The Federal Housing Finance Agency (FHFA) today released a report showing that Fannie Mae and Freddie Mac completed approximately 80,000 foreclosure prevention actions in the second quarter, bringing the total to nearly 3.3 million since the start of the conservatorships in September 2008. These measures have helped about 2.7 million borrowers stay in their homes, including nearly 1.7 million who received permanent loan modifications.
Further detail can be found in FHFA’s quarterly Foreclosure Prevention Report, which also includes data on Fannie Mae and Freddie Mac home retention actions, delinquency data and real-estate owned (REO) inventory. FHFA publishes the report data in an online, interactive Borrower Assistance Map accessible through FHFA.gov.
Also noted in the quarterly report:
- The number of 60+ days delinquent loans declined 5 percent to the lowest level since the start of conservatorships.
- The serious delinquency rate fell to 2.1 percent at the end of the second quarter compared with 6.2 percent for Federal Housing Administration loans, 3.4 percent for Veterans Affairs loans and 4.8 percent for all loans.
- As of June 30, 2014, about 13 percent of loans modified in the second quarter of 2013 had missed two or more payments, one year after modification.
- Approximately 37 percent of all permanent loan modifications helped to reduce homeowners’ monthly payments by more than 30 percent in the second quarter.
- Approximately 25 percent of borrowers who received permanent loan modifications in the second quarter had portions of their mortgage balance forborne.
- Approximately 14,500 short sales and deeds-in-lieu were completed in the second quarter, bringing the total to more than 581,400 since the start of the conservatorships.
- Third-party sales and foreclosure sales fell 10 percent to 42,800 while foreclosure starts increased slightly in the second quarter.
- The REO inventory of Fannie Mae and Freddie Mac declined 10 percent during the quarter to approximately 131,500, as property dispositions outpaced property acquisitions.
To read the full foreclosure prevention report at FHFA.gov, click here.
Fannie Mae and Freddie Mac completed more than 130,000 foreclosure prevention actions during the first quarter of 2013, bringing the total foreclosure prevention actions to nearly 2.8 million since the start of conservatorship in 2008. These actions have helped more than 2.3 million borrowers stay in their homes, including nearly 1.4 million who received permanent loan modifications. The results are detailed in the Federal Housing Finance Agency’s first quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report.
The quarterly report has information on state delinquencies and an updated, interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages, with information on delinquencies, foreclosure prevention activities and Real Estate Owned (REO) properties.
Also noted in the report:
- Serious delinquency rates dropped from 3.3 to 3.0 percent at the end of the quarter.
- The number of Fannie Mae and Freddie Mac borrowers who are more than 60 days delinquent declined 11 percent in the first quarter to the lowest level since the first quarter of 2009.
- Half of troubled borrowers who received permanent loan modifications in the first quarter had their monthly payments reduced by more than 30 percent.
- More than one-third of loan modifications completed in the first quarter included principal forbearance.
- Over 30,000 short sales and deeds-in-lieu were completed in the first quarter, bringing the total to more than 476,000 since the start of conservatorship.
- Third-party sales and foreclosure sales continued a downward trend in the first quarter while foreclosure starts increased.
- A new streamlined modification initiative, announced during the first quarter, will take effect on July 1. Although numbers are not available yet, the program is expected to help eligible homeowners who have missed at least three monthly payments modify their mortgage by eliminating administrative barriers associated with document collection and evaluation.
Click here to read the full report at FHFA.gov.
Foreclosures continued to decline in September according to RealtyTrac’s foreclosure report. In South Carolina, one in 820 homes were in foreclosure proceedings, down 27 percent from last year. None-the-less, South Carolina ranked 10 in the national in foreclosures.
- Greenville: one in 603 homes were in foreclosure, down 17 percent
- Spartanburg: one in 581 homes were in foreclosure, up 5 percent
- Anderson: one in 1,042 homes were in foreclosure, down 49 percent
Read more at RealtyTrac.com by clicking here.
Foreclosures are down in the Greenville MSA (Greenville, Pickens, and Laruens counties) 35.78 percent in July compared to the same month last year. According to RealtyTrac, which tracks foreclosures, one in 714 homes were foreclosed in Greenville last month. That compares to one in 1,001 homes in the nation, and one in 785 homes in South Carolina.
Statewide, foreclosures are down 28 percent, and nationally they are down 32 percent. Foreclosures dropped about two percent in Spartanburg, and about 3 percent in Anderson.
Read more about foreclosures at GSABusiness.com by clicking here.
According to RealtyTrac, the rate of foreclosures in South Carolina fell 12 percent during the first six months of 2013.
RealtyTrac reports that foreclosures are a diminishing problem nationally, but some states continue to have a problem where backlogs in the courts have slowed the processing of foreclosures.
Nationally, foreclosures are down 21 percent since the beginning of 2013, and down 45 percent in the last 12 months. Foreclosures are down 6.2 percent in Greenville, where 1,918 homes were foreclosed since January 1, 2013.
The rate of foreclosures in Greenville is well below the state and nation at just 101 foreclosures for every 100,000 homes. Nationally, 164 homes are foreclosed for every 100,000 homes, and in South Carolina 125 homes are foreclosed for every 100,000 homes. The foreclosure rate in neighboring Spartanburg is 115, Anderson is 140, the highest foreclosure rate in the state.
Read more at GSA Business by clicking here.