One million borrowers regained equity in 2015, bringing the total number of mortgaged residential properties with equity at the end of Q4 2015 to approximately 46.3 million, or 91.5 percent of all mortgaged properties, according to the new CoreLogic® analysis. Nationwide, borrower equity increased year over year by $682 billion in Q4 2015. The CoreLogic analysis also indicates approximately 120,000 properties lost equity in the fourth quarter of 2015 compared to the third quarter of 2015.
The total number of mortgaged residential properties with negative equity stood at 4.3 million, or 8.5 percent, in Q4 2105.
This is an increase of 2.9 percent quarter-over-quarter from 4.2 million homes, or 8.3 percent, in Q3
2015 and a decrease of 19.1 percent year-over-year from 5.3 million homes, or 10.7 percent, compared with Q4 2014.
Negative equity, often referred to as “underwater” or “upside down”, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in home value, an increase in
mortgage debt or a combination of both.
Foreclosure filings — default notices, scheduled auctions and bank
repossessions — were reported on 119,888 U.S. properties in January,
an increase of 5 percent from the previous month but still down 4 percent
from a year ago, according to RealtyTrac®’s recently released
U.S. Foreclosure Market Report™ for January 2015.
The 5 percent monthly increase was primarily by a 55 percent monthly jump
in bank repossessions, to a 15 month high. A total of 37,292 properties
were reposessed by lenders in January, up 23 percent from a year ago to
the highest monthly total since October 2013
“The year-over-year increase in REOs in January was the first annual increase
nationwide, following 25 consecutive months of declines getting the foreclosure
spring cleaning we anticipated in our last foreclosure report off to a quick
start in 2015.” says Daren Blomquist, vice president at RealtyTrac.
“Meanwhile, the number of future foreclosure auctions scheduled in January
continued to increase in many states, foreshadowing more foreclosure spring
cleaning to come in the next several months in those states.”
The latest data from the U.S. Foreclosure Market Report( compiled by RealtyTrac) indicate that foreclosure filings
in August rose 7% from July, but are still at a level that
is down 9% from 2013.
“The August foreclosure numbers demonstrate that although
the foreclosure crisis is well behind us, the messy business
of cleaning up the distress lingering from the housing bust
continues in many markets. The annual increase in foreclosure
auctions–the first since the robo-signing controversy rocked
the foreclosure industry back in late 2010–indicates that
mortgage servicers are finally adjusting to the new paradigms
for proper foreclosure that have been implemented in many states,
whether by legislation, litigation, or both,” said
Daren Blomquist, vice president at RealtyTrac.
Naionally, the ten states with the highest foreclosure rates,
listed from highest to lowest, are: Florida, Nevada, Maryland,
New Jersey, Georgia, Delaware, Ohio, Illinois, Indiana, and South Carolina.
For more information, visit www.realtytrac.com
The delinquency rate for mortgages on 1-to-4 unit residences has decreased to the lowest level since the first quarter of 2008, according to the latest data from the Mortgage Banker’s Association’s National Survey.
The latest data represent activity in the 4th quarter of 2013.
The latest mortgage delinquency rate fell to 6.39% of all loans outstanding, down from 6.41% in the 3rd quarter of 2013, and 7.09% in the 4th quarter of 2012.
The mortgage delinquency rate covers loans that are at least one payment past due, but does not cover loans that are in foreclosure.
Loans in foreclosure fell to 2.68% of all loans in Q4 2013, down from 3.08% in Q3 2013, and 3.74% a year ago.
The current foreclosure rate is also now at the lowest level since 2008.