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Posts Tagged ‘Foreclosures’

Foreclosures Waning Steadily in Colorado and Ohio

January 7th, 2016 Comments off

foreclosure hiway sign  condometropolis creditAccording to a report Monday from the El Paso County Public Trustee’s Office in Colorado Springs, Colorado foreclosure activity dropped to a 14-year low in 2015, as 1,470 foreclosure notices went out to area property owners, the fewest since 1,165 went out in 2001. MHProNews has learned from nationalmortgagenews that last year’s foreclosure rate dropped 19.5 percent from 2014. Foreclosure notices peaked at 5,288 in 2009.

Other Front Range counties (the north-south urban corridor containing the most populous cities of the state) have witnessed even further drops in the foreclosure rate. The healthier economy and rising values in the single-family housing market have led to a combined 32 percent reduction in foreclosure activity for 2015 in the nine-county area. The reason is home values have risen more in Denver and northern Colorado than in Colorado Springs, which reduces foreclosures because homeowners who encounter financial problems can sell their homes for more money and thereby avoid possibly losing their home.

As MHPronews reported June 17, 2011, in May Colorado ranked number ten in having the highest number of foreclosures for all the states.

Meanwhile, at the other end of the country, in Franklin County (Columbus), Ohio, foreclosure activity continued to drop, falling from 5,460 foreclosure suits in 2014 to 3,803 in 2015. Foreclosure filings peaked at 9,547 in 2009. Prior to the housing crisis, in 2001 Franklin County notched 5,044 foreclosures.

As MHProNews reported May 10, 2011, the three largest cities in Ohio—Cincinnati, Cleveland and Columbus– accounted for 45,000 foreclosures in the two years since 2009. A report from National People’s Action says nearly one in every ten homes in the state received a foreclosure notice since 2007, creating a loss in home values of $1.6 billion. ##

(Image credit: condometropolis)

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

The CFPB did not Extinguish Loan Fraud

October 20th, 2014 Comments off

mortgage    andyenstallblog  creditCalling mortgage loan fraud virtually a cottage industry during the housing feeding frenzy that lead to the Great Recession, that practice did not end with the sudden creation of the Consumer Financial Protection Bureau (CFPB), Pat Dalrymple tells MHProNews.

Big money on the table can draw a conspiracy of mortgage broker, appraiser, title company and realtor. Lending fraud is sometimes considered a victimless crime because only the lender can be hurt.

In the mortgage lending business nearly 50 years in Western Colorado, Dalrymple says everyone knows of instances of fraud—false documentation, inflated values, he opines to postindependent. The most prevalent scheme is occupancy fraud, which is rarely detected unless the loan goes into default. Under the double contracting ploy, a short-on-cash borrower will sign a contract for a $200,000 loan with the lender when the sales price is actually $180,000, realizing a ten percent down payment on the spot.

The whole country suffered as homes turned into foreclosures and jobs disappeared.  Big, little and mega-big companies got caught up in the whirlwind, including mortgage giant Fannie Mae, which bought $500,000,000 in loans that did not exist from Tayor, Bean and Whitaker. It then forgot to tell brother Freddie Mac of the swindle, and Freddie proceeded to buy a package of bad debt. Fannie also neglected to notify its government regulator. ##

(Image credit: andyenstallblog)

matthew-silver-daily-business-news-mhpronews-com (Submitted by Matthew J. Silver to the Daily Business News-MHProNews)

Existing-home Sales Show Modest Gains

August 21st, 2014 Comments off

home sales rising  housing wire com  creditAlthough existing home sales rose 2.4 percent from last month to a seasonally-adjusted annual rate of 5.15 million in July, the highest rate of 2014, they are down 4.3 percent from last year, according to housingwire.com. Last July’s 5.38 million unit level, the highest for 2013, includes single-family homes, condos, townhomes and co-ops. Distressed homes accounted for nine percent of July home sales (six percent foreclosures, three percent short sales), a drop from 15 percent in July 2013, the first time they have landed in single-digit territory since the National Association of Realtors (NAR) began tracking the category in 2008. In 2009 distressed sales averaged 36 percent of all sales, MHProNews has learned. The percentage share of first-time buyers rose one percentage point to 29 percent in July, but remain historically low. ##

(Image credit: housingwire.com–rising home sales)

Delinquent Residential Mortgages on the Decline

August 11th, 2014 Comments off

mortgage  moneycontrol credit glasses calc paperThe Mortgage Bankers Association (MBA) reports residential mortgage delinquencies have fallen to six percent, according to their National Delinquency Survey, the lowest level since Q4 of 2007, and the fifth consecutive quarter of decline. Mike Fratantoni, MBA’s Chief Economist, informs MHProNews.com that strong job growth and continued increases in home prices in many markets have contributed to these improvements in mortgage performance. According to nationalmortgagenews.com, loans in the foreclosure process dropped 16 basis points from the first quarter to the second quarter, down 84 basis points from a year ago, to 2.49 percent, reducing the foreclosure inventory rate to its lowest level since Q1 2008. Loans 90 days or more past due, or in the process of foreclosure, dropped 24 basis points from the first quarter, and 108 basis points from one year ago to 4.8 percent. As many as three-fourths of these seriously delinquent loans were originated in 2007 or earlier. ##

