Mortgage Daily

Published On: July 31, 2009
Delinquency Higher, Foreclosure Starts LowerU.S. 60-day delinquency 5.85% as of June 30

July 31, 2009

By staff

Delinquency and repossessions at U.S. mortgage servicers climbed during June, though new foreclosure filings eased.

Delinquency of at least 60 days ended June at 5.85 percent, HOPE NOW reported this week. Late payments climbed from 5.65 percent the prior month, 5.38 percent at the end of the prior quarter and a revised 3.44 percent on June 30, 2008.

HOPE NOW said the findings were extrapolated from data submitted by 27 member servicers that serviced 38.3 million loans, including 32.8 million prime loans and 5.6 million subprime mortgages. HOPE NOW servicers reportedly serviced 70 percent of prime mortgages and 93 percent of subprime loans.

Second-quarter foreclosure starts were 754,000, climbing from a revised 729,000 in the prior quarter and 575,000 a year earlier. Second-quarter foreclosure activity included 520,000 prime mortgages and 234,000 subprime loans.

June foreclosure starts were 254,000, lower than 257,000 in May but higher than the 187,000 foreclosures started 12 months earlier.

Foreclosures were completed on 239,303 loans during the second quarter, jumping from the first quarter’s revised 201,314 and the second-quarter 2008’s 246,192. The latest quarter included 154,108 prime loans and 85,196 subprime loans.

For just June, real estate owned filings were 94,000, up from the prior month’s 83,000 and the prior year’s 80,000.

A total of 318,044 modifications were completed by U.S. servicers in the second quarter, falling from 370,436 in the first quarter. June modifications fell to 96,000 from May’s 101,000.

Total workouts, however, climbed to 820,639 from the first quarter’s 710,820.

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