GSE Foreclosure Starts Jump Nearly 60 Percent in January
GSE Foreclosure Starts Jump Nearly 60 Percent in January
GSE Foreclosure Starts Jump Nearly 60 Percent in January
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March 13, 2012 (Shirley Allen)

Foreclosure starts jumped in January with the bulk of the activity originating from the two Government Sponsored Enterprises (GSE), Freddie Mac and Fannie Mae, according to the Mortgage Monitor Report released by Lender Processing Services (LPS).

The New Year started with a surge in both foreclosure starts and sales. Foreclosure starts increased by 28 percent in January while foreclosure starts jumped 29 percent. The bulk of the foreclosure starts originated from the GSEs which together saw a nearly 60 percent jump in foreclosure starts.

And those who had been struggling to make their mortgage payments struggled a little bit more after the first of the year as 47 percent of all foreclosure starts in January were repeat foreclosures, an all-time high.

The total number of loans that were 30 days or more past due, but not yet in foreclosure, fell from 8.15 percent in December to 7.97 percent in January. The delinquency rate was 10.5 percent lower than what it was in January 2011.

The foreclosure inventory increased 1.1 percent in January to a total of 2.084 million properties, up from 2.066 million properties in December, an increase of 22,000 properties. The foreclosure inventory was still 0.1 percent lower than a year ago.

Foreclosure inventories in states that used the judicial foreclosure system were two and half times higher than non-judicial states. On average, the foreclosure rate was 6.52 percent in judicial states compared to 2.46 percent in non-judicial states.

The number of properties in the shadow inventory declined, falling from 1.792 million properties in December to 1.772 million properties in January, a decrease of 20,000 properties.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.97% compared to 8.15% in December 2011

Month-over-month change in delinquency rate: -2.2% compared to 0.0% in December 2011

Year-over-year change in delinquency rate: -10.5% compared to -7.7% in December 2011

Total U.S foreclosure pre-sale inventory rate: 4.11% compared to 4.15% in December 2011

Month-over-month change in foreclosure presale inventory rate: 1.1% compared to -1.3% in December 2011

Year-over-year change in foreclosure presale inventory rate: -0.1% compared to -1.0% in December 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 3,998,000 compared to 4,101,000 in December 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,772,000 compared to 1,792,000 in December 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,084,000 compared to 2,066,000 in December 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,082,000 compared to 6,167,000 in December 2011

States with highest percentage of non-current* loans: FL, MS, NV, NJ, IL (FL, MS, NV, NJ, IL in December 2011)

States with the lowest percentage of non-current* loans: MT, AK, WY, SD, ND (MT, WY, SD, AK, ND in December 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans

Source:
LPS

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March 13, 2012 (Shirley Allen)

Foreclosure starts jumped in January with the bulk of the activity originating from the two Government Sponsored Enterprises (GSE), Freddie Mac and Fannie Mae, according to the Mortgage Monitor Report released by Lender Processing Services (LPS).

The New Year started with a surge in both foreclosure starts and sales. Foreclosure starts increased by 28 percent in January while foreclosure starts jumped 29 percent. The bulk of the foreclosure starts originated from the GSEs which together saw a nearly 60 percent jump in foreclosure starts.

And those who had been struggling to make their mortgage payments struggled a little bit more after the first of the year as 47 percent of all foreclosure starts in January were repeat foreclosures, an all-time high.

The total number of loans that were 30 days or more past due, but not yet in foreclosure, fell from 8.15 percent in December to 7.97 percent in January. The delinquency rate was 10.5 percent lower than what it was in January 2011.

The foreclosure inventory increased 1.1 percent in January to a total of 2.084 million properties, up from 2.066 million properties in December, an increase of 22,000 properties. The foreclosure inventory was still 0.1 percent lower than a year ago.

Foreclosure inventories in states that used the judicial foreclosure system were two and half times higher than non-judicial states. On average, the foreclosure rate was 6.52 percent in judicial states compared to 2.46 percent in non-judicial states.

The number of properties in the shadow inventory declined, falling from 1.792 million properties in December to 1.772 million properties in January, a decrease of 20,000 properties.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.97% compared to 8.15% in December 2011

Month-over-month change in delinquency rate: -2.2% compared to 0.0% in December 2011

Year-over-year change in delinquency rate: -10.5% compared to -7.7% in December 2011

Total U.S foreclosure pre-sale inventory rate: 4.11% compared to 4.15% in December 2011

Month-over-month change in foreclosure presale inventory rate: 1.1% compared to -1.3% in December 2011

Year-over-year change in foreclosure presale inventory rate: -0.1% compared to -1.0% in December 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 3,998,000 compared to 4,101,000 in December 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,772,000 compared to 1,792,000 in December 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,084,000 compared to 2,066,000 in December 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,082,000 compared to 6,167,000 in December 2011

States with highest percentage of non-current* loans: FL, MS, NV, NJ, IL (FL, MS, NV, NJ, IL in December 2011)

States with the lowest percentage of non-current* loans: MT, AK, WY, SD, ND (MT, WY, SD, AK, ND in December 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans

Source:
LPS

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 13, 2012 (Shirley Allen)

Foreclosure starts jumped in January with the bulk of the activity originating from the two Government Sponsored Enterprises (GSE), Freddie Mac and Fannie Mae, according to the Mortgage Monitor Report released by Lender Processing Services (LPS).

The New Year started with a surge in both foreclosure starts and sales. Foreclosure starts increased by 28 percent in January while foreclosure starts jumped 29 percent. The bulk of the foreclosure starts originated from the GSEs which together saw a nearly 60 percent jump in foreclosure starts.

And those who had been struggling to make their mortgage payments struggled a little bit more after the first of the year as 47 percent of all foreclosure starts in January were repeat foreclosures, an all-time high.

The total number of loans that were 30 days or more past due, but not yet in foreclosure, fell from 8.15 percent in December to 7.97 percent in January. The delinquency rate was 10.5 percent lower than what it was in January 2011.

The foreclosure inventory increased 1.1 percent in January to a total of 2.084 million properties, up from 2.066 million properties in December, an increase of 22,000 properties. The foreclosure inventory was still 0.1 percent lower than a year ago.

Foreclosure inventories in states that used the judicial foreclosure system were two and half times higher than non-judicial states. On average, the foreclosure rate was 6.52 percent in judicial states compared to 2.46 percent in non-judicial states.

The number of properties in the shadow inventory declined, falling from 1.792 million properties in December to 1.772 million properties in January, a decrease of 20,000 properties.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.97% compared to 8.15% in December 2011

Month-over-month change in delinquency rate: -2.2% compared to 0.0% in December 2011

Year-over-year change in delinquency rate: -10.5% compared to -7.7% in December 2011

Total U.S foreclosure pre-sale inventory rate: 4.11% compared to 4.15% in December 2011

Month-over-month change in foreclosure presale inventory rate: 1.1% compared to -1.3% in December 2011

Year-over-year change in foreclosure presale inventory rate: -0.1% compared to -1.0% in December 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 3,998,000 compared to 4,101,000 in December 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,772,000 compared to 1,792,000 in December 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,084,000 compared to 2,066,000 in December 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,082,000 compared to 6,167,000 in December 2011

States with highest percentage of non-current* loans: FL, MS, NV, NJ, IL (FL, MS, NV, NJ, IL in December 2011)

States with the lowest percentage of non-current* loans: MT, AK, WY, SD, ND (MT, WY, SD, AK, ND in December 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans

Source:
LPS

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.