A press release from LPS' Mortgage Monitor Report shows Foreclosure Inventory Rising for 5th Straight Month
The November Mortgage Monitor report released by Lender Processing Services, Inc. (LPS) shows that the volume of loans moving to REO continued to drop as moratoria further delayed foreclosure sales. While the 90+ delinquency category has steadily declined, the number of loans moving to seriously delinquent status beyond 90 days far outpaced the number of foreclosure starts. Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure.Charts From The Report
Foreclosure inventories also continued to rise for the fifth straight month as delinquent accounts are referred for foreclosure, but the sale of foreclosure properties continued to decline. When compared to January 2008 levels, the foreclosure inventory of Jumbo Prime loans is nearly seven times higher; the inventory of Agency Prime loans is nearly six times higher; and the foreclosure inventory of Option ARM loans is approaching five times the inventory in January 2008.
The report also shows that one-third of loans that are 90 days or more delinquent have not made a payment in a year; however, the number of new problem loans declined nearly 5.4 percent from October, which is opposite of the seasonality trend that typically impacts new delinquencies this time of year. Self-cures for loans one to two months delinquent increased in November to a six-month high.
In the month of November, 261,153 loans were referred to foreclosure, which represents a 0.7% month-over-month decline. The total number of delinquent loans is nearly 2.1 times historical averages - and foreclosure inventory is currently at 7.7 times historical averages.
As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include:
- Total U.S. loan delinquency rate: 9.02 percent
- Total U.S. foreclosure inventory rate: 4.08 percent
- Total U.S. non-current* loan rate: 13.10 percent
- States with most non-current* loans: Florida, Nevada, Mississippi, Georgia, New Jersey
- States with fewest non-current* loans: North Dakota, South Dakota, Alaska, Wyoming, Montana
The report is 34 pages long. Inquiring minds may wish to give it a closer look. Here are a few select charts.
click on any chart for sharper image
Delinquent and Foreclosure Rates by Month
Total Delinquency Percent Excluding Foreclosures
Total Foreclosure Percent By Product
Foreclosure Increase Compared to January 2008
Loan Cures
Serious Delinquencies
Foreclosure Starts vs. Serious Delinquencies
While there are some welcome trends in direction, actual foreclosures are lagging. The pent-up need to foreclose is huge.
Moreover, mortgage rates have rising nearly a full percentage point in the last 45 days. This will put a damper on already depressed home sales, making it harder to unload inventory.
Look for months of inventory to soar in the upcoming months with continued declines in home prices. Contrary to what most think, falling prices are a good thing. Home prices need to fall to a point low enough where genuine demand kicks in.
Foreclosure moratoriums are counterproductive and exacerbate existing problems.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Fox News personality and former Gov. Mike Huckabee (R-AR) recently began appearing in television commercials calling for viewers to dial a 1-800 number to sign a repeal petition against health reform called “Repeal It Now.” The ad, a “project of Restore America’s Voice” (RAV), a political action committee run by Huckabee’s friend Ken Hoagland, also directs viewers to a website that solicits donations [...]
According to disclosures filed with the FEC, RAV’s campaign is managed by a firm called the 949 Media Group. 949 has been paid tens of thousands of dollars to set up RAV’s website and Google search optimization, and receives a regular commission of $10,000 for related media work from RAV. ThinkProgress spoke to a representative from RAV, who told us that 949 is run by an individual named Derek Oberholtzer. According to the representative, Oberholtzer has worked with RAV since the PAC formed in October.
Oberholtzer is well known as scam artist who has used a myriad of tricks to defraud people out of their money. In addition to 949 Media Group, he started a number of companies, including “Apply 2 Save” (A2S) and Giant Media Works. Consumer report websites are rife with complaints about Oberholtzer’s odious business practices. In one scheme, Oberholtzer paid for radio and other advertisements telling distressed homeowners to contact his company A2S to pay a flat $595 fee to receive assistance in renegotiating their loans or to block a bank foreclosure. The Federal Trade Commission has prosecuted Oberholtzer for deceptive practices. In numerous cases, Oberholtzer took the $595 payment, and never did anything to stop a foreclosure or even contact the mortgage company in question. In many instances he continued billing his customers further fees totaling nearly $1,000 without lifting a finger to actually renegotiate their mortgage or halt a foreclosure, as his “Apply 2 Save” company promised.
robert shumake
Great <b>news</b>: New Obama chief of staff might be … William Daley <b>...</b>
On the one hand, centrist Democrats are being vilified by left-wing bloggers, pundits and partisan news outlets for not being sufficiently liberal, “true” Democrats. On the other, Republicans are pounding them for their association with ...
Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>
Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.
