Foreclosure Activity Back on the Rise

Foreclosure filings which include default notices, scheduled auctions, and bank repossessions—increased 2 percent in May, rising from a 75-month low in April, according to the latest foreclosure report from RealtyTrac. Still, foreclosure filings are down 28 percent from a year ago.

The May increase was largely attributed to an 11 percent increase in bank repossessions. Foreclosure starts also ticked up 4 percent in May over last month, with 26 states posting increases, according to the report.

“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” says Daren Blomquist, vice president at RealtyTrac. “Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”

The top foreclosure rates in the country were in Florida, Nevada, and Ohio. Florida saw a 20 percent increase in foreclosure activity in May, accelerating it to the highest foreclosure rate in the country for the month. One in every 302 Florida households received a foreclosure filing in May nearly triple the national average.

After 27 months of decreases, Nevada foreclosure activity rose in May, with one in every 305 households receiving a foreclosure filing. The increase was driven by an 81 percent year-over-year increase in foreclosure starts, which reached a 20-month high in May, RealtyTrac reports.

Ohio posted the third-highest foreclosure rate in the country, where one in every 584 households received a foreclosure filing during May. Still, that’s a 27 percent decrease from a 31-month high the state reached in April.

The author of this article is: realtormag.realtor.org/

See the original post at: http://realtormag.realtor.org/daily-news/2013/06/13/foreclosure-activity-back-rise

Foreclosure Settlement Marred by Bad Checks

About 96,000 borrowers will receive an additional check to correct errors made in initial payments sent to compensate them for foreclosure mishandlings. The payments are part of a nationwide settlement. Some borrowers were issued amounts that were too low, the Federal Reserve announced, and the new checks will make up the difference.

Borrowers should cash the original check along with the new check when they receive it. The new checks will be mailed by the end of the week.

The Federal Reserve announced last week that about 96,000 of the 217,000 checks had wrong amounts mailed to Goldman Sachs and Morgan Stanley borrowers.

Rust Consulting is the company handling the payments. When the payments were first issued in April, many borrowers said the checks they received wouldn’t clear. At the time, the incident sparked an apology from the company for those who had problems trying to cash their checks.

The Federal Reserve vowed to closely monitor the payments going forward.

The reimbursement checks stem from a settlement with federal regulators and 13 mortgage servicers. The servicers agreed to provide $3.6 billion in cash payouts to eligible borrowers who were foreclosed on in 2009 and 2010. About 4.2 million home owners who underwent foreclosure in 2009 and 2010 may be eligible to receive payments ranging from $300 to $125,000 as part of the settlement.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/05/14/foreclosure-settlement-marred-bad-checks

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Foreclosure Activity Drops to 6-Year Low

Foreclosure filings dropped 5 percent in April from March, with foreclosure filings down 23 percent in April from year ago levels, RealtyTrac reports. Nationwide foreclosure activity has reached a 74-month low or the lowest point since February 2007.

“The April numbers indicate that the pig is moving through the python when it comes to deferred foreclosures in judicial foreclosure states,” said Daren Blomquist, vice president at RealtyTrac. “Foreclosure starts have been increasing for several months in many of the judicial states, and now that increased volume is showing up in the second stage of the process: the public foreclosure auction.”

Judicial foreclosure auctions rose 22 percent from March to April and were up 31 percent from year-ago levels, RealtyTrac reports. On the other hand, scheduled, non-judicial foreclosure auctions dropped 7 percent in March and are down 43 percent from last year.

Foreclosure starts are rising in several non-judicial states, Blomquist notes. While foreclosure starts have fallen nationwide, 22 states are still seeing a rise in foreclosures over the previous month, RealtyTrac reports. Some of those states include: New Jersey (138 percent increase), Connecticut (46 percent increase), Texas (37 percent increase), Georgia (35 percent increase), Oregon (16 percent increase), and California (13 percent increase).

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/05/10/foreclosure-activity-drops-6-year-low

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5 States With the Highest Foreclosure Inventories

Foreclosures rates are falling, but some states are still battling high levels. According to nationwide averages, the foreclosure inventory as of March represented 2.8 percent of all homes with a mortgage — that’s down from 3.5 percent in February.

