twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Serious Delinquency at Lowest Level Since 2008

90-day rate down 30 BPS in May

July 9, 2013

By Mortgage Daily staff

Despite an uptick in the number of completed foreclosures, the rate of serious delinquency on residential home loans fell to its lowest level since 2008. Florida and New Jersey continue to be problem states.

Residential loans that were past due at least 90 days accounted for 5.6 percent of all home loans outstanding as of May 31.

The rate of serious delinquency, which includes loans in foreclosure and real estate owned, was at its lowest level since December 2008.

Ninety-day delinquency improved from the previous month, when it stood at 5.9 percent, according to CoreLogic.

During the same month last year, the 90-day rate was 6.9 percent.

Florida's 13.3 percent 90-day delinquency rate was the highest in the nation during May.

No. 2 was New Jersey, where the rate was 10.8 percent, followed by 9.3 percent in Nevada.

New York, which was next with 8.0 percent, was home to the second-worst Core Based Statistical Area: New York-White Plaines-Wayne, NY-NJ -- where the delinquency rate was 8.4 percent.

The No. 5 state, Illinois, had a 7.5 percent thanks to the Chicago-Joliet-Naperville CBSA, where three-month delinquency was 8.7 percent -- the highest of the largest areas.

At just 1.2 percent, North Dakota had the lowest level of serious delinquency.

Mortgage servicers completed 52,000 foreclosures during the latest month.

Repossessions rose from April, when 50,000 foreclosures were completed.

But activity has tumbled from a year prior, when REO filings numbered 71,000.

Florida's 103,087 completed foreclosures during the 12 months ended May 31 were the highest of any state.

California followed with 76,063. Next was 63,624 in Michigan, 51,101 in Texas and 47,069 in Georgia.

"These five states account for almost half of all completed foreclosures nationally," CoreLogic stated.

With just 108 completed foreclosure during the 12-month period, the District of Columbia had fewer foreclosures than any state.

The U.S. foreclosure inventory rate finished May at 2.6 percent, better than 2.8 percent at the end of the previous month. The rate was 3.5 percent at the same point in 2012.

The foreclosure inventory rate was highest in Florida at 8.8 percent, followed by New Jersey's 6.0 percent rate, New York's 4.8 percent, Maine's 4.1 percent and Connecticut's 4.1 percent.

Wyoming's 0.5 percent foreclosure inventory rate was the lowest of any state.

As of April, the residential shadow inventory stood at less than 2 million units valued at $314 billion, down 18 percent from a year earlier. The shadow inventory has retreated by a third since its 3 million peak in 2010.

next story

back to current headlines


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders