Posts Tagged ‘delinquency rates’

Rising Home Prices Partially Negate Low Mortgage Rates

May 2nd, 2016 Comments off

mortgage app   texaslendingtoday creditJacksonville, Fla.-based Black Knight Financial Services tells MHProNews rising home prices across the country are offsetting the advantage of low mortgage rates.

The fall of interest rates 35 basis points since Jan. 1, 2016 would translate to a savings of approximately $44 dollars a month. “While borrowers might expect that $44 per month savings home price appreciation, which Black Knight calculated at an annual rate of 5.3% in February, it would shrink that savings to just $18 per month nationwide,” reports nationalmortgagenews.

Higher home prices have totally negated savings from low interest rates in Washington, Colorado and Oregon.

Ben Graboske of Black Knight said despite rising prices, the mortgage on a median-priced home is still better than it was in Dec. “If rates hadn’t dropped over the past four months, it would cost an additional $28 to buy the median-priced home today as compared to December 2015,” he noted.

The drop in mortgage rates has added 2.3 million borrowers to the refinanceable population year to date, totaling 7.5 million across the nation.

Additionally, Black Knight reports the delinquency rate fell 8.37 percent from the previous month to 4.08 percent, placing the figure squarely below the rate from 2000 to 2005. The report noted the serious delinquency and the 90-day delinquency rates are still high.

Mississippi had the highest percentage of noncurrent loans while Arkansas had the lowest. ##

(Image credit: texaslendingtoday)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Overall Delinquency Rates Decline

April 21st, 2012 Comments off

NationalMortgageNews tells the American Bankers Association (ABA) reports delinquency rates fell across all the loan categories the ABA monitors in the fourth quarter of 2011, the first time that has happened since 2004. The ABA defines delinquency as being late 30 or more days. The report notes consumers made fewer late payments on personal loans, direct and indirect car loans, manufactured housing, property improvement, marine and RV loans. Home equity loans also fell, but only from 4.12 percent to 4.08 percent in the Q3 2011. However, says ABA Chief Economist James Chessen, “Troublesome performance in housing-related loans is keeping overall delinquency rates elevated. The housing sector continues its painful adjustment, and it will take a long time before delinquency rates return to normal.”

(Photo credit: (Fotosearch stock photography)

Housing Meltdown Fallout: HOAs Getting Pinched

December 13th, 2011 Comments off

NationalMortgageNews reports in the wake of the housing industry crisis, homeowners associations (HOAs) are having to rely in some cases on special assessments to make up for vacant units in foreclosure or otherwise unoccupied. Normally HOAs levy a monthly or yearly assessment to help pay for snow and trash removal, building, landscaping, and road maintenance, as well as clubhouse and pool upkeep, and other amenities. Nationally, an estimated 315,000 associations and condominium communities are home to 60 million Americans. According to a Community Association Institute survey, 30 percent of the 600 managers say three to five percent of their units are empty, and over 70 percent of the bank-owned properties are behind in paying the assessments. Association delinquency rates exceeding five percent have jumped from 22 percent six years ago to 63 percent today. “High delinquency rates place tremendous pressure on associations to meet their obligations to the homeowners who are paying their fair share,” says CAI Chief Executive Officer Thomas M. Skiba.

(Photo credit: ehow)

GSE’s Delinquency Rate Rises Slightly

November 25th, 2011 Comments off

HousingWire reports Freddie Mac’s seriously-delinquent mortgage rate inched up 0.03 percent in October over Sept. to 3.54 percent. Meanwhile, the multi-family delinquency rate dropped to 0.31 percent from Sept.’s 0.33 percent. The overall mortgage portfolio at the government-sponsored enterprise (GSE) fell at an annualized rate of 5.22 percent last month. Representing 72% of the GSE’s total mortgage portfolio purchases and issuances, single-family refinance, loan purchase and guarantee volume reached $24.1 billion in October. Freddie Mac modified 105 more loans in October over September, hitting 6,571, bringing this year’s total to 96,697.

(Graphic image: Freddie Mac)