FHFA: Foreclosure Preventions Total Nearly 3.3 Million; Delinquencies Down In Second Quarter

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 Help More than 2.3 Million Homeowners Keep their Homes

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 continue to decline

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.

RealtyTrac: Foreclosures Down 36 Percent in Greenville

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.

Foreclosures fall in Greenville, statewide

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.

Eisenberg: on jobs and foreclosures

by Elliott Eisenberg, PhD.

Banks currently own 450,000 houses, 2 million are in foreclosure, and 1.7 million more have not had a mortgage payment made on them in 90 days. This adds up to 4.15 million houses. The problem is that the economy has lost 5.2 million jobs since the start of the recession in January '08. Absent those job losses, the foreclosure problem vanishes. That's why robust job growth is so critical.

Realtytrac: Foreclosures down 20 percent in Greenville

According to Realtytrac, foreclosures fell in Greenville by 20 percent in 2011 compared with 2010.  For the state, foreclosures were down 9 percent.  Nationally, foreclosures fell 34 percent.

Realtytrac is a national real estate firm that specializes in data analysis on real estate transactions, including foreclsoures.

View statewide foreclosure activity in South Carolina at Realtytrac.com by clicking here.

SC HELP Foreclosure Prevention Program Now Available Statewide

Responsible, but struggling, homeowners in danger of losing their homes to foreclosure in South Carolina can apply for mortgage payment assistance through a program administered through the S.C. State Housing Finance and Development Authority. The program, the South Carolina Homeownership and Employment Lending Program (SC HELP) is making more than $300 million available in South Carolina to struggling homeowners.

SC HELP is designed to help homeowners who are falling behind on mortgage payments due to circumstances beyond their control. These may include unemployment, catastrophic illness, death of a spouse, and/or divorce. The South Carolina program receives its funding from the U.S. Department of the Treasury. “SC HELP could continue until 2017,” said Lisa A. Bussey, Legislative Outreach Manager of the state housing authority.

Bussey urges homeowners who are or may be falling behind in mortgage payments to apply to SC HELP as soon as they begin to experience trouble. “Our goal is to make certain no potential beneficiary goes un-served. If you think you may qualify, please apply.”

Homeowners can apply online at www.SCMortgageHelp.com. SC HELP officials emphasize that using the online application is the fastest and most efficient way to begin the process. Homeowners without internet access may call toll-free to 855-HELP-4-SC (855-435-7472) to begin the process.

Eligibility is determined on a case-by-case basis, but for those who qualify, assistance may include:

• Monthly Payment Assistance - assisting homeowners with monthly payments for a defined period of time while they seek employment and a return to self-sustainability.
• Direct Loan Assistance - for borrowers who have experienced a hardship but have regained the ability to pay. Funds can be used to pay arrearages in order to bring the loan current.
• Property Disposition Assistance - in cases where the mortgage cannot be salvaged, funds may be provided to help transition families from homeownership to rental housing in cases where a short-sale or deed-in-lieu of foreclosure occurs.

Homeowners applying for Monthly Payment Assistance or Direct Loan Assistance must meet certain threshold requirements in order to apply for help:

1. Borrower or co-borrower must be able to document that the delinquency was a result of a hardship event beyond his/her control (i.e. unemployment, death of a spouse, catastrophic medical expenses, etc.)
2. Mortgage payments must have been made on time for 12 months preceding the hardship event with no more than two 30-day late occurrences
3. The property securing the mortgage must be owner-occupied as a full-time residence
4. Borrower must provide a financial hardship affidavit
5. Mortgage can be no more than 120 days delinquent
6. Loan servicer/investor must be willing to accept payments and provide required data and reporting

Assistance from SC HELP will be provided in the form of a non-recourse zero-percent interest, non-amortizing, forgivable loan secured by a subordinate lien on the subject property. The loan will be forgiven over a five-year period at a rate of 20% per year. If property is sold or refinanced prior to the loan termination date, funds will be recovered should sufficient equity be available from the transaction. The Property Disposition Assistance Program will provide a one time, lump sum grant to the recipient.

Distressed home sales fall across the state

The number of homes classified as "distressed" that were sold in the state during the second quarter of 2011 dropped by more than 17 percent compared to the same quarter in 2010.

RealtyTrac defines "distressed" as homes that are in foreclosure, but the foreclosure proceeding has not yet been completed. Distressed properties generally sell for less than the prevailing market.

In Greenville, the number of distressed sales totaled 416, a decrease of 5 percent. Distressed sales totaled 22 percent of all sales. The average discount compared to the prevailing market was 33 percent. In Spartanburg, the number of distress sales totaled 148, a decrease of 1 percent. Distressed sales totaled 21 percent of all sales. The average discount was 28 percent. In Anderson, the number of distressed sales totaled 88, an increase of 13 percent. Distressed sales totaled 16 percent of all sales. The average discount was 33 percent.

Read the entire report at GSA Business by clicking here.

Foreclosures in the Upstate drop nearly 21 percent

Foreclosures in the Greenville MSA (Greenville-Mauldin-Easley) dropped 20.8 percent in July compared to the same month in 2010.

Read the entire report in the Greenville News by clicking here.

Are ugly homes pulling down the housing market?

A column by Daniel Indiviglio in the Atlantic suggests that part of the reason why the inventory of homes in some markets are not coming down is not as much about foreclosures and short sales as it is about much of the inventory is distressed, and it shows.

