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

Settlement Services

Monthly Foreclosure Activity Rises Four Percent in March

Foreclosure for Sale

RealtyTrac released its U.S. Foreclosure Market Report for March and the first quarter of 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 117,485 U.S. properties in March, a four percent increase from February but still down 23 percent from a March 2013.Click to continue

Shadow Inventory See 23 Percent Dip Nationwide YOY in January

Underwater_Home_Pic_04_03_14

CoreLogic released its February 2014 National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of January 2014. There were 43,000 completed foreclosures in the United States in February 2014, down from 51,000 in February 2013, a year-over-year decrease of 15 percent.Click to continue

February Foreclosure Volume Seven Percent Higher Than 2013

Foreclose_Gavel_Pic

RealtyTrac has released its February 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,083,241 in February, a 0.2 percent decrease from the previous month but still up seven percent from a year ago. February marked the fourth consecutive month where sales activity has decreased on a monthly basis.Click to continue

UFA Default Risk Index Rises in Q1

Foreclosed_Home_Red_Pic

The UFA Default Risk Index for the first quarter of 2014 is 114, up from the recent low of 76 four quarters ago in our baseline scenario. Under current economic conditions, investors and lenders should expect defaults on loans currently being originated to be 14 percent higher than the average of similar loans originated in the 1990s, due solely to the local and national economic environment. That’s a key finding of the latest UFA Mortgage Report by University Financial Associates of Ann Arbor, Michigan.Click to continue

New Yorker Sentenced to Nine Years in Loan Mod Scheme

Handcuffs_Prison_Pic

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business that operated in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a scheme to defraud hundreds of struggling homeowners and their lenders.Click to continue

More Than Four Million U.S. Homes Return to Positive Equity in 2013

Underwater_Home_Pic_09_17_13

CoreLogic has released new analysis showing four million homes returned to positive equity in 2013, bringing the total number of mortgaged residential properties with equity to 42.7 million. The CoreLogic analysis indicates that nearly 6.5 million homes, or 13.3 percent of all residential properties with a mortgage, were still in negative equity at the end of 2013. Due to a small slowdown in the quarterly growth rate of the Home Price Index, the negative equity share was virtually unchanged from the end of the third quarter of 2013.Click to continue

DataQuick: Foreclosures Down in 31 of 42 Markets

Foreclosure Crooked Sign Pic

DataQuick reports that foreclosures have decreased in 31 of the 42 reporting markets presented in the company’s monthly Property Intelligence Report (PIR) over the last month, quarter and year. DataQuick shows the most significant decrease in foreclosure activity coming from Maricopa County, Ariz. (Phoenix), which has seen a more than 61 percent drop in foreclosures over the past year. Eleven other counties across the country have experienced foreclosure decreases of more than 50 percent since a year ago, including the markets of Los Angeles, Denver and Washington D.C.Click to continue

U.S. Foreclosures Drop by 20 Percent Year-Over-Year in January

Foreclosed Home Sign

CoreLogic released its January National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of January 2014, there were 48,000 completed foreclosures nationally, down from 59,000 in January 2013, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures were up 11.8 percent from the 43,000 reported in December 2013.Click to continue

California AG Nabs Seven in Loan Mod Scheme

Cherry Red Gavel/Credit: Comstock

California Attorney General Kamala D. Harris has announced the arrest of seven suspects who have been charged in a mortgage fraud scheme that defrauded more than 1,550 Inland Valley homeowners seeking loan modification services during California’s foreclosure crisis. The felony complaint alleges that Nehad “Nick” Ayyoub Ayyoub of San Bernardino and president of The Firm Loans, Insurance and Investments Inc.Click to continue

Negative Equity Rate Dips Below 20 Percent to Close 2013

Underwater Home Pic

The national negative equity rate ended 2013 below 20 percent for the first time in years, dipping to 19.4 percent of all homeowners with a mortgage, according to the fourth quarter Zillow Negative Equity Report. Nationally, more than 9.8 million homeowners remain underwater, owing more on their mortgage than their home is worth. Negative equity has fallen for seven consecutive quarters as home values have risen, freeing almost 3.9 million homeowners nationwide in 2013.Click to continue