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Editorial: More Default Woes.(Editorial)
Say what you will about the economy, but the mortgage industry still has a ways to go before working through the current increase in loan delinquencies and defaults, which is especially pronounced on the subprime end of the credit spectrum.
The overall delinquency rate edged down during the first quarter of 2007. But at 4.84%, the share of home loans that were at least 30 days past due remained higher than a year earlier, according to the Mortgage Bankers Association.
More troublesome was the foreclosure trend. Foreclosures reached a record high as of March 31, according to the MBA's quarterly delinquency survey. The rate of loans entering the foreclosure process climbed four basis points to 0.58%, which was also 17 basis points higher than the foreclosure start rate a year earlier and a new record high. The MBA also reported that the foreclosure inventory stands at 1.28% of all loans outstanding, a record level.
Doug Duncan, the MBA's chief economist, said the rise in foreclosure activity was concentrated in specific regions and not a national phenomena. Foreclosure starts were pushed up because of big jumps in California, Florida, Nevada and Arizona. Those states have had high levels of investor home purchases and are now ...
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MBA RELEASED ITS SECOND-QUARTER 2004 National Delinquency Survey (NDS), showing...in the foreclosure process, continues to improve," said Douglas Duncan, MBA's chief economist and senior vice president. "While the total of overall...
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...July. A baseline comparison of foreclosure inventory in July compared to June shows...subscribers and business partners. "Foreclosure inventory is up nearly 10 percent compared...Texas, Utah and Washington. New foreclosure inventory numbers for these states are available...
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...president and CEO, Foreclosure.com. "However, when foreclosure inventory remains steady or increases during the summer, as is...foreclosure process. This is the second consecutive year that foreclosure inventory has remained stable during the summer months." Note...
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...foreclosures dropped by 41 percent, while the total U.S. foreclosure inventory slipped only by six percent. "A reduction in the number...Foreclosure.com. "In Texas, for example, new foreclosure inventory dropped by 2,320 properties as compared to December...
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...decrease of 5 percent from March. "The slight decrease in foreclosure inventory represents a stabilization in the housing market over...to climb and home values stay the course, we expect foreclosure inventory to increase in other areas of the country." Note to...
Source: HighBeam Research, Editorial: More Default Woes.(Editorial)