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Higher foreclosure rates increase serious delinquencies

Helen Rivard — Fri, 18 May 2012 00:44:39 +0000

According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011.

Serious delinquencies rose from 9.2 percent in June 2011 to 9.7 percent in December 2011 for the nation’s 100 largest metropolitan areas. While the 90-plus delinquencies component of the percentage is flat at 3.8 percent and has remained largely unchanged for the past four quarters, foreclosure rates continue to rise and now stand at 5.9 percent. In June 2011, the foreclosure rate was 5.5 percent.

Analysis with the data suggested the build-up of foreclosed homes in judicial states is the main reason behind the rising foreclosure rate.

Metros located in judicial states had foreclosure rates averaging 7.2 percent in December 2011 compared with 4.7 percent for metros in non-judicial states.

Also, when separating metro trends in judicial states from non-judicial, the foreclosure rate in judicial areas has actually increased since March 2009, when Foreclosure-Response.org began tracking the data, while the rate has been roughly flat in non-judicial metros for the last five quarters.

Nearly half, or 46, of the 100 largest U.S. metro areas are located in judicial states.

http://www2.realtoractioncenter.com/site/R?i=iEo9QuAEyhY-KJ1Sje-0vA

Low-ball offers decline in some housing markets

Helen Rivard — Wed, 09 May 2012 02:43:25 +0000

Los Angeles Times

A year ago, 1 out of 10 REALTORS® surveyed said houses were receiving low-ball offers. In the latest survey, there were hardly any. Instead, the focus ha shifted to declining inventory levels.

Read the full story
http://www.latimes.com/business/realestate/la-fi-harney-20120422,0,7259627.story

Aid for troubled mortgages has been revamped

Helen Rivard — Tue, 01 May 2012 06:20:03 +0000

The Sacramento Bee
Nearly five years after the housing bust began, government programs to help those who are underwater on their mortgages, unemployed, or unable to make their payments are kicking into gear.
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http://www.sacbee.com/2012/04/22/4430747/aid-for-troubled-mortgages-has.html

Consumer confidence virtually unchanged in March

Helen Rivard — Fri, 27 Apr 2012 02:45:30 +0000

The Conference Board Consumer Confidence Index, which had declined slightly in March, was virtually unchanged in April. The Index now stands at 69.2 (1985=100), down slightly from 69.5 in March. The Expectations Index declined to 81.1 from 82.5, while the Present Situation Index improved to 51.4 from 49.9 last month.

Consumers’ assessment of current conditions improved in April, with those claiming business conditions are “good” increasing to 15.3 percent from 14.3 percent. However, those claiming business conditions are “bad” edged up to 33.5 percent from 33.2 percent. Consumers’ appraisal of the job market remained mixed. Those stating jobs are “hard to get” declined to 37.5 percent from 40.7 percent, while those stating jobs are “plentiful” decreased to 8.4 percent from 9.0 percent.

http://www2.realtoractioncenter.com/site/R?i=P6nSEjfrh-oMmj9teJGwbg

Why people walk away from home loans

Helen Rivard — Tue, 24 Apr 2012 02:14:39 +0000

San Diego Union Tribune
An estimated 35 percent of the U.S. home-loan defaults in late 2010 were considered strategic, increasing from 26 percent in March 2009, based on figures from the University of Chicago’s business school.
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http://www.utsandiego.com/news/2012/apr/14/why-people-walk-away-home-loans/