(Image credit: moneycontrol.com)

Las Vegas Housing Market Stabilizing

July 9th, 2014 Comments off

The Greater Las Vegas Association of Realtors (GLVAR) reports 34.7 percent of all existing local homes sold in June were purchased with cash, a drop from 40.2 percent in May, and a considerable decline from the Feb. 2013 peak of 59.5 percent. It has not been that low since July of 2009, suggesting investors are accounting for a lesser percentage of local buyers, and more traditional purchasers are in the market. However, fewer existing homes were sold in June compared to May, and local home sales are down overall from last year by 13 percent, according to worldpropertychannel.com. The median sales price of existing single-family homes during June was $199,900, an increase of 14.2 percent from June 2013, the highest median home price in southern Nevada since Sept. of 2008. At one time MHProNews understands Las Vegas had one of the highest foreclosure rates of any metro area in the country. ##

(Photo credit: wikipedia.org–Las Vegas, Nevada)

Existing Home Sellers may be Surprised

July 8th, 2014 Comments off

Although construction spending grew insignificantly in May—a mere 0.1 percent—and private residential spending fell 1.5 percent for the same month, following an increase of 0.5 percent the previous month, analysts speculate that residential construction will rebound in the coming months, making the overall market for homes more competitive, according to housingwire.com. CoreLogic says in May there were 47,000 foreclosures completed nationally, down from 52,000 in May of 2013, shrinking that inventory, as MHProNews understands. Trulia.com reports collected data indicate 41 percent prefer building a new home to buying an existing home, suggesting that in markets where new home construction is increasing, sellers of existing homes may have a more difficult time than anticipated making a sale. Although mortgage rates have once again fallen, credit continues to be tight. ##

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Foreclosures Fall Nationally 26 Percent Year-over-Year

June 10th, 2014 Comments off

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 109,824 U. S. properties in May 2014, a five percent decrease from the previous month, and a 26 percent drop from one year ago to the lowest monthly level since Dec., 2006, according to RealtyTrac’s latest U. S. Foreclosure Market Report. Despite the overall drop nationally, 21 states marked monthly increases and 11 states posted annual increases in foreclosure activity. Massachusetts, New Jersey, New York and Indiana all showed annual increases, according to worldpropertychannel.com. Of the country’s 20 largest metropolitan statistical regions, four marked year-over-year increases in foreclosure actions: Boston-Cambridge-Quincy Mass.; New York, Northern New Jersey, Long Island; Washington-Arlington-Alexandria; and Philadelphia-Camden-Wilmington. MHProNews.com has learned lenders repossessed 28,373 U. S. properties in May, down 6 percent from the previous month and down 27 percent from May 2013 to the lowest monthly level since July 2007 — an 82-month low.##

(Image credit: condometropolis.com)

Existing Home Sales Fall from March 2013

April 24th, 2014 Comments off

The National Association of Realtors (NAR) report existing home sales in the U. S. slipped 0.2 percent to a seasonally adjusted annual rate (SAAR) of 4.59 million in March, down from 4.60 million in February, and 7.5 percent lower than the 4.96 million for sale March 2013. As worldpropertychannel.com reports, NAR Chief Economist Lawrence Yun says, “There really should be stronger levels of home sales given our population growth. In contrast, price growth is rising faster than historical norms because of inventory shortages.” He says if inventory improves and mortgage rates rise little, the ongoing job creation should yield more home sales.

First-time buyers accounted for 30 percent of all sales in March, up two percent from Feb. Distressed homes made up 14 percent of all sales, a drop from 16 percent in Feb., and 21 percent a year ago March. Foreclosures, ten percent of the distressed sales, sold for an average discount of 18 percent off market value, while short sales were 12 percent discounted. MHProNews.com has learned 37 percent of homes that sold in march were listed for less than one month. ##

(Photo credit: housingwire.com)

Delinquencies Fall, Foreclosures Rise

March 12th, 2014 Comments off

Analysts at Barclays report more homeowners are staying current on their mortgages, thereby reducing the rate of delinquent loans, as housingwire.com informs MHProNews.com. The March Mortgage Credit Tracker says, however, the rate of foreclosure is rising, as is the foreclosure-to-REO (real estate-owned) hopper, bringing foreclosures back to the rate of three moths ago. The number of judicial liquidations is also increasing, according to the report. ##

(Photo credit: Jillian Berman/Getty images)

Foreclosure and Home Price Decline Bodes Well for Stability

January 22nd, 2014 Comments off

Gordon Crawford of DataQuick, noting the months of increasing home values in the 42 markets the company analyzes in its Property Intelligence Report (PIR), says the substantial drop in prices in December is a good sign that the housing market is leveling off, according to nationalmortgagenews.com. “It shows that home prices are starting to respond to fundamentals rather than proceed along a speculative bubble-like track,” he added. “However, even with this slowing pace, home prices remain above the rate that can be sustained by currently weak economic drivers, as average annualized home price growth across all 42 reported markets remained abnormally high at 9.9%.” Additionally, MHProNews.com has learned the PIR revealed foreclosures fell in 26 or the 42 counties on a monthly basis.

(Image credit: Fotosearch)