NY Fed Releases 3rd Quarter Report

The New York Federal Reserve’s Quarterly Report On Household Debt And Credit finds new foreclosures fell in the third quarter while the number of mortgages that became delinquent rose slightly. About 2.7 percent of current mortgage balances transitioned into delinquency during the third quarter, up from 2.6 percent in the second quarter. The number of individuals with a new foreclosure notice added to their credit report fell 5.5 percent from the second quarter. Also in the report, mortgage originations rose 4.3 percent to $380 billion, 26 percent above their low in the fourth quarter of 2008. More here, here, and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, News, Real Estate, Trends

Default Notices Drop 30 Percent From Last Year

The number of homeowners receiving initial default notices in August fell 1 percent from July and 30 percent from a year earlier. RealtyTrac’s August U.S. Foreclosure Market Report, shows total foreclosure filings, including default notices, scheduled auctions, and bank repossessions, were reported on 338,836 properties, a 4 percent increase from the month before and a 5 percent drop from 2009. James J. Saccacio, RealtyTrac’s chief executive officer, says the trend lines of decreasing default notices and increasing bank repossessions indicates the backlog of distressed properties is being carefully managed to avoid flooding the market and putting downward pressure on prices. More here, here, and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, Inventory, News, Real Estate, Repossessions, Trends

Mixed News On Foreclosures

According to The Mortgage Bankers Association, the inventory of homes somewhere in the foreclosure process fell for the first time since 2006. The number of seriously delinquent loans, or those late by three months or more, dropped to 9.11 percent from 9.54 percent in the first quarter. Jay Brinkmann, MBA’s chief economist, said the numbers provided a mixture of good and somewhat bad news. Though foreclosure starts and the number of loans late by 90 days or more fell, the rate of first-time delinquencies, or those one payment behind, rose after four consecutive quarters of decline. More here, here, and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, News, Real Estate, Trends