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/


Foreclosure Inventory Could Bloat

Completed foreclosures unchanged from May to June

July 31, 2012

By MortgageDaily.com staff


While there hasn't been any increase in the volume of foreclosures completed during the past couple months, the sale of real estate owned has slowed -- placing pressure on the foreclosure inventory. California, the state with the most repossessions, is home to three of the country's worst major areas.

Mortgage servicers completed 60,000 U.S. foreclosures during June. That was the same number as in the previous month and brought the trailing 12-month total to 793,663 mortgages converted to REO status.

Finalized foreclosures fell, however, from June 2011 when foreclosures were completed on 80,000 mortgage loans.

From Jan. 1 through June 30, repossessions totaled 388,000, according to current and prior data reported in CoreLogic Inc.'s National Foreclosure Report. Since the financial crisis began in September 2008, servicers have completed 3.7 million foreclosures.

Competing data from RealtyTrac indicates that 54,272 U.S. foreclosures were completed in June, while the year-to-date June 30 total was 339,871.

During the last 12 months, CoreLogic reported California had the most completed foreclosures: 124,626. Three of the 10-worst core-based statistical areas were in California.

Florida followed with 90,961, then Michigan's 57,980 and Texas' 56,131. 

Behind Georgia's No 5 standing with 54,600 foreclosures completed was the Atlanta CBSA's 37,165 foreclosures -- more than any other large area of the country.

South Dakota had just 39 completed foreclosures in the 12 months ended June 30, the fewest of any state.

Around 1.4 million properties were in the foreclosure inventory as of the end of June, the same as a month earlier but less than at the same point last year, when 1.5 million mortgages were in the process of foreclosure.

That put the foreclosure inventory rate at 3.4 percent, a little lower than 3.5 percent in June 2011.

CoreLogic Chief Economist Mark Fleming noted that while the number of completed foreclosures has been static the past two months, REO sales have slowed. The disparity points to a rising foreclosure inventory.

With an 11.5 percent foreclosure inventory rate, Florida's rate was worst. New Jersey was No. 2 with a 6.5 percent rate. After that was 5.1 percent in New York, 5.0 percent in Illinois and 4.8 percent in Nevada.

The four states with the highest rates were all judicial-foreclosure states.

Wyoming's 0.6 percent foreclosure inventory rate was lowest. Wyoming is a non-judicial foreclosure state.

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.


Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


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