In CoreLogic’s latest report reflecting March data, the following five states posted the highest foreclosure inventories (as a percentage of all mortgaged homes):

  • Florida: 9.7 percent
  • New Jersey: 7.3 percent
  • New York: 5 percent
  • Maine: 4.4 percent
  • Illinois: 4.4 percent

Meanwhile, the five states with the lowest foreclosure inventories were:

  • Wyoming: 0.5 percent
  • Alaska: 0.7 percent
  • North Dakota: 0.7 percent
  • Nebraska: 0.9 percent
  • Montana: 0.9 percent

 

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/05/09/5-states-highest-foreclosure-inventories

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Lenders Chip Away at Foreclosure Inventories

Completed foreclosures rose in March, but the big drop in the number of distressed properties entering the pipeline remains encouraging, analysts say.

In March, 55,000 foreclosures were completed, a 6 percent increase from February, according to a newly released report from CoreLogic. But, overall, foreclosures have fallen more than 16 percent year-over-year. Completed foreclosures are down 52 percent from their 2010 peak, and nearly all of the top 100 major metro areas are posting declining foreclosure rates, says Mark Fleming, CoreLogic’s chief economist.

About 1.1 million homes were in the foreclosure process in March, a drop of 23 percent year-over-year.

“For 17 consecutive months, foreclosures have declined year over year across the U.S,” says Anand Nallathambi, president and CEO of CoreLogic. “Although we still have more than a million homes in some stage of foreclosure, this trend, combined with rising home prices, is another signal of a gradually improving housing market.”

The foreclosure inventory now makes up about 2.8 percent of all mortgaged homes. In February, that percentage stood at 3.5 percent.

The following five states accounted for nearly half of all completed foreclosures in March:

  • California
  • Florida
  • Georgia
  • Michigan
  • Texas

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/05/01/lenders-chip-away-foreclosure-inventories

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Foreclosure Crisis Melting Away?

Foreclosures are falling quickly as more borrowers keep up with their mortgage payments and banks complete more loan modifications or approve short sales to avoid foreclosures on their books.

For the first time since 2008, the number of borrowers who are behind on their payments or in foreclosure dropped below 5 million, according to a new report reflecting March data by Lender Processing Services.

The number of mortgages in foreclosure dropped to below 1.69 million in March, which marks the lowest level in nearly four years and a drop of nearly 20 percent compared to one year ago.

About 3.4 percent of all U.S. mortgages were in foreclosure by the end of March, which is a decrease from 4.2 percent a year ago, Lender Processing Services reports.

In March, about 6.6 percent of all borrowers were in some stage of delinquency, excluding those in foreclosure. That percentage is down by 3 percent from a year ago, but is still high by historical standards. Prior to the housing crisis, about 5 percent of all borrowers were delinquent on their mortgages and 1 percent of loans were in foreclosure, LPS reports.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/04/24/foreclosure-crisis-melting-away

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Southern California washes away foreclosure impact

The median price paid for a house in Southern California rose 23.4% from a year earlier, representing a 56-month high in March, according to San Diego-based DataQuick.

The median sales price for the six-county Southland region was $345,000, up 8% from $320,000 in February and up 23.4% from $280,000 one-year prior.

The previous median high was $348,000 in July 2008.

“Price measures continue to rise for two simple reasons,” said John Walsh, DataQuick president. “First, demand for homes has risen at a time when the available supply is unusually low. Prices have had nowhere to go but up in many areas. Second, the gains are especially high right now because of the change in market mix: Sales of lower-cost homes have fallen at the same time activity in the higher price ranges has risen.”

According to a report by DataQuick, sales of mid- to high-end homes shot up this spring as the impact of foreclosures continued to fade.

Despite a sharp drop in sub-$300,000 deals, total sales were the highest they’ve been in six years for the month of March.

A total of 20,581 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, DataQuick reported. This marked a 29.1% jump from 15,945 sales in February and a 3.1% increase from 19,953 in March 2012.

In move-up markets, sales continued to surge. The number of homes sold between $300,000 and $800,000 jumped 29.5% year-over-year. Sales of $500,000-plus homes rose 40.2% from one-year prior, while the number of homes sold for $800,000 or more increased 33.4% year-over-year.

“It’s remarkable how much the housing scene has changed in a year. At this point in 2012 there were still plenty of folks sitting on the market’s sidelines, waiting to be sure the recovery was real,” said John Walsh, DataQuick president.

