Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

foreclosures

2012: Year of the Judicial Foreclosure

Foreclosed Home Sign

RealtyTrac has released its Year-End 2012 U.S. Foreclosure Market Report, which shows a total of 2,304,941 foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 1,836,634 U.S. properties in 2012, down three percent from 2011 and down 36 percent from the peak of 2.9 million properties with foreclosure filings in 2010. The report also shows that 1.39 percent of U.S.Click to continue

Home Prices Jump to Highest Annual Increase in Six-Plus Years

154217985.jpg

CoreLogic has released its November CoreLogic HPI report, finding that home prices nationwide, including distressed sales, increased on a year-over-year basis by 7.4 percent in November 2012 compared to November 2011. This change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in November 2012 compared to October 2012. The HPI analysis shows that all but six states are experiencing year-over-year price gains.Click to continue

Nationwide Servicer Settlement Leads to Near 10 Percent Decline in Foreclosures

Foreclose_Signage

The November Mortgage Monitor report, released by Lender Processing Services Inc. (LPS), shows the national foreclosure inventory dropped to 3.51 percent in November, representing an almost 10 percent decline from September 2012, when newly instituted National Mortgage Settlement requirements began to influence the pace of first-time foreclosure starts. LPS expects foreclosure starts to rebound as mortgage servicers incorporate the new procedural requirements into their operations in the coming months.Click to continue

Ten Servicers to Shell Out $8.5 Billion-Plus for Deficient Practices

House Cash/Copyright: Getty Images/Credit: Jupiterimages

Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The sum includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments.Click to continue

National Foreclosure Inventory Drops 18 Percent

Foreclosure Dictionary Pic

CoreLogic has released its National Foreclosure Report, which provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 55,000 completed foreclosures in the U.S. in November 2012, down from 72,000 in November 2011, a year-over-year decrease of 23 percent. On a month-over-month basis, completed foreclosures fell from 59,000 in October 2012 to the current 55,000, a decrease of six percent.Click to continue

Shadow Inventory Forecast as Manageable in 2013

Shadow Inventory Pic

CoreLogic has reported that the current residential shadow inventory as of October 2012 fell to 2.3 million units, representing a supply of seven months.Click to continue

The Importance of Local Leadership

Leadership Chalkboard Pic

Another election has come and gone. Barack Obama has remained as the 44th President of the United States of America. On a national level, there is much work to be done. Our society is a tug-of-war between opposing and evolving values. Our economy hangs in the balance between progress and utter disaster. The development of our society and economy over the next four years will determine the true caliber of leadership that exists in our most recently elected president.Click to continue

Strong November Housing Performance Threatened by Fiscal Cliff

158430178.jpg

For most measures of housing performance, November was another positive month, according to the monthly Property Intelligence Report (PIR) from DataQuick, a provider of real estate information solutions powered by data, analytics and decisioning. “While there is evidence that a recovery in housing is underway nationally, the strength of the housing market varies across the country,” said Gordon Crawford, Ph.D., vice president of analytics for DataQuick.Click to continue

Slight Increase Seen in Nationwide November Delinquencies

Foreclosure Crooked Sign Pic

Lender Processing Services Inc. (LPS) has reported the following "first look" at November 2012 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market.

►Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.12 percent

►Month-over-month change in delinquency rate: 1.19 percent

►Year-over-year change in delinquency rate: -9.06 percent

►Total U.S. foreclosure pre-sale inventory rate: 3.51 percentClick to continue