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Tag Archives: Delinquency Rate

Mortgage Delinquencies to Decline in 2012: Study

The current year will close with a 7 percent yearly decline in mortgage delinquencies, matching last year's decline, according to predictions released Wednesday by TransUnion. The percent of borrowers 60 days or more delinquent will fall to 5.95 percent by the end of the year, and will fall to 5 percent by the end of 2012, the credit bureau says. However, despite yearly declines, TransUnion's forecasters expect a slight rise in delinquencies through the first quarter of 2012.

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Calm Before the Storm: CMBS Delinquency Rate Retreats

The delinquency rate for loans held in U.S. commercial mortgage-backed securities (CMBS) fell 26 basis points to 9.51 percent in November, according to Trepp, LLC. That's the second biggest decline recorded by the firm this year, surpassed only by August's 36 point drop. The rate has now fallen in four of the 11 months of 2011. Recent declines, however, likely aren't the makings of a trend, Trepp says. The company is expecting increases in coming months as 2007 vintage loans start to reach their five-year balloon maturity dates.

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Delinquencies Still Falling but Foreclosures at an All-Time High

Data released by Lender Processing Services (LPS) Thursday shows mortgage delinquencies are continuing to decline, now nearly 30 percent below their January 2010 peak. Loans in the process of foreclosure, on the other hand, are steadily rising. LPS says foreclosure inventories reached an all-time high at the end of October, making up 4.29 percent of all active mortgages. The average days delinquent for loans in foreclosure extended as well during the month, setting a new record of 631 days since last payment.

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Fed Records First Rise in New Mortgage Delinquencies in a Year

About 2.5 percent of current mortgage balances in the U.S. transitioned into delinquency during the third quarter, the Federal Reserve Bank of New York said Monday. That assessment reverses a recent trend of reductions in the measure of newly delinquent mortgage balances, going back to the third quarter of 2010. Some 264,000 individuals had a foreclosure notation added to their credit reports between June 30 and September 30. New bankruptcies over the period tallied 423,000.

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FDIC’s ‘Problem Bank List’ Contracts for Second Consecutive Quarter

Bad real estate loans from the boom years of the last decade have forced 412 FDIC-insured lenders to shutter their operations since the start of 2008. No institution's balance sheet has been fully insulated from the downturn in the real estate markets, but data released by the FDIC suggests lenders are finding their way out of the storm. After rising since 2006, the FDIC's so-called ""Problem List"" of banks at risk of failure has contracted for two quarters in a row. At the same time, money set aside to cover expected loan losses has fallen nearly 50 percent from a year ago.

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Industry’s Shadows Continue to Shrink

That ominous shadow inventory of repossessed and soon-to-be repossessed homes is getting smaller. Standard and Poor's (S&P) has released its third-quarter shadow inventory update. The agency says the volume of distressed assets included in its assessment dropped from $405 billion in the second quarter to $384 billion in the third. This figure has been on a steady decline since mid-2010. At current liquidation rates, S&P says it will take 45 months to work through the industry's shadow inventory.

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Mortgage-Related Jobs Are on the Rise: Report

The third quarter of 2011 saw a net increase of 2,738 mortgage-related jobs, according to recent industry data. This increase is the first recorded in five quarters. The recent increase in refinances encouraged by remarkably low interest rates sparked a demand for loan originators and processors, while continuing high levels of delinquencies and foreclosures bolstered the need for servicing staff. The 2,738 gain compares to a net loss of 464 jobs in the previous quarter and a loss of 936 jobs a year ago.

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Past Due Mortgages = 6,298,000

There were 6,298,000 mortgages going unpaid in the United States as of the end of October, according to Lender Processing Services (LPS). It's a daunting number, but the data show that it's actually been on a fairly steady decline for nearly two years now. At the start of 2011, the total number of non-current mortgages in the U.S. stood at 6,870,000. In January 2010, it was 8,118,000. LPS' report indicates mortgage delinquencies are declining while the nation's foreclosure inventory is growing.

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Consumers’ Financial Health Takes Hit in Third Quarter

A deteriorating housing picture, coupled with an increase in expenses and a drop in consumer confidence, led to a sharp decline in consumers' financial health during the third quarter. The nonprofit credit counseling agency CredAbility puts out a regular quarterly index measuring consumer distress. Between July and September, the gauge recorded its largest drop since the third quarter of 2008. CredAbility's data show the average consumer has been in distress for 12 straight quarters now.

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National Delinquency Rate Falls to Lowest Level in Three Years: MBA

The Mortgage Bankers Association (MBA) reported Thursday that the national delinquency rate for residential home loans fell to 7.99 percent in the third quarter. That's the lowest reading since the fourth quarter of 2008. The delinquency rate encompasses borrowers who have missed one or more payments but are not yet in foreclosure. While delinquencies fell, the number of borrowers entering the foreclosure process rose for the first time in a year, driven by a handful of servicers and hard-hit states.

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