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/


Super-Jumbo Foreclosures Surge

Increase comes despite decline on overall foreclosures

Dec. 4, 2013

By Mortgage Daily staff

The number of super-jumbo mortgages that have been foreclosed has soared over the past year, though the problem might not be as bad as it sounds.

The number of residential properties that were hit with a foreclosure filing in October was down more than a third from a year earlier.

Since the beginning of this year, foreclosure activity on U.S. properties has fallen 23 percent through Oct. 31.

But the story is different for super-jumbo loans, according to a report from RealtyTrac.

On properties valued at $5 million and up, RealtyTrac said that foreclosure activity has soared 61 percent between October 2012 and October 2013.

More than 60 percent of year-to-date super-jumbo foreclosures were on properties located in California and Florida -- states with many high-value coastal properties. Still, super-jumbo foreclosures in California have declined from a year earlier -- suggesting the problem is primarily in the Sunshine State.

"The number of these ultra high-end properties with a foreclosure notice in 2013 is relatively miniscule -- fewer than 200 compared to 1.2 million total properties in all value ranges with foreclosure notices this year -- but each of these high-value homes represents a much bigger potential loss for the foreclosing lender compared to a median priced home," the report stated.

But RealtyTrac noted that the trend might just suggest that mortgage lenders are now financially stable enough to withstand the larger losses that these properties could cause.

Another factor is the improving housing market that suggests more potential buyers are available to purchase such high-ticket homes.

In addition, RealtyTrac speculates that super-jumbo borrowers might have had the means to forestall foreclosure for longer than conforming borrowers.

next story

back to current headlines


Jumbo Mortgage News

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