Even though home prices are higher now than last year, 8.7 million U.S. homeowners remained underwater on their mortgage in the second quarter.
Despite overall foreclosure inventory falling in July, foreclosure starts were up for the third consecutive month, according to a "first look" report from Black Knight Financial Services.
New rules are illuminating a once-shadowy market where servicers can be quick to modify loans and may have few qualms about principal reduction. Discounts or equity make such flexibility possible.
Home flipping, in which a buyer resells a property quickly for a profit, is on the decline as residential price gains slow and foreclosures dwindle.
Mortgage servicers are still providing loss mitigation efforts to keep homeowners in their properties even as the foreclosure inventory continues to fall nationally.
From Our Blogs
»The Unvarnished Truth About Rising REO Volume
»Why the Single-Family Rental Securitization Trend May Last
»Millions of Nonperforming Loans Resolved, Millions to Go
»The Role of Property Preservation in Curing Community Blight
»The Evidence Is Clear: Housing Market Headed Back Downward
»Servicing Trend: Better REO Outsourcing
»FHA, Fannie and Freddie: What's Government's Role in Housing?
»Property Preservation in a Changing REO Environment
»Foreclosure Fast-Tracking Gains Momentum
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