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foreclosures

Foreclosures Nationwide Drop 20 Percent Year-Over-Year in June

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CoreLogic has released its June National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to CoreLogic, there were 55,000 completed foreclosures in the U.S. in June 2013, down from 68,000 in June 2012, a year-over-year decrease of 20 percent. On a month-over-month basis, completed foreclosures increased 2.5 percent from the 53,000 reported in May.Click to continue

SIGTARP Reports HAMP Hampered by Redefaults

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A report from the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) brings news of borrowers redefaulting on their mortgages at alarming rates, as 306,000 people who have taken advantage of the Home Affordable Modification Program (HAMP) are now failing to make payments on their mortgages.Click to continue

Californians Entering Foreclosure in Q2 Hits Second-Lowest Level in Seven Years

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While up from the first quarter, the number of California homeowners entering the foreclosure process was at its second-lowest level in seven years last quarter, largely the result of a steep rise in home values, a real estate information service reported. Lenders filed 25,747 Notices of Default (NoDs) during the April-to-June period. That was up 38.7 percent from 18,568 for the previous quarter, and down 52.9 percent from 54,615 for second-quarter 2012, according to San Diego-based DataQuick.Click to continue

Sudden Jolt in Rates Causes Existing-Home Sales to Dip in June

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Existing-home sales declined in June, but have stayed above levels of just a year-ago for the past two years, while the median price shows seven straight months of double-digit year-over-year increases, according to the National Association of Realtors (NAR).Click to continue

Flagstar to Begin Outsourcing Mortgage Servicing

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Flagstar Bancorp Inc. has announced its plan to shift the focus of its mortgage servicing business to performing servicing assets. Flagstar has made the decision to outsource its non-core default servicing business, which represents less than four percent of its overall servicing book, to a recognized servicer that specializes in this area. This is part of Flagstar's ongoing strategy to deliver improving performance while maintaining its commitment to its national mortgage business and community banking in Michigan.Click to continue

1.2 Million Permanent Loan Mods Granted Through HAMP

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The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the June edition of the Obama Administration's Housing Scorecard. Data continue to show signs that the housing market is strengthening, with home prices continuing to rise and new and existing home sales remaining strong, although officials caution that there is regional variation and the overall economic recovery remains fragile.Click to continue

Foreclosure Starts Down 45 Percent Year-Over-Year in June

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RealtyTrac released its Midyear 2013 U.S. Foreclosure Market Report, which shows a total of 801,359 U.S. properties with foreclosure filings—default notices, scheduled auctions and bank repossessions—in the first half of 2013, a 19 percent decrease from the previous six months and down 23 percent from the first half of 2012. The report also shows that 0.61 percent of all U.S. housing units (one in 164) had at least one foreclosure filing in the first six months of the year.Click to continue

Shadow Inventory Down 18 Percent Year-Over-Year

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CoreLogic released its May National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of April 2013. There were 52,000 completed foreclosures in the U.S. in May 2013, down from 71,000 in May 2012, a year-over-year decrease of 27 percent. On a month-over-month basis, completed foreclosures increased 3.5 percent, from 50,000 in April 2013 to the May level of 52,000. Current residential shadow inventory as of April 2013 was under two million units, representing a supply of 5.3 months.Click to continue

May Experiences Largest Year-to-Date Decline in Delinquencies in 11 Years

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The May Mortgage Monitor report released by Lender Processing Services Inc. (LPS) found that the national delinquency rate continued to fall in May, marking the largest year-to-date drop since 2002. Delinquencies are down more than 15 percent since the end of December 2012, coming in at 6.08 percent for the month. As LPS Applied Analytics Senior Vice President Herb Blecher explained, much of this improvement is supported by the fact that new problem loan rates are approaching the pre-crisis average.Click to continue

FTC Files Suit Against Seven Firms in Foreclosure Rescue Scheme

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The Federal Trade Commission (FTC) filed suit in federal court to halt a mortgage relief scheme that allegedly deceived and preyed on distressed homeowners by charging them $2,000 to $4,000 based on bogus foreclosure rescue claims. The defendants allegedly falsely claimed they would provide legal help to save consumers’ homes from foreclosure and lower their mortgage payments, then charged them up-front fees in violation of federal law, delivering little or no help, and driving them deeper into debt.Click to continue