The number of distressed properties not currently listed for sale on multiple listing services (MLSs) stood at 1.6 million as of October 2011, according to CoreLogic. This shadow inventory is approximately half of the industry’s visible inventory of homes available for sale, CoreLogic says. Thus, for every two homes available for sale, there is one home…
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Foreclosure Crisis Isn’t Even Halfway Over: Communities of Color Greatly Impacted by Crisis
The foreclosure crisis has had a long and destructive run – five years and counting, with millions put out of their homes. According to the Center for Responsible Lending(CRL), we’re not even halfway through the devastation. The organization’s analysis of 27 million mortgage loans originated over a five-year period found that 6.4% of mortgages made between 2004 and…
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Past Due Mortgages = 6,298,000 down from 8,118,000 peak in January 2010
There were 6,298,000 mortgages going unpaid in the United States as of the end of October, according to Lender Processing Services (LPS). It’s a daunting number, but the data show that it’s actually been on a fairly steady decline for nearly two years now. At the start of 2011, the total number of non-current mortgages in the…
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Delinquencies Still Falling but Foreclosures at an All-Time High – 631 days average
Data released by Lender Processing Services (LPS) Thursday shows mortgage delinquencies are continuing to decline, now nearly 30% below their January 2010 peak. Loans in the process of foreclosure, on the other hand, are steadily rising. LPS says foreclosure inventories reached an all-time high at the end of October, making up 4.29% of all active mortgages. The average days…
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Real Estate Shadow Inventory Beginning to Shrink – 45 Months to Clear Current Levels
That ominous shadow inventory of repossessed and soon-to-be repossessed homes is getting smaller. Standard and Poor’s (S&P) has released its third-quarter shadow inventory update, which shows both the volume of distressed assets and the amount of time it’d take to liquidate these properties is contracting. S&P says the volume of distressed residential mortgages included in its shadow…
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Housing Prices Are 28.3% Below Peak in Mid-2006
National home prices have been on the decline since June 2006 with a few bursts of increases, which Lender Processing Services (LPS) attributes to seasonal trends. Overall, prices have declined 28.3% since their peak in June 2006, according to LPS’ new home price index. From July 2007 to December 2009, prices declined an average of 13.8% annually.…
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Foreclosure Activity Increases for Third Straight Month
Foreclosure filings in October rose 7% from the previous month, RealtyTrac reported Thursday. Including default notices, scheduled auctions, and bank repossessions – which all increased month-over-month – filings were reported on 230,678 U.S. properties in October. That grand total is down nearly 31% from a year earlier, when servicers began putting the brakes on foreclosure actions due to…
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REO Opportunities to Increase in 2012 as Foreclosure Starts Rise as Servicers Process Backlog of Delinquent Loans
Foreclosure starts among private-label residential mortgage-backed securities (RMBS) have been rising toward historic averages over the past six months, which will lead to an influx of distressed properties bringing downward pressure to the housing market, according to recent RMBS Performance Metrics from Fitch Ratings. According to Fitch, foreclosure start rates for severely delinquent RMBS loans have stayed…
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Home Price Growth Has Dissipated With the Summer Heat: West Coast Weak
Temperatures are falling, and so are home prices in most local markets. Clear Capital says it’s expecting another long winter as the housing industry tries to cope with the downward forces of weak demand, record-low consumer confidence, and distressed inventory. Quarterly home price gains through October retreated to near-flat levels with only 0.6% growth at the national…
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Foreclosure Timeline Increases to 624 Days in 2011: a 28% Increase
Mortgages backing homes that were foreclosed on in September had been delinquent for an average of 624 days, according to Lender Processing Services (LPS). That’s up from 484 days in September of last year, just before the processing issues surfaced. That 624-day foreclosure timeline is the national average. LPS says timelines in judicial states continue to extend at…
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