The mortgage delinquency rate for homeowners 60 days or more delinquent on their mortgages fell below 4 percent during the last quarter of 2013, the first time the delinquency rate has been below 4% since 2008, according to TransUnion. According to the report, every state in the U.S. saw a decline in mortgage delinquency rates from to the 4th quarter of 2012 to the 4th quarter of 2013 with only two, New Jersey and New York, not seeing a double digit decline. See the info graphic below for more info. Continue reading “Mortgage Delinquency Rate Falls To Lowest Level In 5 Years“
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Search St Louis Foreclosures For Sale Continue reading “St Louis Foreclosure Rate Declines“
The housing market continues to show signs of recovery, today with the report by S&P/Experian showing that their credit default index for first mortgages fell by 12 percent in the past year and by over 20 percent (20.8%) for second mortgages during the same period. While this may not be that exciting of a topic or seem like such a big deal to some, given the fact that mortgage delinquencies are a leading indicator of foreclosures and, over the past few years, foreclosures have pommelled some neighborhoods all but destroying home values, this is really huge from a big picture standpoint.
The St Louis foreclosure rate fell in May to 1.16 percent, down 33 percent from a year ago when the St Louis foreclosure rate was 1.75 percent, according to newly released data from Corelogic. More good news in the data is the fact that the St Louis mortgage delinquency rate declined in May as well, falling to 3.88 percent of all mortgage loans, down 17 percent from a year ago when the St Louis mortgage delinquency rate was 4.7 percent. Search St Louis Foreclosures HEREFor Advice on How to Buy St Louis Foreclosures From A 2000+ Home Buyer Investor click here. (would you consider a “LIKE” in exchange?) Continue reading “St Louis Foreclosure Rate Declined By One-Third In Past Year“
Mortgage delinquencies are improving as well with less than 2.3 million mortgages (5.6 percent of total mortgages) being seriously delinquent as of the end of May. This is the lowest level for mortgage delinquencies since December 2008. Continue reading “Foreclosures and Shadow Inventory Decline By Double Digits“
More good news in the LPS data was the fact that the number of homeowners that are delinquent on their mortgages fell again in May to a rate of 6.08 percent of homeowners with a mortgage, marking a decline of more than 15 percent since the end of 2012, the largest year-to-date decline in the mortgage delinquency rate since 2002.
Source: LPS
St Louis Foreclosures fell in April to 1.2 percent of all St Louis homes with a mortgage, a decline of 33 percent from a year ago when the rate was 1.78 percent and is now at the lowest rate in well over 3 years, according to a report just released by CoreLogic. This puts St Louis foreclosures less than half the national rate for April of 2.65 percent. In addition, the report reveals that St Louis mortgage delinquencies are also down significantly for April 2013 which 3.96 percent of St Louis mortgage being 90 days or more delinquent, a decline of 16 percent from a year ago when the St Louis mortgage delinquency rate was 4.74 percent. Search St Louis Foreclosures HERE Continue reading “St Louis Foreclosures At Lowest Rate In Over 3 Years“
Almost all the data on the housing market, including the St Louis housing market, has been encouraging lately and pointing toward signs that a recovery is underway. Woo hoo!  Tyler Frank, Free Credit Scores are Not Part of the Free Annual Credit Report Consumers Currently ReceiveConsumers currently have the right to request their free credit report once a year, but a credit report does not include free credit scores. These two items are often confused to be the same, which they are not. You generally must pay to see your credit score. It’s a three-digit grade that predicts how risky you are to a lender. Earlier this month, bills were introduced in the House and Senate to allow all consumers free access to credit scores once a year. The Free Access to Credit Scores Act was authored by U.S. Sen. Bernie Sanders of Vermont and U.S. Rep. Steve Cohen of Tennessee.
St. Louis mortgage delinquency rates are significantly below the national delinquency rate which was 5.41 percent in the third quarter of this year. Additionally, the St Louis mortgage delinquency rates are falling faster than the national average as the national mortgage delinquency rate was down just shy of 8 percent in the past year, well behind St Louis’ ten percent decline.
The St. Louis foreclosure rate fell to 1.55 percent in August 2012, the lowest rate since August 2010 when the rate was 1.54 percent, according to a report released by CoreLogic. Other encouraging news in the report was that the mortgage delinquency rate fell in August to 4.52 percent, the lowest it has been in well over two years!
Over one in four homeowners in the U.S. with a mortgage are “underwater” meaning they owe more on their homes than they are currently worth and, according to data just released from a survey by Zillow, 75 percent of them are underwater by 40 percent or more meaning it will most likely be many years until they even have the hope of seeing equity in their home again. Nonetheless, this has not deterred the majority of these underwater homeowners from “staying the course” as 59 percent said would not consider a strategic default in order to get out from under their home. Continue reading “Should you consider a strategic default if you are underwater on your mortgage?“
The percentage of first-lien mortgages that were current and performing at the end of the first quarter of 2012 increased to the highest levels in three years, according to a report published today by the Office of the Comptroller of the Currency. Continue reading “Mortgage Delinquencies Fall to Three-Year Low“
The mortgage delinquency rate (the percentage of home loans 30 or more days past due) increased in May 1.1 percent from the month before according to the latest “First Watch Report” from Lenders Processing Services (LPS). While it’s a modest increase, this marks the second consecutive month we’ve seen an increase in mortgage delinquency rates reversing the downward trend for the 9 months prior which is not good. Since delinquent mortgages are the precursor to forelcosures and foreclosures have wreaked havoc on home prices, this is something we definitely want to keep an eye on. Continue reading “Mortgage delinquencies increase for second-consecutive month“ But Negative Equity is a Paper Loss for Most, As 90% of Underwater Homeowners Pay Mortgage on Time Nearly one-third (31.4 percent) of U.S. homeowners with mortgages – or 15.7 million – were underwater on their mortgage in the first quarter of 2012, despite rising home values, according to the first quarter Zillow® Negative Equity Report[1]. Collectively, underwater homeowners owed $1.2 trillion more than their homes were worth. Negative equity rose slightly from 31.1 percent in the fourth quarter, and declined from 32.4 percent one year ago.
To see new homes for sale in the St Louis area click here. Continue reading “New home sales and prices on the rise in April“
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. Continue reading “Mortgage delinquencies increase in April; first increase in nine months“
“After five years of a brutal housing market, many people now view their homes more objectively and with less sentimentality,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “Regardless of legal or ethical issues around strategic defaults, lenders must account for this risk when they evaluate mortgage applications in declining markets. Many homeowners who find themselves upside down on mortgages in the future are likely to consider strategic default as an acceptable exit strategy.” Continue reading “Survey shows banks expect strategic defaults to increase in 2012“ |
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The foreclosure rate in St Louis fell to 1.04 percent for the month of August, a decline of 33.5 percent from a year ago when the St Louis foreclosure rate was 1.55 percent, according to a report just released by CoreLogic. The national foreclosure rate for August at 2.36 percent was over twice as high as the St Louis rate. Other good news for the St Louis real estate market contained in the report was that the St Louis mortgage delinquency rate (90 days or more late) was 3.78 percent, a decrease of 16.6 percent from a year ago when the rate was 4.53 percent.
The number homeowners in a negative equity position (owing more on their mortgage than the current value of their home) during the first quarter of this year fell to just 7.3 million homeowners in the U.S. or less than 15 percent of all homeowners with a mortgage, according to the most recent data from Lenders Processing Services (LPS). This represents a decline of almost 50 percent in the number of negative equity homeowners from a year ago.
The St. Louis foreclosure rate declined in December 2012 to 1.29 percent of outstanding home loans, a 25 percent drop from a year ago when the foreclosure rate was 1.72 percent, according to a newly released report from Corelogic. In addition, the St. Louis mortgage delinquency rate for December was 4.39 percent, down 12.5 percent from the year before when 5.02 percent of the outstanding St. Louis home loans were 90 days or more delinquent. See the chart below for foreclosure rate by zip code in the St. Louis area.
The foreclosure inventory in the U.S. dropped to 3.51 percent in November, a decline of 2.84 percent from the month before, according to the November Mortgage Monitor report released by Lender Processing Services. This trend may not continue though as, during the same period, the mortgage delinquency rate (the precursor to foreclosures) increased 1.2 percent from the month before and has increased 3.7 percent since August. 
After the problems we have seen over the past few years in the real estate, mortgage and banking industries, it is not surprising we have seen significant changes in the loan process making it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers see when they attempt to obtain a mortgage to buy or refinance a home include:
According to a report just released by Lender Processing Services, the foreclosure inventory in the U.S. remains near all-time highs, with 4.12 percent of all active mortgages in the foreclosure pipeline in addition to the 3.2 percent that are 90 days or more delinquent but have not yet begun the foreclosure process. Foreclosures put an immense amount of downward pressure on home prices and until the foreclosure rate recedes back toward normal levels it is going to be hard for home prices to have a sustainable recovery. On a good note, the high foreclosure levels are, for the most part in states that require a judicial foreclosure (a lengthier process) where 6.5 percent of all loans are in some state of foreclosure as opposed to states with non-judicial foreclosures where only 2.5 percent of loans in in the foreclosure process. Both percentages are considerably higher than the pre-real estate meltdown average of 0.5 percent. 