Maybe Americans aren't avoiding buying homes right now -- maybe they're just avoiding buying ugly homes. The housing market may be splitting into two sub-sectors: well-kept, good-looking homes and run-down, torn-up homes. Could the latter group be preventing the housing market from stabilizing?

Read the entire column by Daniel Indiviglio in the Atlantic by clicking here.

Foreclosures up statewide, but down in Greenville and Spartanburg

Foreclosures increased slightly in April compared to March, and fell slightly compared to April 2010.

In Greenville and Spartanburg, foreclosures fell as much as 50 percent.

Click here to read the complete story at GSA Business.

Chief Justice halts foreclosures and modifies the foreclosure process

S.C. Supreme Court Chief Justice Jean Toal issued an order May 3 halting all pending home foreclosure proceedings for owner-occupied homes. The order included a new procedure that requires the lender and the borrower to fully explore all loan modification options before proceeding to foreclosure.

Toal issued the order in an effort to stem the tide of rising foreclosure volume in the courts.

Read the entire report at GSA Business by clicking here.

Foreclosures are falling in Greenville; News is mixed in the rest of South Carolina

According to RealtyTrac, foreclosures are down in Greenville County 21 percent in the first quarter over the fourth quarter of 2010 and 33 percent when compared to one year ago.

The news is more mixed in the rest of the state. Statewide foreclosures are down 12 percent since the fourth quarter and 14 percent since the first quarter of last year. However, foreclosures are up in both Anderson and Spartanburg when compared to the same quarter last year.

Click here to read the entire report a GSABusiness.com.

Upstate foreclosures well below 2 percent in 2010

Foreclosure rates rose slightly across South Carolina’s largest metropolitan areas in 2010, according to data released this week, but the percentage of homes in distress was well below 3 percent.

In the Upstate, foreclosures were well below 2 percent and lower than all but the Columbia and Augusta areas.

Read the entire report at GSA Business by clicking here.

Foreclosures drop 15 percent in Greenville during the Third Quarter

Foreclosures accounted for 19.44% of all residential sales in the third quarter of 2010, according to a market analysis released this morning.

That figure is slightly less than the national average of 24.89%, said RealtyTrac in its quarterly U.S. Foreclosure Sales Report.

Statewide and nationally, foreclosures fell about 25 percent, at least in part due to suspension of foreclosures by banks as they worked out flaws in their foreclosure processing.

In Greenville, foreclosures fell by 15 percent. Spartanburg rose by 6 percent. The average discount on the sales price for a foreclosure in South Carolina was 27 percent.

Read the entire report in GSA Business by clicking here.

Greenville Foreclosures Fall in the Third Quarter

The Greenville area saw a decrease of 2 percent in foreclosure filings compared with the second quarter. However, foreclosures are up 10 percent compared to 2009. RealtyTrac is the source.

Compared to the rest of South Carolina, Greenville is ranked third highest in foreclosure filings behind Charleston and Myrtle Beach. Spartanburg ranked fourth in foreclosures.

Read the entire report in GSA Business by clicking here.

NAHB reports that the Upstate of South Carolina has relatively low foreclosures, particularly compared to the rest of the country. As reported in the NAHB Fall Construction Forecast Conference, 23 percent of all foreclosures in the country are in Florida, and 77 percent of all foreclosures are in just 13 states, primarily concentrated in the Southwest and the "Rust Belt."

In another report by GSA Business, 93 percent of their readers said they want to know if a home is in financial distress when buying a home. Most agreed that foreclosed homes require work and should sell for less than a home not in financial distress.

Read the poll results in GSA Business by clicking here.

Foreclosures drop in second quarter

Foreclosures across South Carolina dropped more than 10% in the second quarter of 2010 compared to the second quarter of 2009, according to a real estate market report on residential housing.

Still, across the country, foreclosures accounted for nearly a quarter of all residential home sales in the second quarter of 2010.

In the Upstate, foreclosures fell faster than the state as a whole with the exception of Anderson County.

Anderson 102 2%
Greenville 222 -24.23%
Spartanburg 128 -23.81%

Statewide 1,799 -18.19%

Read the entire report at GSA Business by clicking here.

Homeownership Rate Falls

According to a report on Bloomberg.com, the U.S. homeownership rate fell to 66.9 percent, the lowest rate since 1999. The U.S. Census Bureau estimates the number of vacant homes at 18.6 million, the result of foreclosures, homes for sale, and under utilized vacation homes.

Read the entire report by clicking here.

New Appraisal Guidance From Fannie Mae Announced

Fannie Mae recently released new appraisal-related policies and additional guidance addressing many of the primary concerns that home builders have raised with the agency regarding inappropriate appraisal practices.

According to its new policy, Fannie Mae will now require lenders to only use appraisers who have the appropriate knowledge and experience in specific geographic markets. Also, builder sales are acceptable as comparable properties, and an appraiser may view the HUD-1 for a new construction property to verify a recent sale not yet available through other data sources.

Meanwhile, Fannie Mae is requiring appraisers to make valuation adjustments for short sale and foreclosed properties used as comps by determining their condition and whether any stigma is associated with them. Other changes announced by Fannie Mae clarify that the Home Valuation Code of Conduct allows for appropriate communication with appraisal management companies and specific appraisers and also allows for authorized third parties, including builders, to provide additional information about the basis for a valuation or the need to correct objective factual errors in an appraisal report.

Read the complete announcement from Fannie Mae by clicking here.