Items Tagged with 'Foreclosure'

ARTICLES

  • ATTOM: Number of zombie foreclosures has been cut in half since 2016

    Improved economy, tighter lending standards lead to fewer abandoned homes
    At the height of the housing crisis, tens of thousands of homes were abandoned during the foreclosure process, with many borrowers simply walking away from homes because they had nothing to lose financially on their homes. But a new report from ATTOM Data Solutions shows that the number of zombie foreclosures has decreased dramatically in the last few years.
    Read More
  • CoreLogic: Declining foreclosure rates highlight the nation's strong job market

    In May, delinquency rate falls 0.6% on an annual basis
    The national mortgage delinquency rate declined in May, according to the latest Home Price Index report from CoreLogic. According to the report, nationally, 3.6% of mortgages remained in some stage of delinquency in May.CoreLogic Chief Economist Frank Nothaft said growth in family income and home prices continues to support low delinquency rates.
    Read More
  • JPMorgan Chase: The key to preventing borrowers from defaulting on their mortgages is not what you think

    Borrower liquidity is more important than borrower equity
    For years, the conventional wisdom in mortgage lending has been borrowers with more financial skin in the game are less likely to default on their mortgages. But new research from JPMorgan Chase suggests that borrowers putting more of their money down for a home is not actually a solid way to prevent them from defaulting on their mortgages. Put simply, borrower liquidity appears to be more important than borrower equity.
    Read More
  • Mortgage delinquencies fall to a record low in May

    Prepayments surge on low mortgage rates, Black Knight says
    Mortgage delinquencies fell to a record low of 3.36% in May as a strong labor market helped Americans to pay their mortgages on time, according to a Black Knight report. Prepayments on first-lien U.S. mortgages rose 24% in May, double the rate of four months ago, the company said.
    Read More
  • HUD Secretary Ben Carson apparently doesn't know what an REO is

    Under questioning from Rep. Katie Porter, Carson confuses REO with Oreo
    HUD Secretary Ben Carson had a bit of a rough day on Tuesday. Carson appeared on Capitol Hill to testify before the House Financial Services Committee, and during questioning from the committee member with the most housing knowledge, turned himself into a punchline by confusing a common housing industry term with a cookie. Yes, you read that right.
    Read More
  • D.C. housing agency launches program to help delinquent reverse mortgage borrowers

    Provides financial assistance to seniors facing foreclosure
    A D.C.-based housing agency recently launched a program to help reverse mortgage borrowers facing foreclosure because of their failure to pay property taxes and homeowners insurance. While only available to help borrowers in the district, the program could be replicated in other parts of the country with a high percentage of HECM loans in default.
    Read More
  • Bloomberg: Mortgage servicing needs fixing, and here's what should be done

    It's the plumbing of the mortgage industry, and it needs a serious overhaul
    Mortgage servicers are "unsung professionals" who play a crucial role in the U.S. economy, Bloomberg says, but they're not doing their jobs well. But to be fair, it's not all their fault. What's the problem? A recent article in Bloomberg breaks it down, claiming that the mortgage servicing sector needs a serious overhaul. Here's a review of the problems, and some ideas as to what can be done about it.
    Read More
  • Fewer Americans are filing for foreclosures

    February marks 8th consecutive month of annual decrease in foreclosure activity
    There was a moderate drop in foreclosures in February, according to ATTOM Data Solutions' latest Foreclosure Market Report. According to ATTOM's analysis, there was a 3% decline from the previous month and an 11% year-over-year decrease from 2018.
    Read More