Tag Archives: completed foreclosures

Mortgage defaults at 6-year low

mortgage defaultsMortgage defaults, the first sign of a foreclosure, have fallen to their lowest level for an April in six years, based on the latest DataQuick numbers for San Diego County. Meanwhile, the number of completed foreclosures in the county has dropped to a five-year low for a given April.

Ever since defaults and foreclosures hit record highs between 2008 and 2009, their numbers have fluctuated dramatically without any visible pattern. So far this year, both figures appear to be less erratic and continuing a downward trend.

Notices of default, which homeowners get at the start of the foreclosure process, fell 9 percent from a year ago to 1,323. That’s the lowest April count for defaults since 2006, when there were 554, DataQuick numbers say. Defaults fell 12 percent month-to-month…

Read the rest of this article by U~T San Diego here: “Mortgage defaults at 6-year low”.

Foreclosures Down to 69,000 in March, Inventory Also Down

“Year-over-year, the number of completed foreclosures decreased about 19 percent to 69,000 in March 2012 compared to 85,000 in March 2011, according to CoreLogic’s National Foreclosure Report for March. Month-over-month, with the number of completed foreclosures in February 2012 at 66,000, foreclosures increased about 4.5 percent in March 2012.
On a quarterly basis, foreclosures decreased to 198,000 in the first quarter of 2012 compared to 232,000 through the same quarter a year ago.
Overall, since the start of the financial crisis in September 2008, there have been approximately 3.5 million completed foreclosures.
In addition to the yearly and quarterly decreases in completed foreclosures, the number of loans in the foreclosure inventory decreased by nearly 6 percent, or 100,000, in March 2012 compared to the year before.
“Since the foreclosure inventory is also coming down, this suggests that loan modifications, short sales, deeds-in-lieu are increasingly being used as an alternative to foreclosures to clear distressed assets in our communities. This is what was envisioned with the recent National Foreclosure Settlement, and can often be a better outcome for both borrowers and investors,” said Anand Nallathambi, CEO of CoreLogic.
Out of all homes with a mortgage, approximately 1.4 million homes, or 3.4 percent were in the national foreclosure inventory as of March 2012 compared to 1.5 million, or 3.5 percent, the same month a year ago, and 1.4 million, or 3.4 percent, in the prior month of February.
Delinquencies are also down, with…”
Read the rest of this article by DSNews.com here: “Foreclosures Down to 69,000 in March, Inventory Also Down”.

CoreLogic: Number of Completed Foreclosures Down for February

The number of completed foreclosures in February 2012 was down on a monthly basis and slightly on a year-over-year comparison, but overall, foreclosure inventory has decreased compared to a year ago, according to CoreLogic’sNational Foreclosure report for February.

Completed foreclosures per thousand active loans for judicial vs. non-judicial states

Completed foreclosures are counted as properties that get auctioned off and purchased by a third party, such as an investor or lender.
 
For February 2012, 65,000 completed foreclosures were reported, compared to 66,000 in February 2011, and 71,000 in January 2012. The number of completed foreclosures over 12 months ending in February was 862,000. From the start of the financial crisis in September 2008, CoreLogic estimates 3.4 million completed foreclosures.
 
“Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing because REO sales were up in February,” said Mark Fleming, chief economist for CoreLogic. “With the spring buying season upon us, the inventory may decline further as the pace of distressed-asset sales rises along with the rest of the housing market.”
 
Approximately 1.4 million homes with a mortgage, or 3.4 percent, were in the foreclosure inventory as of February 2012. Nationally, the number of borrowers in the foreclosure inventory decreased by 115,000, a decline of 7.6 percent compared to February 2011. For the prior month of January 2012, no change was reported.
 
The share of borrowers nationally that were 90 or more days late on their mortgage payment fell to 7.3 percent in February 2012 from 7.8 percent in February 2011, but up slightly from the 7.2 percent in January 2012… Read the rest of this article by