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Foreclosure Inventory Ties All-Time High, Delinquencies Down
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Foreclosure Inventory Ties All-Time High, Delinquencies Down
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Foreclosure Inventory Ties All-Time High, Delinquencies Down
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February 18, 2011 (Chris Moore)
mortgage-up-down-arrow-image
The amount of U.S. homes that were in the foreclosure process at the end of 2010 matched the all time high as mortgage lenders and servicers delayed home foreclosures to investigate improper document charges spawning from the “robo-signing” controversy.

According to the National Delinquency Survey released by the Mortgage Bankers Association (MBA), about 4.63 percent of loans were in foreclosure in the fourth quarter, up from 4.39 percent in the previous quarter. The record-tying rate of homes in foreclosure was last reached in the first quarter of 2010.

Lenders such as Bank of America and Chase temporarily halted property seizures as they reviewed the handling of their court documents which left more homes in the foreclosure process with their status unresolved. Consequently repossessions tumbled 32 percent in the fourth quarter compared to the previous quarter.

“It’s clear that the process issues were driving the increase,” Jay Brinkmann, chief economist of the Washington- based Mortgage Bankers Association, said in an interview. “We would expect the foreclosure inventory to start coming down as that gets resolved and the court situations get cleared up.”

The report also revealed that mortgage delinquency rates dropped sharply as residential mortgage delinquencies fell by 10 percent in the fourth quarter of 2010 with the overall rate of outstanding loans at 8.22 percent, a decline from 9.13 percent in the third quarter.

The report also noted that mortgages only one payment past due, 3.25 percent of all outstanding mortgages, have fallen to the pre-recession levels of late 2007

Combined, the percentage of loans in foreclosure or at least one payment past due was 13.56 percent on a non-seasonally adjusted basis, a 22 basis point decline from 13.78 percent in the prior quarter

“These latest delinquency numbers represent significant, across-the-board decreases in mortgage delinquency rates in the U.S.” said Jay Brinkmann, MBA chief economist. “Total delinquencies, which exclude loans in the process of foreclosure, are now at their lowest level since the end of 2008. Mortgages only one payment past due are now at the lowest level since the end of 2007, the very beginning of the recession.”

Even more significantly, Brinkmann said, serious mortgage delinquencies of 90 days or more have fallen from their all-time high of 5.02 percent in early 2010 to 3.63 percent by year’s end, a 28 percent decline over the course of the year.

“While delinquency and foreclosure rates are still well above historical norms, we have clearly turned the corner,” Brinkmann said. “Absent a significant economic reversal, the delinquency picture should continue to improve during 2011,” he added.

Tags: MBA, mortgage lenders, servicers, foreclosure process, robo-signing controversy, property seizures, foreclosure inventory, mortgage delinquency rate

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February 18, 2011 (Chris Moore)
mortgage-up-down-arrow-image
The amount of U.S. homes that were in the foreclosure process at the end of 2010 matched the all time high as mortgage lenders and servicers delayed home foreclosures to investigate improper document charges spawning from the “robo-signing” controversy.

According to the National Delinquency Survey released by the Mortgage Bankers Association (MBA), about 4.63 percent of loans were in foreclosure in the fourth quarter, up from 4.39 percent in the previous quarter. The record-tying rate of homes in foreclosure was last reached in the first quarter of 2010.

Lenders such as Bank of America and Chase temporarily halted property seizures as they reviewed the handling of their court documents which left more homes in the foreclosure process with their status unresolved. Consequently repossessions tumbled 32 percent in the fourth quarter compared to the previous quarter.

“It’s clear that the process issues were driving the increase,” Jay Brinkmann, chief economist of the Washington- based Mortgage Bankers Association, said in an interview. “We would expect the foreclosure inventory to start coming down as that gets resolved and the court situations get cleared up.”

The report also revealed that mortgage delinquency rates dropped sharply as residential mortgage delinquencies fell by 10 percent in the fourth quarter of 2010 with the overall rate of outstanding loans at 8.22 percent, a decline from 9.13 percent in the third quarter.

