Despite foreclosures hitting an all-time-high plateau in April 2010, delinquency statistics are not expected to plummet anytime soon, according to data released Thursday by RealtyTrac, the online marketer of foreclosed properties. The number of homes repossessed during April is at an all-time high of 92,432. That is a 45% increase over April 2009. If repossessions [...]
Read More...By MICHAEL R. CRITTENDEN WASHINGTON — The U.S. housing market continued to deteriorate in the third quarter as even the most credit-worthy borrowers increasingly fell behind on their mortgages, highlighting the problems policy makers have faced in trying to address the problem. A new report from the Office of Thrift Supervision and Office of the [...]
Read More...Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers. Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue in September, compared with [...]
Read More...According to Hope Now, a private sector alliance of mortgage servicers, investors, insurers, and non-profit counselors, total 316,557 foreclosure sales and starts outnumbered modifications more than 4 to 1 and repayment plans about 1.6 to 1. The mortgage servicing industry completed198,373 repayment plans and 73,190 modifications. At the same time, the industry completed 94,450 foreclosure [...]
Read More...According to the Mortgage Bankers Association’s (MBA) National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64% of all loans outstanding as of the end of the third quarter of 2009, up 40 basis points from the second quarter of 2009, and up 265 [...]
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