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Foreclosure News | Foreclosure Resources | Foreclosure Prevention Guide

Hopeful Signs in Foreclosure Battle

HOPE NOW reports record workouts

July 30, 2008

By MortgageDaily.com staff

A new report indicated quarterly delinquency and foreclosures worsened. But the same report also indicated monthly foreclosure activity improved, subprime delinquency improved and quarterly and monthly workouts reached a record.

Second-quarter residential delinquency of at least 60 days was 3.32 percent, HOPE NOW reported today. Delinquency rose from 3.19 percent in the first quarter and 2.21 percent during the second quarter 2007.

The quarterly figure is an average of monthly data.

Delinquency on just prime loans rose to 1.92 percent from 1.78 percent in the first quarter. But subprime delinquency fell 1 basis point to 13.27 percent.

For just June, total delinquency was 3.45 percent, rising from 3.28 percent in May.

Foreclosures started in the latest quarter were 573,000, rising from 526,000 in the first quarter and 314,000 a year earlier. The number of completed foreclosure sales were 246,000, up from 203,000 in the prior period and 117,000 during the prior year.

HOPE NOW said 522,000 second-quarter workouts were completed -- the highest level ever. Workouts rose from 482,000 in the first quarter and 339,000 a year earlier.

Workouts are comprised of modifications to the terms of existing mortgages and new repayments plans.

"All workouts are intended to be permanent changes that, barring a life-changing event such as a job loss, death, or illness, will allow a homeowner to stay in the home as long as he or she wishes to do so," the Washington, D.C.-based group said.

For June, 186,000 foreclosures were started, falling from 192,000 in May. Completed foreclosures were 81,000, also falling from May when there were 85,000.

Foreclosures prevented during June were an estimated 181,000 industry-wide -- also a record, HOPE NOW's data indicated. The number of workouts rose from 167,000 in May.

Around 105,000 of June workouts were repayment plans, while approximately 76,000 were loan modifications. About half of subprime workouts were loan modifications.

The group estimates 1.9 million foreclosures have been prevented since it was established in July 2007.

HOPE NOW -- a private-sector alliance of mortgage servicers, counselors, and investors -- also reported that of the estimated 928,000 subprime hybrid adjustable-rate mortgages scheduled to reset between January 1 and June 30, less than 1 percent have defaulted and started the foreclosure process. In addition, 57,000 of those loans have already been modified, and 382,000 have refinanced or sold their properties.

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