Archive for Foreclosure News
Foreclosure rates jump throughout Central Valley
Foreclosure rates throughout the Central Valley were up sharply in January, according to figures released Thursday by First American CoreLogic.
The Merced metropolitan area saw the biggest foreclosure rate, with 6.59 percent of all mortgages falling into foreclosure in January, an increase of 1.77 percentage points compared to January 2009 when the rate was 4.82 percent.
Foreclosure activity in Merced is higher than the national foreclosure rate, which was 3.19 percent for January 2009, representing a 3.40 percentage point difference.
LPS Cautious of Declaring “Recovery”
According to LPS’ analysis, total delinquencies and foreclosure inventories are still climbing and continue to set new record highs. In January 2010, the company put the foreclosure rate at 3.27 percent. Short Sales and Loan Modifications not enough, Bank Owned and foreclosed homes to continue to build.
The experts at Lender Processing Services (LPS) caution that declaring the recovery has taken hold may be premature.
More Short Sales on the way -Shadow Inventory of Homes to Take Nearly 3 Years to Clear !
Short Sales, Loan Modification and Foreclosed homes are going to be on the rise, as will the number of REO’s (Bank Owned Homes through the foreclosure auction process) in the near future.
The “shadow inventory” of bank-repossessed properties, as well as distressed mortgages facing foreclosure, will take nearly three years to clear at the current sales rate, according to a report from the credit rating agency Standard & Poor’s (S&P). The analysts add that during this period many servicers will likely shift their emphasis from mortgage modification to loan liquidation.
California still feeling the pain: foreclosure filings increasing
On a daily average basis, foreclosure activity is increasing in California, says a new report Tuesday from ForeclosureRadar Inc. .
On a daily average basis, foreclosure activity is increasing in California, says a new report Tuesday from ForeclosureRadar.
Foreclosure rates in Stockton increased
Foreclosure rates in Stockton increased in December 2009 over the same month in 2008, according to First American CoreLogic.
According to data Thursday from First American CoreLogic on foreclosures for the Stockton area, the rate of foreclosures among outstanding mortgage loans was 6.00 percent for the month of December, an increase of 2.39 percentage points compared to December of 2008 when the rate was 3.61 percent.
Foreclosure activity in Stockton is higher than the national foreclosure rate which was 3.16 percent for December 2009, representing a 2.84 percentage point difference.
Residential Mortgage Delinquency Rate Surpasses 10%: LPS
Home loan delinquency rates in the United States have now surpassed 10 percent, Lender Processing Services (LPS) reported.
When you factor in homes already in the foreclosure process, the total rate of noncurrent mortgages sits at 13.3 percent, according to the data in the Florida-based company’s national loan-level database.
Bank of America Paces Release of Shadow Inventory in Nevada
Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, about 500 a month, according to the Las Vegas Review-Journal. At a panel discussion sponsored by the Nevada chapter of the National Association of Hispanic Real Estate Professionals, John Ciresi, VP and portfolio manager for Bank of America in Towson, Maryland, explained just how “clogged” the pipeline has become.
Throughout the country, estimates of homes being taken back by Bank of America range from 11,000 to 14,000 a month in the early part of this year to 29,000 to 35,000 by November and December.
The latest market report from First American CoreLogic puts the industry’s total shadow inventory at about 1.7 million. Studies from others, such as Amherst Securities say it’s closer to 7 million
Modesto gets $25 Million for foreclosure help
The city of Modesto is getting a $25 million federal stimulus funds grant from the Housing and Urban Development Department to help communities plagued by foreclosures.
It’s the only money out of $318 million allocated to California that is going specifically to any place in the Central Valley, the epicenter of the nation’s mortgage meltdown.
Amherst Projects ‘Awful’ Option ARM Performance
HousingWire reported around $134bn of option ARMs are set to recast over the next several years. Defaults among pay-option adjustable-rate mortgages (ARMs) will continue to rise, especially as payment shocks still loom for loans set to recast in coming months , but pricing of securities already reflects “simply awful” performance, according to the latest commentary from Amherst Securities Group.
Option ARMs in securitizations issued in 2006, so far experienced a 49% default rate, second only to subprime loans of the same time frame (61% defaulted). Alt-A loans follow at 39% defaulted, and prime loans finish out the categories at 11% defaulted
