Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – dropped 10 percent in February and were down 27 percent from one year earlier, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. The decline brought foreclosure activity to its lowest level since December 2006. Daren Blomquist, vice president of RealtyTrac, said cold weather and a short month contributed to the drop in foreclosure activity in February but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures. According to Blomquist, properties that have been lingering in the foreclosure process for years are now a bigger issue, as these properties are often left vacant with no one taking responsibility for maintenance and upkeep of the home. These homes bring down property values in their surrounding neighborhoods and contribute to low for-sale inventory in markets across the country. More here.
Tag Archive for vice president
The delinquency rate – which includes mortgage loans that are at least one payment past due but not loans in the process of foreclosure – dropped to its lowest level since the first quarter of 2008 at the end of last year. The improvement brought the seasonally adjusted rate down to 6.39 percent of all loans, close to the historical average of around 5 percent. The data – from the Mortgage Bankers Association’s National Delinquency Survey – also showed that the foreclosure inventory was at its lowest level since 2008 as well. Michael Frantantoni, MBA’s chief economist and senior vice president of research and industry technology, said there continues to be substantial improvement in both delinquency and foreclosure rates, with most measures now back to pre-crisis levels. The delinquency rate, at its peak in 2010, was more than 10 percent of all loans. More here.
January was the 40th consecutive month of declining foreclosure activity on a year-over-year basis, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. Foreclosure filings – which include default notices, scheduled auctions, and bank repossessions – were down 18 percent from January 2013. Despite the decline, it was the smallest annual decrease since September 2012 and was paired with a month-over-month increase of 8 percent. Daren Blomquist, vice president at RealtyTrac, said the monthly increase in foreclosure activity was somewhat expected after the holiday lull but data from some states shows that many areas are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust. The report found one in every 1,058 housing units had a foreclosure filing in the month of January. More here.
After a year of consistent gains, home price growth seemed to slow over the summer months. But, according to a new report from DataQuick, prices rebounded significantly in September with increases seen in all 42 included counties on a monthly, quarterly, and yearly basis. DataQuick’s monthly Property Intelligence Report found all of its reporting markets experienced growth in excess of their long-term average. Gordon Crawford, Ph.D., vice president of analytics for the company, said the immediate impact of the gains would be an increase in home price listings and overall sales as homeowners with negative equity are gradually swept toward a position of positive equity. Crawford also expects a decrease in foreclosures and increases in demand for home equity lines of credit. More here.
In yet another sign of recovery in the housing market, August foreclosure starts were 44 percent lower than one year ago and are now at their lowest level since December 2005. A total of 55,775 properties began the foreclosure process during the month, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. The drop drove total foreclosure activity down 2 percent from the month before and 34 percent below August 2012. Despite the improvement, some areas of the country saw increases. Daren Blomquist, vice president of RealtyTrac, said foreclosure flash floods will continue to hit some markets over the next few months as delayed foreclosure starts are quickly pushed into the pipeline. More here.