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Foreclosure

Mortgage Delinquency Rate Climbs, Foreclosure Numbers Head Higher

Lender Processing Services says data it's collected through the end of June show an abrupt increase in the industry's mortgage delinquency rate and a smaller uptick in the national foreclosure inventory. The company reports the share of home loans 30 or more days past due but not yet in foreclosure rose to 8.15 percent last month, while the foreclosure rate edged up to 4.12 percent. Altogether, there are some 6,452,000 mortgages going unpaid in the United States.

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California Defaults Reach Lowest Rate in Four Years

For the second quarter of 2011, California homes entering the foreclosure process decreased to their lowest rate in four years, according to DataQuick, a San Diego-based company that tracks nationwide real estate activity. The number of notices of default decreased 17 percent from April to June when compared with the previous quarter and 19.2 percent when compared with the second quarter of last year. It was the lowest rate reported since the second quarter of 2007.

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Distressed Properties Comprise Smaller Share of Declining Home Resales

Foreclosures and short sales made up 30 percent of all existing-home sales in June, according to the National Association of Realtors. Overall sales volume slipped in June along with the share of distressed properties. Total existing-home sales declined 0.8 percent to an annual rate of 4.77 million, the trade group's lowest reading since last November. Without a strong rebound in the months ahead, 2011 is on pace to be the fourth time in the last five years where home sales have declined on an annual basis.

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Foreclosure Litigation Cost Wells Fargo $428M in Second Quarter

Wells Fargo says its second quarter expenses included $428 million of operating losses, substantially all driven by litigation accruals for mortgage foreclosure-related matters. Loan losses, though, were down substantially, supporting a 29 percent increase in net income to $3.9 billion for the three-month period. The company says credit quality continued to improve, marking its sixth consecutive quarter of declining loan losses and third consecutive quarter with fewer nonperforming assets.

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Visionary Apps’ Complete Foreclosures App Now Offers RealtyTrac Data

Visionary Apps LLC announced Tuesday that its Complete Foreclosures app will now be powered by RealtyTrac data. The app, which previously included about 25 data fields, will now include up to 75 data fields with RealtyTrac data for more than 1.5 million default, bank-owned, and pre-foreclosure listings in more than 2,200 counties across the country. The free Complete Foreclosures app is customizable based on price, square footage, and numbers of bedrooms and bathrooms so that users can eliminate listings that are not relevant to them.

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Bank of America to Scale Back Servicing Portfolio

Bank of America says it is looking to downsize its mortgage servicing portfolio. Company executives told investors Tuesday that they will become more discriminating when adding mortgage servicing rights (MSRs) to their books and will be focused on selling off MSRs more aggressively. The company made roughly $70 million from MSR sales during the second quarter of this year, but on the whole posted its largest-ever three month loss - $8.8 billion - as a result of heavy losses within the consumer real estate services division.

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DRI Management Systems Launches Module to Speed REO Resolution

DRI Management Systems, Inc. introduced a new technology module Monday to automate the process of remarketing REO assets. The company explained that its new DRI Broker system facilitates direct, electronic communications between real estate agents and lenders' REO departments, enabling asset managers to accelerate resolutions and lower servicing costs throughout the REO process.

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Moody’s Sees Risk of Strategic Default Rising in Low-Risk Areas

For some borrowers, negative equity can become their rationale to stop making mortgage payments. The risk of such strategic default is rising among loans that have ""always performed,"" according to the credit analysts at Moody's Analytics. The agency found that these always-performing loans tend to be concentrated in robust housing markets that have held home values above the national average, but it's these areas where we may soon see a renewed increase in strategic defaults.

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Top Lenders’ Early Earnings Point to Continuing Mortgage Losses

JPMorgan Chase kicked off the banking sector's second-quarter earnings season with a $5.4 billion profit. It was followed by Citigroup's announcement that it pulled in net income of $3.3 billion. Both beat market expectations, however, neither lender escaped mortgage-related losses - a trait that is likely to show up on balance sheets throughout the industry as banks continue to grapple with delinquencies and additional costs tied to foreclosure reviews and litigation.

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Moody’s Mark Zandi Calls for Government Support of Housing

Five years into the housing slump, and home sales remain weak with prices falling again in many parts of the country as foreclosures and short sales are ramping up. Mark Zandi, chief economist for Moody's Analytics, says while it certainly won't be the popular move, it may be time for the government to step up temporary support for the housing market. Zandi underscores three policy recommendations that he believes could help ensure housing stays on course.

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