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Tag Archives: Foreclosure Moratorium

Study: Delinquency Affects Neighboring Prices More than Foreclosure

A working paper released by the Federal Reserve Bank of Atlanta suggests that foreclosures may not negatively impact nearby property prices as much as originally thought. The paper examines and refutes the argument long used by experts that mortgage foreclosures greatly reduce the sale prices of properties in the area. The study actually found while neighboring home prices do tend to sink when a property becomes distressed, the effect is only minor.

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Colorado Foreclosure Filings Up, Sales Down in July

In Colorado, foreclosure filings were on the rise year-over-year in July, while foreclosure sales were down, according to a report from the Colorado Division of Housing. Foreclosure filings, which represent the beginning of the foreclosure process, spiked up 14 percent to 1,976 in July from 1,733 a year ago the same month. Foreclosure sales, which represent the time when the foreclosure process is completed, fell 23.7 percent to 865.

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Survey: Delinquency Rates Up, Foreclosure Starts Flat in Q2

The latest National Delinquency Survey from the Mortgage Bankers Association (MBA) showed that delinquencies increased in the second quarter of 2012, a shift anticipated by the association. The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 7.58 percent as of the end of Q2, an increase from 7.40 in Q1. The second quarter's increased rate was still down from 8.44 percent at the same time in 2011.

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Deadline to Request Independent Foreclosure Review Extended Again

The deadline to request an Independent Foreclosure Review got its second extension in less than two months. In late June, the deadline was pushed back from July 31 to September 30, 2012. Now, borrowers have until until December 31, 2012 to request a foreclosure review, the Office of the Comptroller of the Currency (OCC) and the Fed announced Thursday.

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Officials Launch Educational Efforts for $25B Settlement, Warn of Scams

Servicers have three years to provide relief to homeowners as outlined in the $25 billion national mortgage servicing settlement. To raise awareness and alert homeowners of the help that is available, HUD Secretary Shaun Donovan and Iowa Attorney General Tom Miller announced during a conference call a new settlement PSA and online resources through the HUD website.

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Barclays: Distressed Areas Leading Recovery

Data in Barclays' newest Securitization Products Weekly suggests that distressed markets are outperforming others in home appreciation and paving the way for a broad-based housing recovery. Barclays waved off concerns about shadow inventory, saying it is more of a symptom than a cause of depreciation and speculated that the share of distressed homes is a more significant factor keeping home prices down. An increased REO stock should actually be taken as a positive sign for non-distressed prices, Barclays said.

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Prices See First Yearly Gain Since 2007, Foreclosures Wane: Zillow

For the first time since 2007, home values saw a year-over-year gain in the second quarter of 2012, according to the Zillow Home Value Index (ZHVI). The index showed homes increased in value by 0.2 percent to $149,300 from last year's second quarter. Adding to the gain in value, foreclosures decreased again in June, with 5.8 out of every 10,000 homes counted as a foreclosure. Foreclosures have been on the decline since January, when 7.9 out of every 10,000 homes were foreclosed on.

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Los Angeles Sues U.S. Bank Over Deteriorating Foreclosures, Evictions

Los Angeles' city attorney, Carmen A. Trutanich, announced his office filed a lawsuit against US Bank over allegations that the bank allows its foreclosures to deteriorate into slum conditions and executes illegal evictions, according to a release Tuesday. The complaint cites more than 170 properties as examples of US Bank's illegal conduct. US Bank denied its role in the complaints, stating, ""We are extremely disappointed that the City Attorney's office has chosen to file this lawsuit. The city attorney has chosen the wrong party - we are not the owners of the properties, nor are we responsible for the servicing of the properties.""

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Foreclosure Starts Up for First Time Since 2009: RealtyTrac

In the first half of this year, over 1 million U.S. properties received a foreclosure filing, according to a midyear foreclosure report released by RealtyTrac. The exact figure - 1,045,801 - marks a 2 percent increase from the previous 6-month period and an 11 percent decrease from the first half of 2011. Second quarter foreclosure starts totaled 311,010, a 9 percent increase from the previous quarter and a 6 percent increase from a year ago. The increase is the first yearly rise in quarterly foreclosure starts since the fourth quarter of 2009.

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