The mortgage delinquency rate (the percentage of home loans 30 or more days past due) increased in April 0.4 percent from the month before according to the latest “First Watch Report” from Lenders Processing Services (LPS). While this is a modest increase, it temporarily reverses the trend we have seen for the past 9 months of declining mortgage delinquency rates. The mortgage delinquency rate in April, at 7.12 percent of all loans, is down 10.6 percent from a year ago however. The foreclosure rate for April was 4.14 percent, the same as the month before as well as the year before so, at least the foreclosure rate is remaining flat and not increasing. [...]
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This morning, RealtyTrac released their U.S. Foreclosure Market Report for April 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 1,793 properties in St. Louis during the month, a 0.33 percent decrease from the previous month and an increase of 28.53 percent from April 2011. During the month, 1 out of every 696 homes in St. Louis had a foreclosure filing. [...] Before you go getting too excited over my headline, I should point out that, even though Fed Reserve Board Governor Duke’s presentation today at the National Association of REALTORS mid-year meeting in Washington D.C. was titled “Prescriptions for Housing Recovery”, Governor Duke opened her remarks with “I wish I had such a prescription”. She went on to say that it is difficult to think of a single thing that, by itself will generate a sustainable recovery in housing. She did say, however, that she saw some policies that will help reduce the shadow inventory of houses in the foreclosure pipeline as well as improve the availability of financing to potential home buyers. [...] Clear Capital just released it’s Home Data Index™ (HDI) for April, which reveals that REO’s, which have been a drag on the market for several years now by bringing home prices down, are actually help bolster prices as a result of investor demand for REO’s for rentals. REO home price gains (on a price per foot basis) are “vastly outpacing fair market prices on a national level” according to the report. [...] This morning, RealtyTrac released their U.S. Foreclosure Market Report for the first quarter of 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 572,928 properties in the U.S. during the quarter, a 2 percent decrease from the previous quarter and a decrease of 16 percent from the first quarter of 2011. During the month, 1 out of every 230 homes in the U.S. had a foreclosure filing. [...] Foreclosure starts and foreclosure sales were down in February 15 and 19 percent respectively from January according to the latest Mortgage Monitor report released by Lender Processing Services, Inc. today. The report also showed that mortgage delinquencies continue to decline as well with 7.57 percent of the homes in the U.S. with a mortgage being [...] The U.S. mortgage loan delinquency rate was 7.57 percent of all home loans in February, down 5.0 percent from the month before and down 14.0 percent from a year ago, according to the “First-Look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure presale inventory rate was 4.13 percent in February, a 0.5 percent decrease from the month before and a 0.3 percent decrease from a year ago [...] St. Louis foreclosure activity in January 2012 increased 1.11 percent from the month before but was down 21.58 percent from year before, according to RealtyTrac’s foreclosure market report that was just released. Of the 5 largest Missouri counties within the St Louis MSA, Jefferson County saw the largest increase in foreclosures in January at 16.51 percent, following closely by St Charles County at 15.08 percent, St. Louis County at 10.4 percent and the City of St Louis with a modest 2.17 percent increase. [...] Last November I wrote about how victims of wrongful foreclosure could apply for an independent review of their file and possibly receive compensation under a new presented by acting Comptroller of the Currency, John Walsh. The deadline to apply for this was to be April 30, 2012, however, today, the Office of the Comptroller of the Currency announced they have extended the deadline to apply three months until July 31, 2012. [...] The St Louis foreclosure rate was 1.69 percent for November 2011, down from 1.75 percent the month before and only up slightly from a year ago when the rate was 1.67 percent, according to newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.41 percent in November 2011. [...] Weekly I produce a short video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices [...] Foreclosure Price 34 Percent Below Average Price of Non-Foreclosures RealtyTrac, today released its third-quarter 2011 U.S. Foreclosure Sales Report, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011, down from 22 percent of all sales in the second quarter and down from 30 percent of all sales in the third quarter of 2010. [...] Shortly after finishing my video recap of the 2011 St Louis Real Estate Market I began analyzing our market data and giving thought to the 2012 St. Louis Real Estate market. The end result? The MORE St Louis Market 2012 Forecast. For a link to my 15 minute video as well as a downloadable report, [...] St. Louis foreclosure activity in 2011 declined 25.22 percent from the year before according to RealtyTrac’s foreclosure market report for 2011 that was just released. As the chart below depicts, of the seventeen counties in the St. Louis metro area, all but five saw a decrease in foreclosure activity from the year before, and ten [...] The U.S. mortgage loan delinquency rate was 8.15 percent of all home loans in November, up 2.7 percent from the month before and down 9.6 percent from a year ago, according to the “First-Look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate, on the other hand, was 4.16 percent in November, a 3.0 percent decrease from the month before and a 2.0 percent increase from a year ago. [...] The St Louis foreclosure rates was 1.72 percent for September 2011, up from 1.67 percent the month before and increased 9.6 percent from September 2010 when the rate was 1.57 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.48 percent for September 2011. [...] The U.S. mortgage loan delinquency rate was 7.93 percent of all home loans in October, down 2.0 percent from the month before and down a whopping 14.6 percent from a year ago, according to the “First-Look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate, on the other hand, was 4.29 percent in October, a 2.5 percent increase from the month before and a 9.4 percent increase from a year ago. [...] St. Louis foreclosure activity decreased during October by 9.27 percent from the prior month and decreased by 40.41 percent from October 2010, according to RealtyTrac’s foreclosure market report that was just released. As the chart below depicts, of the sixteen counties in the St. Louis metro area that had foreclosure activity during the month, eight saw an increase from the month before, 7 a decrease and one remained the same. Ten of the counties saw a decrease from the year before with only five seeing an increase from the year before. [...] This morning, Trans Union released a report showing the national mortgage delinquency rate (the rate of borrowers 60 or more days past due) increased to 5.88 percent (from 5.82 percent in the 2nd quarter) during the third quarter of 2011, after falling in the previous quarter by the largest rate in two years. This is the first time mortgage delinquency rates have increased since the end of 2009. [...] In late September I wrote about a plan presented by acting Comptroller of the Currency, John Walsh, to address the “robo-signing” issue as well as other improper practices in the foreclosure process that have surfaced. Mr. Walsh’s plan includes an independent review of the files of borrowers that feel they were a victim of a wrongful foreclosure practice as well as the potential for compensation or other relief for borrowers that were found to have been subject to improper foreclosure practices. Just this week it was announced that eligible borrowers may not apply for a review of their file and, if irregularities are found, file a claim for compensation. [...] The St Louis foreclosure rates was 1.67 percent for August 2011, up from 1.64 percent the month before and up from August 2010 when the rate was 1.53 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.43 percent for July 2011. [...] St. Louis foreclosure activity increased during the 3rd quarter of 2011 by 12.16 percent from the prior quarter with 1 of every 255 St. Louis metro area homeowners having a foreclosure filing according to RealtyTrac’s foreclosure market report that was just released. As the chart below depicts, of the eight largest counties in the St. Louis metro area all but Franklin County saw an increase in foreclosure activity during the quarter with Madison County Illinois leading the way with a 66 percent increase. [...] The St Louis foreclosure rates was 1.64 percent for July 2011, up from 1.62 percent the month before and up from July 2010 when the rate was 1.48 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.44 percent for July 2011. [...] Robo-signing is one of those terms I never heard until the news of improper foreclosure practices by some of the nation’s largest lenders started hitting the news in the past year and now the word has become synonymous with bad foreclosure practices. As a result, in April of this year the Office of the Comptroller [...] |
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