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Repos Improve from 2008

5.65% delinquency in May

July 7, 2009

By MortgageDaily.com staff


Monthly delinquency and foreclosure activity increased. But repossessions fell from last year.

Borrowers who were at least two months past due on their mortgages accounted for 5.65 percent of all outstanding home mortgages in May, according to findings released today by HOPE NOW.

The report was based on data submitted by 27 of HOPE NOW's member servicers. The group services 72 percent of the 52.9 million outstanding home loans in the United States.

Delinquency rose from 5.48 percent in April and 3.26 percent during May 2008.

Late payments on prime loans rose to 4.08 percent from 3.97 percent in April, while subprime delinquency climbed to 17.92 percent from 17.27 percent.

Foreclosures were initiated on 257,000 loans during May, including 176,000 prime foreclosure starts and 81,000 subprime foreclosure starts. The prior month, 243,000 total foreclosures were started, while the level was 192,000 in May 2008.

From January through May, 1,228,000 U.S. foreclosures have been started.

Completed foreclosures climbed to 83,000 from April's 63,000. But the level of real estate owned filings fell from 86,000 in May 2008. Subprime REO filings were 30,000 in May, and prime filings were 53,000.

Year-to-date repossessions are 347,000.

Out of 249,000 borrower workout plans during May, formal repayment plans accounted for 148,000 and loan modifications represented 101,000. Total workouts eased from 260,000 in April but stood above 167,000 in May of last year.

So far this year, 1,220,656 workout plans have been executed -- including 592,433 modifications.
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