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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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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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 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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Administration Announces Refinance Program for Underwater Borrowers
It’s official. The Federal Housing Finance Agency (FHFA) unveiled a new, revamped government mortgage refinancing program Monday. The initiative involves a series of rule changes to the Home Affordable Refinance Program (HARP) to allow more underwater homeowners to reduce their mortgage debt by taking advantage of today’s rock-bottom interest rates. Mortgages backed by Fannie Mae and Freddie Mac, and originally sold…
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Fed Uncovers Sharp Drop in Lending in Foreclosure-Ridden Areas
Mortgage lending has declined sharply in neighborhoods with high levels of foreclosures, according to the Federal Reserve. The U.S. central bank looked at what the Neighborhood Stabilization Program (NSP) identified as “highly distressed” census tracts. NSP provides funding to help communities deal with neighborhood blight caused by vacant foreclosed homes. Based on information gathered under the Home Mortgage Disclosure Act (HDMA),…
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Existing-Home Sales Jump Nearly 19% From Last Year – Distressed Sales Account for 31%
Sales of previously owned homes came in 18.6% higher last month when compared to August 2010, according to data released Wednesday by the National Association of Realtors (NAR). Completed transactions rose 7.7% on a month-over-month basis to a seasonally adjusted annual rate of 5.03 million, up from 4.67 million in July. The latest numbers far surpassed market expectations.…
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Nearly 6.4 Million Mortgages Deliquent – 30 or More Days Past Due
New data from Lender Processing Services (LPS) shows the population of mortgages going unpaid in the U.S. contracted during the month of August. LPS offered the media a sneak peak at several key mortgage performance statistics slated for public release later this month. The company’s analysts derive their findings from LPS’ loan-level database of nearly 40 million mortgage…
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West Coast States See a Surge in New Foreclosures – Washington, California, Nevada and Arizona
Foreclosure starts soared during the month of August in states along the country’s western coast, reversing what had been a declining trend over the past several months, according to the tracking firm ForeclosureRadar. The California-based company keeps close tabs on foreclosure activity in the states of Arizona, California, Nevada, Oregon, and Washington. ForeclosureRadar recorded a spike…
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Home Prices Rise Again in July…Prices Still Down 5.2% Year-Over-Year…
Home prices rose 0.8% during the month of July, marking the fourth consecutive month of increase, according to CoreLogic’s July home price index. Capital Economics responded to CoreLogic’s report saying, “We are wary of reading too much into CoreLogic’s fairly optimistic house price report for July, which showed that seasonally adjusted prices fell by just 0.1% m/m, when…
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