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Second Quarter Foreclosure Sales Lowest in Seven Years: Hope Now

AUG 21, 2014 1:11pm ET
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Mortgage servicers are still providing loss mitigation efforts to keep homeowners in their properties even as the foreclosure inventory continues to fall nationally.

More than 116,000 homeowners received a modification from a mortgage servicer during the second quarter, according to Hope Now data. Loan modifications completed under the Home Affordable Modification Program accounted for 34,400 of the quarterly total, while the remaining 81,753 were proprietary modifications, Hope Now said in a report released on Thursday.

Last year in the second quarter, servicers provided 204,485 homeowners with a modification.

Short sales totaled 33,000 in the second quarter, down from both the previous quarter and year, by 3% and 60%, respectively.

Meanwhile, finalized deeds-in-lieu totaled 7,561 in the second quarter, which is basically unchanged from the same time period last year.

There were 114,821 foreclosure sales in the second quarter, Hope Now said, down 27% from a year earlier and a 9% quarter-over-quarter decline. The latest figure represents the lowest quarterly total since the Washington-based private sector alliance began tracking this data seven years ago.

Second-quarter foreclosure starts were also lower by 38% than the year before with 200,034, according to Hope Now.

"For the balance of the year, we will remain focused on educating at-risk borrowers, assisting them with sustainable mortgage options and working with our members to improve communication and institute best practices," said Eric Selk, executive director of Hope Now, in a press release.

"Additionally, Hope Now members will continue to work with leaders and government agencies on a local level so that special attention can be given to the various markets that still have the biggest housing-related issues."

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