Shakesville: Brett Favre <b>News</b>
Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...
robert shumake
Great <b>news</b>: New Obama chief of staff might be … William Daley <b>...</b>
On the one hand, centrist Democrats are being vilified by left-wing bloggers, pundits and partisan news outlets for not being sufficiently liberal, “true” Democrats. On the other, Republicans are pounding them for their association with ...
Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>
Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.
Shakesville: Brett Favre <b>News</b>
Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...
robert shumake detroit
A press release from LPS' Mortgage Monitor Report shows Foreclosure Inventory Rising for 5th Straight Month
The November Mortgage Monitor report released by Lender Processing Services, Inc. (LPS) shows that the volume of loans moving to REO continued to drop as moratoria further delayed foreclosure sales. While the 90+ delinquency category has steadily declined, the number of loans moving to seriously delinquent status beyond 90 days far outpaced the number of foreclosure starts. Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure.Charts From The Report
Foreclosure inventories also continued to rise for the fifth straight month as delinquent accounts are referred for foreclosure, but the sale of foreclosure properties continued to decline. When compared to January 2008 levels, the foreclosure inventory of Jumbo Prime loans is nearly seven times higher; the inventory of Agency Prime loans is nearly six times higher; and the foreclosure inventory of Option ARM loans is approaching five times the inventory in January 2008.
The report also shows that one-third of loans that are 90 days or more delinquent have not made a payment in a year; however, the number of new problem loans declined nearly 5.4 percent from October, which is opposite of the seasonality trend that typically impacts new delinquencies this time of year. Self-cures for loans one to two months delinquent increased in November to a six-month high.
In the month of November, 261,153 loans were referred to foreclosure, which represents a 0.7% month-over-month decline. The total number of delinquent loans is nearly 2.1 times historical averages - and foreclosure inventory is currently at 7.7 times historical averages.
As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include:
- Total U.S. loan delinquency rate: 9.02 percent
- Total U.S. foreclosure inventory rate: 4.08 percent
- Total U.S. non-current* loan rate: 13.10 percent
- States with most non-current* loans: Florida, Nevada, Mississippi, Georgia, New Jersey
- States with fewest non-current* loans: North Dakota, South Dakota, Alaska, Wyoming, Montana
The report is 34 pages long. Inquiring minds may wish to give it a closer look. Here are a few select charts.
click on any chart for sharper image
Delinquent and Foreclosure Rates by Month
Total Delinquency Percent Excluding Foreclosures
Total Foreclosure Percent By Product
Foreclosure Increase Compared to January 2008
Loan Cures
Serious Delinquencies
Foreclosure Starts vs. Serious Delinquencies
While there are some welcome trends in direction, actual foreclosures are lagging. The pent-up need to foreclose is huge.
Moreover, mortgage rates have rising nearly a full percentage point in the last 45 days. This will put a damper on already depressed home sales, making it harder to unload inventory.
Look for months of inventory to soar in the upcoming months with continued declines in home prices. Contrary to what most think, falling prices are a good thing. Home prices need to fall to a point low enough where genuine demand kicks in.
Foreclosure moratoriums are counterproductive and exacerbate existing problems.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Fox News personality and former Gov. Mike Huckabee (R-AR) recently began appearing in television commercials calling for viewers to dial a 1-800 number to sign a repeal petition against health reform called “Repeal It Now.” The ad, a “project of Restore America’s Voice” (RAV), a political action committee run by Huckabee’s friend Ken Hoagland, also directs viewers to a website that solicits donations [...]
According to disclosures filed with the FEC, RAV’s campaign is managed by a firm called the 949 Media Group. 949 has been paid tens of thousands of dollars to set up RAV’s website and Google search optimization, and receives a regular commission of $10,000 for related media work from RAV. ThinkProgress spoke to a representative from RAV, who told us that 949 is run by an individual named Derek Oberholtzer. According to the representative, Oberholtzer has worked with RAV since the PAC formed in October.
Oberholtzer is well known as scam artist who has used a myriad of tricks to defraud people out of their money. In addition to 949 Media Group, he started a number of companies, including “Apply 2 Save” (A2S) and Giant Media Works. Consumer report websites are rife with complaints about Oberholtzer’s odious business practices. In one scheme, Oberholtzer paid for radio and other advertisements telling distressed homeowners to contact his company A2S to pay a flat $595 fee to receive assistance in renegotiating their loans or to block a bank foreclosure. The Federal Trade Commission has prosecuted Oberholtzer for deceptive practices. In numerous cases, Oberholtzer took the $595 payment, and never did anything to stop a foreclosure or even contact the mortgage company in question. In many instances he continued billing his customers further fees totaling nearly $1,000 without lifting a finger to actually renegotiate their mortgage or halt a foreclosure, as his “Apply 2 Save” company promised.
robert shumake detroit
robert shumake
Great <b>news</b>: New Obama chief of staff might be … William Daley <b>...</b>
On the one hand, centrist Democrats are being vilified by left-wing bloggers, pundits and partisan news outlets for not being sufficiently liberal, “true” Democrats. On the other, Republicans are pounding them for their association with ...
Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>
Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.
Shakesville: Brett Favre <b>News</b>
Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...
robert shumake
Great <b>news</b>: New Obama chief of staff might be … William Daley <b>...</b>
On the one hand, centrist Democrats are being vilified by left-wing bloggers, pundits and partisan news outlets for not being sufficiently liberal, “true” Democrats. On the other, Republicans are pounding them for their association with ...
Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>
Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.
Shakesville: Brett Favre <b>News</b>
Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...
robert shumake
"It's not so important who starts the game but who finishes it."
- John Wooden
Foreclosure is the legal means that a lender can exercise to repossess your home. When this happens you must, by order of the court system, relinquish all rights of ownership and you must find another place to live. The psychological and financial impact that this process can have on your family could be irreversible and can take years for a person or family to recover from this.
If your property is worth less than you currently owe on it, your lender may also get a deficiency judgment against you, which is a judgment against a borrower in favor of the lender in an amount equal to the difference between the funds received from a court sale of property and the balance remaining on a mortgage or other loan. So not only will you lose your home, you would still owe any additional amounts.
I saw the writing on the wall and knew this problem would be coming a few short years ago when lenders were giving pretty much anyone with a pulse an "adjustable rate" (ARM) mortgage. The rates are now "adjusting" which means the interest rate can double dramatically affecting a homeowners monthly payment. For example, what you were once paying $800 a month for can now be $1300 or more. For a lot of consumers, this is unacceptable and they quickly fall behind on their payments and legal remedies are sought by the lenders
Both foreclosures and deficiency judgments could very seriously affect your ability to qualify for future credit. So you should try to always avoid these actions that can be taken against you. But there are steps that you can take, as a homeowner, to save your property and get caught up with your payments.
The number one thing that many consumers must do is keep in contact with your lender. If you are having problems making your payments, contact your lenders loss mitigation department without delay. Explain your current financial situation to them. They may be able to help before it gets too late and out of control.
You may be eligible for a special forbearance where your lender may be able to arrange a repayment plan based on your current financial situation and can even provide a temporary reduction of your payments if you qualify. On certain occasions, suspension of payments for a short period of time can be arranged. This might provide enough time for your situation to improve or give you the time needed to make other plans.
You can try to refinance for a more affordable fixed rate but chances are that if you are in a bad financial situation, you may not qualify, but there are other things you can do to save your home.
You may be able to apply for mortgage midification where you can extend the term of your mortgage with the money you owe added to the new mortgage. This can help you catch up by reducing your monthly payments to a more affordable level.
There are also programs available from the FHA insurance fund that your lender can obtain a one time payment to bring your mortgage current. Do some research and communicate with your lender to find out what your options truly are.
To qualify, your loan must be at least 4 months, but no more than 12 months delinquent and you will be able to begin making your full mortgage payments. When your lender files the claim with HUD, they will pay your lender the amount necessary to bring your mortgage current. You will execute a promissory note and a lien will be placed on your property until the promissory note is paid back.
There are also steps you can take when the foreclosure is imminent. You will still lose your home but the affect on your credit report will be lessened.
A pre-foreclosure sale will allow you to avoid foreclosure by selling your property for an amount necessary to pay off your mortgage loan. To qualify for this program, your loan must be at least 2 month delinquent and you are able to sell your house within 5 months. You must also get a new appraisal to show that your home value meets HUD guidelines.
And as a last resort, you might qualify for a program called "deed-in-lieu of foreclosure, which allows you to give back the property to your lender. To qualify, you must currently be in default and do not qualify for any other programs and any attempt to sell the house before foreclosure were unsuccessful.
The bottom line is DO NOT, under any circumstances, hide from your lenders letters or phone calls when you find yourself suffering a temporary financial hardship. This would serve as the kiss of death and will surely result in a foreclosure that you don't want.
robert shumake
Great <b>news</b>: New Obama chief of staff might be … William Daley <b>...</b>
On the one hand, centrist Democrats are being vilified by left-wing bloggers, pundits and partisan news outlets for not being sufficiently liberal, “true” Democrats. On the other, Republicans are pounding them for their association with ...
Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>
Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.
Shakesville: Brett Favre <b>News</b>
Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...
robert shumake detroit
robert shumake
A press release from LPS' Mortgage Monitor Report shows Foreclosure Inventory Rising for 5th Straight Month
The November Mortgage Monitor report released by Lender Processing Services, Inc. (LPS) shows that the volume of loans moving to REO continued to drop as moratoria further delayed foreclosure sales. While the 90+ delinquency category has steadily declined, the number of loans moving to seriously delinquent status beyond 90 days far outpaced the number of foreclosure starts. Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure.Charts From The Report
Foreclosure inventories also continued to rise for the fifth straight month as delinquent accounts are referred for foreclosure, but the sale of foreclosure properties continued to decline. When compared to January 2008 levels, the foreclosure inventory of Jumbo Prime loans is nearly seven times higher; the inventory of Agency Prime loans is nearly six times higher; and the foreclosure inventory of Option ARM loans is approaching five times the inventory in January 2008.
