New Data Highlights Drops in Foreclosures and Delinquencies

Aug 24, 2017

Last year saw a 646 percent increase in foreclosures against seniors with federally-insured reverse mortgages as compared to the previous seven years, according to Department of Housing and Urban Development (HUD) data received by a Freedom of Information

A pair of new data reports are affirming the strengthening of the housing market by highlighting the evaporating levels of foreclosure activity and mortgage delinquencies.

Black Knight Financial Services is reporting the national foreclosure inventory fell by 12,000 in July, bringing the total below 400,000 for the first time since February 2007. Last month saw 398,000 properties in the foreclosure pre-sale inventory, down by 152,000 from July 2016.

The active foreclosure inventory has declined by 28 percent (more than 150,000) over the past 12 months, while July’s total of 53,300 foreclosure starts is the second lowest monthly volume since the start of 2005.

Separately, the Mortgage Bankers Association (MBA) reported the delinquency rate for mortgage loans on one- to four-unit residential properties decreased to a seasonally adjusted rate of 4.24 percent of all loans outstanding at the end of the second quarter, a 47 basis points decline from the previous quarter and a 42 basis points decline from one year ago. The serious delinquency rate was 2.49 percent in the second quarter, down 27 basis points from the previous quarter and 62 basis points lower than one year ago.

Among loan groups, the conventional delinquency rate dropped to 3.47 percent from 4.04 percent in the first quarter, reaching its lowest level since 2005. The FHA delinquency rate fell to 7.94 percent from 8.09 percent in the first quarter, reaching its lowest level since 1996. And the VA delinquency rate dropped to 3.72 percent from 3.90 percent in the first quarter, reaching its lowest level since 1979.

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Phil Hall

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Aug 24, 2017

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