Foreclosures Rise in June, But See Big Drop for Year

Completed foreclosures rose 2.5 percent in June from May, CoreLogic reported Tuesday. Its report follows another recent one from Lending Processing Services that showed nearly a 10 percent rise in the national delinquency rate in June compared to May.

About 1 million homes are in the foreclosure inventory as of June, CoreLogic reports. That does mark a 28 percent decrease in the foreclosure inventory compared to last year.

Forty-nine states reported a year-over-year decline in foreclosure rates in June.

“The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away,” says Anand Nallathambi, president and CEO of CoreLogic.

CoreLogic reports the five states with the largest foreclosure inventories — as a percentage of mortgaged homes — in June were:

  • Florida: 8.6%
  • New Jersey: 6%
  • New York: 4.8%
  • Connecticut: 4.2%
  • Maine: 4.1%

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Multifamily originations are on the rise

Commercial and multifamily mortgage origination volumes during the second quarter of 2013 rose 36% from the first quarter of 2013 and jumped 7% year-over-year, the Mortgage Bankers Association said.

Apartment“Commercial and multifamily mortgage lending and borrowing continued to grow during the second quarter,” said MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“The apartment market continues to be the belle of the ball, with multifamily mortgage originations running 31% ahead of last year’s first half total. And after a slow start to the year, lending by life insurance companies surged in the second quarter to record the highest quarterly volume on record for that sector,” added Woodwell.

When compared to the second quarter of 2013, the 7% overall increase in commercial lending volume was driven by an increase in originations for multifamily properties. The dollar volume of loans for multifamily properties rose 31%, while hotel properties were up only 3%. The dollar volume of loans for retail properties dropped 14%, while health care properties fell 36%. Office and industrial properties remained unchanged year-over-year.

From last year’s second quarter, the dollar volume of loans originated for life insurance companies rose 16% among investor types. Bank portfolio loans also increased 13%, while government sponsored enterprise loans “Fannie Mae and Freddie Mac loans” grew 8%. There was a 14% drop in dollar volume of loans originated for conduits tied to CMBS.

While commercial and multifamily mortgage originations overall rose 36% from the first quarter, originations for just hotel properties shot up 89%. Office property originations reported a 75% increase, retail properties grew by 48%. In addition, industrial properties and multifamily properties rose 44% and 22%, respectively, from the first to second quarter.

Health care originations remained unchanged.

Between the first and second quarter of 2013, loans for life insurance companies reported an increase in dollar volume of 100% among investor types. Loans for conduits for CMBS saw an increase in loan volume of 27%, originations for commercial bank portfolios rose 14% and loans for GSEs grew 2%.

The author of this article is: Megan Hopkins

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Loan Demand Eases, Even as Rates Hold Steady

Mortgage applications dropped 3.6 percent last week compared to the prior week, as mortgage rates mostly held steady, the Mortgage Bankers Association reports.

‘A recent run-up in interest rates has curbed some individuals’ appetite to buy a new home and reduced the appeal of mortgage refinancing, while mortgage rates have steadied somewhat after a torrid increase this summer, The Wall Street Journal reports.

The refinance index dropped 3.8 percent last week, mostly attributed to a big drop in the government refinance index. Loan applications for home purchases, viewed as an indicator for future home sales, dropped 3.4 percent for the week.

The MBA reported 30-year fixed-rate mortgages averaged 4.58 percent last week, unchanged from the prior week. Average rates on the 15-year fixed-rate mortgage ticked up slightly to 3.67 percent, compared with 3.63 percent the prior week.

The MBA’s mortgage application index reflects more than 75 percent of the U.S. residential market for mortgage applications.

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Professional/Personal Distinctions:

Past President and Realtor of the Year, Realtor Association of Maui; ABR, CRB, CRS, GRI


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