A look at Biden’s first week in office

This episode reviews last week’s inauguration of President Joe Biden, examining which housing issues the new administration has already taken action on.

Biden’s executive order will extend foreclosure moratorium

President Biden revealed his plan to sign 17 executive orders his first day in office, including am extension of the eviction and foreclosure moratorium to at least March 31.

If consumers aren’t holding lenders back, then who or what is?

The challenge for lenders and investors is understanding how to meet borrowers where they are without layering on risk or getting bogged down in third-party intermediation.

HomeBridge’s Brian White on diversity at a practical level

HomeBridge's Brian “Woody” White discusses ways to increase diversity within the housing finance industry.

Mortgage

Black Knight: Mortgage delinquencies lowest since 2007

Non-current inventory falls below 3M mortgages

The mortgage delinquency rate hit its lowest level since April 2007 as it fully recovers from January’s 6.6%, according to the latest report from Black Knight Financial Services.

According to Black Knight’s “First Look” at February’s data, the delinquency rate went down 13% month-over-month and down nearly 16% year-over-year.

Click to enlarge

Black Knight Financial Services - February

(Source: Black Knight)

Prepayments rates however increased 10% from January’s 24-month low, which according to Black Knight it’s a “historically good indicator of refinance activity.”

Foreclosure sales saw a decrease at 14% month-to-month and a 15% increase year-over-year. There was a rise in foreclosure starts in New York, New Jersey and Massachusetts.

For the first time in eight years, the total non-current inventory fell below 3 million, the pre-sale inventory rate went down 0.64% month-to-month and decreased to 25% year-over-year.  

On a state-by-state basis, the top five states in terms of percentage of foreclosures and delinquencies among active loans in the state are:

Mississippi: 11.43%

New Jersey: 9.72%

Louisiana: 9.42%

New York: 8.36%

Maine: 8.19%

The bottom five state in terms of percentage of foreclosures and delinquencies among active loans in the state are:

Alaska: 3.04%

South Dakota: 2.98%

Minnesota: 2.91%

Colorado: 2.81%

North Dakota: 2.17%

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