He added, “But gradually the psychology shifted as the economy picked up steam and mortgage rates fell to historic lows. We’re seeing the release of a lot of pent-up demand, especially in the middle and higher-priced neighborhoods where activity had been sluggish for years.”

The author of this article is: Megan Hopkins

 See the original post at: http://www.housingwire.com/news/2013/04/17/southern-california-washes-away-foreclosure-impact

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Foreclosure Timelines Reach New Records

Foreclosures are taking longer to complete, with the average time it takes a lender to repossess a home jumping to 477 days in the the first quarter of this year compared to 414 days in the fourth quarter of 2012, RealtyTrac reports in its March foreclosure report. That represents the longest average timeline that RealtyTrac has ever recorded.

The longer timelines are being blamed on recent legislation enacted in several states, such as California, Oregon, and Massachusetts. The five largest lenders also have slowed down many foreclosures following the new servicing standards that were outlined in the National Mortgage Settlement, says Daren Blomquist, vice president at RealtyTrac.

As the timelines for foreclosures expands, foreclosures continue to subside, dropping to its lowest level in March since September 2007. Foreclosure filings — which include default notices, scheduled auctions, and bank repossessions — are down 23 percent from a year earlier, according to RealtyTrac.

“Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off,” says Blomquist. “Meanwhile, more recent foreclosure prevention efforts in other states have drastically increased the average time to foreclose, which could result in a similar outbreak of delayed foreclosures down the road in those states.”

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/04/12/foreclosure-timelines-reach-new-records

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4.2M Borrowers to Start Receiving Foreclosure Payouts

About 4.2 million eligible home owners who underwent foreclosure in 2009 and 2010 will start receiving cash payments on Friday, ranging from $300 to $125,000. The payouts are part of a $3.6 billion settlement over foreclosure mishandlings reached among 13 mortgage servicers and the government.

Military service members whose homes were repossessed while they were on active duty will receive the largest checks — $125,000. The Servicemembers Civil Relief Act prevents military personnel from being foreclosed on while on active duty.

Other home owners will receive payments from servicers that charged unfair fees or failed to do a loan modification.

Originally, the 13 servicers had agreed to conduct independent foreclosure reviews for each borrower, but the reviews proved too costly and time consuming, says Brian Hubbard, a spokesman for OCC. Also, only about 439,000 borrowers had asked for a review out of the some 4 million who were eligible.

In January, lenders revised the settlement terms to include all borrowers in default in 2009 and 2010 to be eligible for the payments, Hubbard says. For those borrowers who did request independent foreclosure reviews, they will receive double the compensation in most cases.

The following servicers are participating in the settlement: Aurora, Bank of America, Chase, Citibank, Goldman Sachs, HSBC, MetLife Bank, Morgan Stanley, PNC Mortgage, Sovereign Bank, SunTrust, U.S. Bank, and Wells Fargo. Goldman Sachs and Morgan Stanley will issue their payments to customers at a later date. All other servicers will start issuing payments to customers this week and will be completed by July.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/04/10/42m-borrowers-start-receiving-foreclosure-payouts

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Market Chips Away at Foreclosure Inventory

The number of nationwide completed foreclosures fell 19 percent year-over-year, according to the latest report by CoreLogic, reflecting February data. There were 54,000 completed foreclosures in the country in February, the lowest level since September 2007.

Still, foreclosures are elevated by historical standards. In a more balanced market, completed foreclosures tend to average about 21,000 per month — less than half where they are at today.

As of February, about 1.2 million homes were in some state of foreclosure. The nation’s foreclosure inventory has fallen 21 percent in the past year, according to CoreLogic. February marked the 16th consecutive month in which the foreclosure inventory has fallen.

“We continue to see a declining trend in foreclosure activity, with major markets leading the way,” says Anand Nallathambi, president and CEO of CoreLogic. “The drop in delinquencies and foreclosure starts will help support a resurgence in the home-purchase market this year and next.”

The five states with the highest number of foreclosures for the past year, according to CoreLogic’s February data, were:

  • Florida
  • California
  • Michigan
  • Texas
  • Georgia

These states accounted for nearly half of all completed foreclosures nationwide over the past year.

On the other hand, the states with the lowest number of completed foreclosures were:

  • District of Columbia
  • Hawaii
  • North Dakota
  • Maine
  • West Virginia

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/04/02/market-chips-away-foreclosure-inventory

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