offered a little ray of light with a drop in “newly initiated” foreclosures by 2.6% from the [...]

Help for homeowners facing foreclosure

By: Dennis Norman

Today many people that never thought they would find themselves in this plight are now facing the potential of losing their homes to foreclosure. Aggressive lenders, creative loans and a super charged real estate market for about 5 years until sometime in 2006 all helped put many people in a difficult position with [...]

How to buy HUD Homes

By: Dennis Norman

What is a HUD Home? 
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.