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Banks report rise in mortgage delinquencies

Housing Wire

Home forfeiture actions, including completed foreclosure sales, short sales, and deed in-lieu-of- foreclosure actions also grew by 26.8% of the loans modified included a principal deferral, the OCC said. trillion in unpaid principal balance, the report said. year-over-year to 2,410, the OCC found. compared to 94.2%

Banks 397
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4 Reasons Why the End of Forbearance Will Not Lead to a Wave of Foreclosures

Keeping Current Matters

million households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank. The 10% equity number is important because it enables homeowners to sell their houses and pay the related expenses instead of facing the hit on their credit that a foreclosure or short sale would create.

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Servicers endorse a permanent forbearance, but under different rules 

Housing Wire

We have so far successfully utilized prepayments and mortgage payoffs from other clients to fund principal and interest advances relating to forborne loans. “We have to find an effective way also for borrowers to exit forbearance, hopefully not through foreclosure or short sale.”

Principal 370
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Will Forbearance Plans Lead to a Tsunami of Foreclosures?

Keeping Current Matters

Yanling Mayer, Principal Economist at CoreLogic , recently revealed : “A distributional analysis of forborne loans’ payment status reveals that more than one third (39.1%) of all forborne loans are now 150+ days behind payment, while as many as 1-in-4 (25.5%) are 180+ days past due.”. Though 29.4%

Equity 305
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Have we found the bottom in existing home sales?

Housing Wire

From NAR : “In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” said NAR Chief Economist Lawrence Yun. Plus, available housing inventory remains near historic lows.”

Sales 531
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Are Houses Less Affordable Than They Were in Past Decades?

Keeping Current Matters

Here’s the methodology for each data point of the table below: Mortgage Amount : Take the median sales price at the end of the second quarter of each year as reported by the Fed and assume that the buyer made a 10% down payment. P&I : Use a mortgage calculator to determine the monthly principal and interest on the loan.

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The "Home ATM" Mostly Closed in Q4

Calculated Risk Real Estate

emphasis added Mortgage Equity Withdrawal is an aggregate number and is a combination of homeowners extracting equity - hence the name "MEW" - and normal principal payments and debt cancellation (modifications, short sales, and foreclosures). While year-over-year, negative equity increased by 7% from 1 million homes, or 1.8%

Closing 59