Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below.
Foreclosure Data
Homeowners With Good Credit Get Hit By Downturn. “We’re running into more and more people who don’t have subprime loans but who are falling behind anyway,” Len Raymond of Homeowner Options for Massachusetts Elders, a foreclosure-prevention group where prime borrowers make up about a third of clients… Mortgage Bankers Association: A record 3.73% of Massachusetts borrowers - or one in 27 - were at least 30 days behind on prime loans during Q2. Worse, 7.19% - or one borrower in 14 - were delinquent on prime adjustable-rate mortgages, or ARMs.” (Boston Herald, Sept. 10)
HUD Grant To Aid Lynn Foreclosure Resolutions. “Lynn, Massachusetts: “High foreclosure rates [are] forcing a number of area homes to quickly be abandoned… Don Walker of the Office of Economic and Community Development said an estimated $2.4 million in block grants from Housing and Urban Development will be used to purchase and rehab, demolish or renovate structures throughout the city… During 2007 alone, 818 properties in the city were listed in pre-foreclosure and 339 went to auction. Since January 2008, the city has seen an additional 502 homeowners facing foreclosure and an additional 300 going to auction, with the majority situated within the city's designated Neighborhood Revitalization Strategy Area.” (Daily Item, Sept. 9)
State Mortgage Delinquencies, Foreclosures Rise. Vermont: “Mortgage Bankers Association: While Vermont's mortgage delinquencies and foreclosures continue to trail the rest of the nation, the number of homeowners in the state falling behind on their monthly payments rose a half-percent in Q2 to 3.92%.Although delinquencies (30 days or more past due) in the state increased during Q2, Vermont had the ninth lowest delinquency rate [nationally.] Vermont [ranks] 46 in the number of new foreclosures started at 0.49%, up slightly from Q1. Vermont State Banking Division: Foreclosures have jumped nearly 30% through August to 1,111 foreclosures compared to 793 for the same period last year.” (Rutland Herald, Sept. 9)
Slump Offers Affordable Housing Opportunity. “Connecticut faces skyrocketing foreclosure rates, a severe lack of affordable housing and extreme racial and economic segregation… On May 7, the General Assembly passed a bill that encourages the state to purchase foreclosed properties for redevelopment as affordable and supportive housing. [The] $3.92 billion [federal funds are,] in large part, help municipalities buy foreclosed properties. Cities and private groups in Boston, Minneapolis and San Diego reportedly are starting to purchase and redevelop foreclosed properties. The creation of desperately needed affordable and supportive housing could be the silver lining to the foreclosure crisis.” (Hartford Courant, Sept. 9)
Chicago Real Estate Foreclosures Attract Bargain Hunters. “Northern Illinois: There are still a high number of foreclosures in the Chicago real estate market… investors are shopping for bargains… Realtor Kevin Macdonald of RE/MAX in Grayslake, Illinois estimates that of 21 foreclosure transactions he has completed in the last year, about 65% have involved investors. Diane Godwin of RE/MAX in Rock Island, IL, reported doing about 80 foreclosure sales in the last 18 months, with investors accounting for 80% of the purchases. "Most investors we see rehab the property and resell it, rather than use it to generate rental income," she said.” (Press Release, Sept. 9)
US Sees 1.2 Million Foreclosure Homes In Q2 2008. “MBA: More than 1.2 million homes entered some stage of the foreclosure process in Q2 20008… This figure represents 2.8% of all existing home loans in America… [That’s] seven straight quarters that demonstrate increasing foreclosure activity… The recent figures are added to previous homes that are involved in foreclosure activity to reach a total of nearly 2.9 million homeowners. The states most hard hit by this recent foreclosure activity are California, Florida, Nevada, Arizona, Ohio, Michigan, Rhode Island, and Indiana.” (Press Release, Sept. 8)
Number of Troubled Borrowers On Rise, TransUnion Says. “Credit bureau TransUnion: The percentage of borrowers 60 or more days behind on their mortgage increased for the sixth straight quarter, hitting a national average high of 3.53% in Q2. That’s up more than 9% from the previous quarter’s reading of 3.23 percent average, and up approximately 51% from Q2’07. Mortgage borrower delinquency rates in Q2’08 were highest in Nevada (6.63%) and Florida (6.47%)… Six states actually dropped in mortgage delinquency from the previous quarter: Missouri, Kansas, Nebraska, North Dakota, New Hampshire, and Montana. Nebraska dropped the most by 6.67% from 1.65% to 1.54%.” (Housing Wire, Sept. 8)
California, Florida Drive Mortgage Delinquencies. “MBA: Mortgage loan delinquency rates in Florida and California are driving the nation's residential delinquency rate, which jumped 0.06% in Q2 to 6.41% of all outstanding loans. Florida and California accounted for 58% of all prime adjustable rate mortgage foreclosure starts in Q2 ending June 30 and 78% of the increase in those types of mortgages. The foreclosure start rate for Florida is 3.2%, while for California, it is 2.47%. The national median is 1.06%. The foreclosure start rate for subprime ARM loans was 9.1% in Florida and 9.5% in California, about double the national median rate.” (Pacific Business News, Sept. 8)
ForeclosureS.com Reports More Than 100,000 Homeowners Lost Homes in August; One Million Foreclosures Expected in 2008. “ForeclosureS.com: Nearly 102,000 homeowners lost their properties to foreclosure in August, up nearly 6% from July and more than 80% higher than in August 2007. So far this year, lenders have repossessed a record 656,545 properties nationwide -- or 8.6 of every 1,000 households in the U.S. -- and remain on track to repossess more than 1 million nationwide by year-end.Year-to-date 1.45 million homeowners (19.6 of every 1,000 households) faced pre-foreclosure actions by lenders, almost double the number a year ago… Some good news: pre-foreclosures actions by lenders slowed slightly from July.” (MarketWatch, Sept. 8)
City Council Sends Foreclosure Moratorium Idea To Committee. California: “San Diego City Council delayed voting on a resolution that would recommend instituting a voluntary foreclosure moratorium in San Diego, choosing instead to send the item to the reinvestment task force for further review.” (San Diego Daily Transcript, Sept. 8)
State Foreclosures Hit 5-Year High. “Alaska Department of Labor and Workforce Development report: Foreclosures on Alaska single-family houses have hit their highest level in at least five years… The Anchorage foreclosure rate [increased] 166% between 2005-2007. The state's foreclosure rate will probably remain high this year... The 435 foreclosures between January-June was the highest amount for the first half of any year since 2003… But here's the silver lining: Alaska's foreclosure rate is the second-lowest in the country despite the recent rise. Only Montana's is lower.” (Anchorage Daily News, Sept. 8)
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