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/


REOs Worse, New Filings Better, Vermont Best

322,920 foreclosures in May

June 10, 2010

By MortgageDaily.com staff


Total foreclosures improved on a monthly basis and edged up compared to last year. It's a different story, however, for completed foreclosures -- which have climbed more than 40 percent from a year ago. Vermont solidly has the fewest foreclosure problems of any state.

Servicers initiated or completed foreclosure actions on 322,920 U.S. properties last month, fewer than 333,837 reported for April by RealtyTrac. Filings included default notices, scheduled auctions and bank repossessions.

But May activity was slightly worse than 321,480 foreclosure filings previously reported for a year earlier.

Year-to-date through the end of May, around 1,588,991 filings have been reported by RealtyTrac.

"Defaults and scheduled auctions combined increased by 28 percent from 2007 to 2008 and another 32 percent from 2008 to 2009 -- creating a build-up of delayed bank repossessions," RealtyTrac Chief Executive Officer James J. Saccacio said in the report. "Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed."

The statistics are reportedly based on RealtyTrac's data from 2,200 U.S. counties that account for 90 percent of the country's population.

California's 72,030 was the most of any state and higher than April's 69,725. Florida's 50,685 was next, followed by Michigan's 20,322, Arizona's 16,097 and Illinois' 15,061.

The fewest filings were in Vermont: 19.

At the metropolitan level, nine of the top-10 areas with the highest foreclosure rates saw an improvement from May 2009.

The U.S. foreclosure rate improved to one filing for each 400 housing units from April's one-in-387 and May 2009's one-in-398.

With one property facing a foreclosure for each 79 homes, Nevada had the most severe rate of any state. But Nevada improved from one-in-64 during April.

Arizona's one-in-169 ranked it second, while Florida followed with one-in-174. One California property faced foreclosure for each 186 housing units, and No. 5 Michigan's rate was one-in-223.

Vermont's one-in-16,454 rate was best of all the states.

Real-estate-owned filings nationally reached 93,777, rising from April's 92,432 and May 2009's 65,017. From Jan. 1 through May 31, REOs totaled 444,153.

California had the most REOs: 15,946. But Golden State repossessions fell from 16,932 a month earlier.

Florida's 10,941 was second and higher than 9,259 the prior month, and Michigan was No. 3 with 8,009.

Arizona was next with 6,112 REOs, and No. 5 was Georgia, where 5,299 foreclosures were completed.

The fewest REOs were in Vermont: 19.

next story

back to current headlines

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.


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