" /> Delinquency Numbers Shrinking

Delinquency Numbers Shrinking

Dated: 01/18/2016

Views: 641


Serious Delinquency Numbers Continue Shrinking

Posted By

Brian Honea

On

In Daily Dose,Featured,Foreclosure,News | 

delinquent-notice [1]Fewer and fewer residential mortgage loans are seriously delinquent (90 or more days past due) as the crisis passes its seven-year anniversary, according to several different measures recently released. In some cases, the number of seriously delinquent loans is at or below pre-crisis levels.

In its most recent National Foreclosure Report [2], CoreLogic reported a serious delinquency rate of about 3.3 percent as of the end of November 2015, which computes to about 1.25 million homes—the lowest level since December 2007, before the crisis.

“Tight post-crash underwriting standards coupled with much improved economic and housing market fundamentals have combined to push new mortgage delinquencies to 15-year-lows,” said Anand Nallathambi, president and CEO of CoreLogic. “Although judicial states will likely continue to lag, given current trends, it is reasonable to expect a continued and significant drop in the rate of serious delinquencies and foreclosure starts in 2016.”

According to CoreLogic, non-judicial foreclosure states continued to have much lower serious delinquency rates than judicial foreclosure states in November. Only six non-judicial states had serious delinquency rates higher than the national average of 3.3 percent for the month, while only five judicial states had serious delinquency rates below the national average for November. The state with the highest serious delinquency rate was still New Jersey at 7.8 percent, followed by New York at 6.4 percent and Florida with 5.4 percent.

In its November 2015 Mortgage Monitor [3], Black Knight Financial Services reported a 26 percent drop year-over-year in 90-plus day delinquent inventory, down to about 827,000 properties. The number of 90-plus day delinquencies was still way down year-over-year despite a seasonal uptick in November.

The FHFA reported in its Foreclosure Prevention Report for October 2015 [4] released earlier this week that the serious delinquency rate on residential mortgage loans backed by Fannie Mae and Freddie Mac dropped from 1.52 percent to 1.50 percent. The GSEs are completing fewer loan modifications, however; through the first 11 months of 2015, Fannie Mae averaged slightly less than 8,000 loan mods per month compared to more than 10,000 monthly for all of 2014.

The share of 60-day delinquencies for the GSEs was at 1.9 percent in October, down from its peak of 5.9 percent in 2011.

Article printed from DSNews: http://www.dsnews.com

URL to article: http://www.dsnews.com/news/01-15-2016/serious-delinquency-numbers-continue-shrinking

Blog author image

Ralph and Karen Chiodo

THE CHIODO TEAM - Ralph Chiodo Broker / Owner 610-579-9514 Karen Chiodo Realtor / Owner 610-579-9514 Together Ralph and Karen (and their dedicated Team) have success....

Latest Blog Posts

1010 N. Hancock St. "WeWork" Philadelphia, PA 19123 eXp Realty Philadelphia-Now Open!

 eXp Realty-Philadelphia is Located at WeWork in Northern Liberties at 1010 North Hancock St. Philadelphia, PA  19123.eXp Realty is proud to be located at WeWork (the former Schmidt's

Read More

How to Use Comparable Sales to Price Your Home

By: Carl VogelPublished: August 5, 2010Before you put your home up for sale, understand how the right comparable sales help you and your agent find the perfect price.How much can you sell your

Read More

Quick Tips to Remove Hardwood Scratches

Hardwood floors can get scratched up, whether by moving furniture or rambunctious kids. But many scratches can be easy to repair.“Surface scratches are caused by everyday use, grit

Read More

The Everything Guide to Selling Your First Home

The Everything Guide to Selling Your First HomeArticle From HouseLogic.comBy: HouseLogic How to figure out exactly what you want, and how to work with the experts who'll help you get it,

Read More