Foreclosures decreased substantially at the end of 2016, as completed foreclosures sank 40% and foreclosure inventory dropped 30%. In fact, homes in serious delinquency dipped to its lowest level since 2007. CoreLogic’s president and CEO talks about what turn foreclosure trends will take in 2017.
Foreclosures dropped once again by 30% for the year ending in November 2016, according to CoreLogic’s new report. Now, foreclosure numbers are hovering slightly above pre-crisis numbers. In fact, the number of homes in serious delinquency hit the lowest point since 2007.
Foreclosures increased slightly from last month, but continue to decrease annually. And while the number of homes lost to foreclosure is up, there are no new homes moving into foreclosure to take their place. Foreclosure inventory continues to decrease both monthly and yearly.
Foreclosure rates are finally returning to historic norms. Foreclosure inventory and serious delinquencies both hit lows not seen in nearly nine years. The latest CoreLogic report provides more details and it seems all is not smooth sailing.
The nation continues to see foreclosure rates decline to lows not seen since 2000 or 2007. But there's still some ground to make up, especially in judicial states, which could be holding the market back from recovery. Here’s why.
The number of homes in some stage of foreclosure and the number of seriously delinquent mortgages are now at levels not seen since late 2007, according to a new report from CoreLogic. What's behind the drop? Read on to find out.
Freddie selected the winning bidder “on the basis of economics” from a pool of 22 prospective buyers that took part in the auction. When contacted, Freddie declined to identify the winner of the auction.
In the aftermath of the financial crisis, low interest rates and strict capital requirements combined to make servicing a losing proposition for many banks. The sharp glare of regulators didn’t help either, as banks and nonbanks navigated the already thankless waters of servicing with a new target on their backs. But all that changed abruptly in the fourth quarter of 2016 with the one-two punch of a Trump win and a rate hike by the Federal Reserve.
Singling out the law that created the CFPB generated a backlash from Congressional Democrats, but it remains to be seen what Democrats can do to stop the Trump juggernaut. See what Mike Jones of Navigant advises servicers to do in this uncertain environment.
Portfolio managers and investors also have a vested interest in the expansion of the non-QM market. They have an appetite for non-QM assets as they represent an attractive yield opportunity. That’s why we’re seeing more “hold” strategies at work with current non-QM production.