The report also noted that mortgages only one payment past due, 3.25 percent of all outstanding mortgages, have fallen to the pre-recession levels of late 2007

Combined, the percentage of loans in foreclosure or at least one payment past due was 13.56 percent on a non-seasonally adjusted basis, a 22 basis point decline from 13.78 percent in the prior quarter

“These latest delinquency numbers represent significant, across-the-board decreases in mortgage delinquency rates in the U.S.” said Jay Brinkmann, MBA chief economist. “Total delinquencies, which exclude loans in the process of foreclosure, are now at their lowest level since the end of 2008. Mortgages only one payment past due are now at the lowest level since the end of 2007, the very beginning of the recession.”

Even more significantly, Brinkmann said, serious mortgage delinquencies of 90 days or more have fallen from their all-time high of 5.02 percent in early 2010 to 3.63 percent by year’s end, a 28 percent decline over the course of the year.

“While delinquency and foreclosure rates are still well above historical norms, we have clearly turned the corner,” Brinkmann said. “Absent a significant economic reversal, the delinquency picture should continue to improve during 2011,” he added.

Tags: MBA, mortgage lenders, servicers, foreclosure process, robo-signing controversy, property seizures, foreclosure inventory, mortgage delinquency rate

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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.

February 18, 2011 (Chris Moore)
mortgage-up-down-arrow-image
The amount of U.S. homes that were in the foreclosure process at the end of 2010 matched the all time high as mortgage lenders and servicers delayed home foreclosures to investigate improper document charges spawning from the “robo-signing” controversy.

According to the National Delinquency Survey released by the Mortgage Bankers Association (MBA), about 4.63 percent of loans were in foreclosure in the fourth quarter, up from 4.39 percent in the previous quarter. The record-tying rate of homes in foreclosure was last reached in the first quarter of 2010.

Lenders such as Bank of America and Chase temporarily halted property seizures as they reviewed the handling of their court documents which left more homes in the foreclosure process with their status unresolved. Consequently repossessions tumbled 32 percent in the fourth quarter compared to the previous quarter.

“It’s clear that the process issues were driving the increase,” Jay Brinkmann, chief economist of the Washington- based Mortgage Bankers Association, said in an interview. “We would expect the foreclosure inventory to start coming down as that gets resolved and the court situations get cleared up.”

The report also revealed that mortgage delinquency rates dropped sharply as residential mortgage delinquencies fell by 10 percent in the fourth quarter of 2010 with the overall rate of outstanding loans at 8.22 percent, a decline from 9.13 percent in the third quarter.

The report also noted that mortgages only one payment past due, 3.25 percent of all outstanding mortgages, have fallen to the pre-recession levels of late 2007

Combined, the percentage of loans in foreclosure or at least one payment past due was 13.56 percent on a non-seasonally adjusted basis, a 22 basis point decline from 13.78 percent in the prior quarter

“These latest delinquency numbers represent significant, across-the-board decreases in mortgage delinquency rates in the U.S.” said Jay Brinkmann, MBA chief economist. “Total delinquencies, which exclude loans in the process of foreclosure, are now at their lowest level since the end of 2008. Mortgages only one payment past due are now at the lowest level since the end of 2007, the very beginning of the recession.”

Even more significantly, Brinkmann said, serious mortgage delinquencies of 90 days or more have fallen from their all-time high of 5.02 percent in early 2010 to 3.63 percent by year’s end, a 28 percent decline over the course of the year.

“While delinquency and foreclosure rates are still well above historical norms, we have clearly turned the corner,” Brinkmann said. “Absent a significant economic reversal, the delinquency picture should continue to improve during 2011,” he added.

Tags: MBA, mortgage lenders, servicers, foreclosure process, robo-signing controversy, property seizures, foreclosure inventory, mortgage delinquency rate

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
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 MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.