The report also shows that one-third of loans that are 90 days or more delinquent have not made a payment in a year; however, the number of new problem loans declined nearly 5.4 percent from October, which is opposite of the seasonality trend that typically impacts new delinquencies this time of year. Self-cures for loans one to two months delinquent increased in November to a six-month high.
In the month of November, 261,153 loans were referred to foreclosure, which represents a 0.7% month-over-month decline. The total number of delinquent loans is nearly 2.1 times historical averages - and foreclosure inventory is currently at 7.7 times historical averages.
As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include:
- Total U.S. loan delinquency rate: 9.02 percent
- Total U.S. foreclosure inventory rate: 4.08 percent
- Total U.S. non-current* loan rate: 13.10 percent
- States with most non-current* loans: Florida, Nevada, Mississippi, Georgia, New Jersey
- States with fewest non-current* loans: North Dakota, South Dakota, Alaska, Wyoming, Montana
The report is 34 pages long. Inquiring minds may wish to give it a closer look. Here are a few select charts.
click on any chart for sharper image
Delinquent and Foreclosure Rates by Month
Total Delinquency Percent Excluding Foreclosures
Total Foreclosure Percent By Product
Foreclosure Increase Compared to January 2008
Loan Cures
Serious Delinquencies
Foreclosure Starts vs. Serious Delinquencies
While there are some welcome trends in direction, actual foreclosures are lagging. The pent-up need to foreclose is huge.
Moreover, mortgage rates have rising nearly a full percentage point in the last 45 days. This will put a damper on already depressed home sales, making it harder to unload inventory.
Look for months of inventory to soar in the upcoming months with continued declines in home prices. Contrary to what most think, falling prices are a good thing. Home prices need to fall to a point low enough where genuine demand kicks in.
Foreclosure moratoriums are counterproductive and exacerbate existing problems.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Fox News personality and former Gov. Mike Huckabee (R-AR) recently began appearing in television commercials calling for viewers to dial a 1-800 number to sign a repeal petition against health reform called “Repeal It Now.” The ad, a “project of Restore America’s Voice” (RAV), a political action committee run by Huckabee’s friend Ken Hoagland, also directs viewers to a website that solicits donations [...]
According to disclosures filed with the FEC, RAV’s campaign is managed by a firm called the 949 Media Group. 949 has been paid tens of thousands of dollars to set up RAV’s website and Google search optimization, and receives a regular commission of $10,000 for related media work from RAV. ThinkProgress spoke to a representative from RAV, who told us that 949 is run by an individual named Derek Oberholtzer. According to the representative, Oberholtzer has worked with RAV since the PAC formed in October.
Oberholtzer is well known as scam artist who has used a myriad of tricks to defraud people out of their money. In addition to 949 Media Group, he started a number of companies, including “Apply 2 Save” (A2S) and Giant Media Works. Consumer report websites are rife with complaints about Oberholtzer’s odious business practices. In one scheme, Oberholtzer paid for radio and other advertisements telling distressed homeowners to contact his company A2S to pay a flat $595 fee to receive assistance in renegotiating their loans or to block a bank foreclosure. The Federal Trade Commission has prosecuted Oberholtzer for deceptive practices. In numerous cases, Oberholtzer took the $595 payment, and never did anything to stop a foreclosure or even contact the mortgage company in question. In many instances he continued billing his customers further fees totaling nearly $1,000 without lifting a finger to actually renegotiate their mortgage or halt a foreclosure, as his “Apply 2 Save” company promised.
robert shumake
Great <b>news</b>: New Obama chief of staff might be … William Daley <b>...</b>
On the one hand, centrist Democrats are being vilified by left-wing bloggers, pundits and partisan news outlets for not being sufficiently liberal, “true” Democrats. On the other, Republicans are pounding them for their association with ...
Opinion: Can Oprah Help Restore Civility? - AOL <b>News</b>
Oprah began her new cable television network -- OWN -- at noon on New Year's Day, a network dedicated to the total and complete absence of mean-spiritedness.
Shakesville: Brett Favre <b>News</b>
Brett Favre News. [Trigger warning for sexual assault, which applies to both links] [Link includes descriptions of sexual assault] Associated Press: "Two massage therapists sued Brett Favre on Monday, saying they lost them their ...
robert shumake detroit
robert shumake
No comments:
Post a Comment