Six states account for more than half the nation's foreclosures, according to RealtyTrac, an Irvine, Calif.-based company that claims the largest national database of troubled properties.Texas, Florida, California, Georgia, Ohio, and Illinois account for 37,249 of the 67,024 properties entering foreclosure nationwide in June, RealtyTrac said. The June total is a 7.4% increase from May's 62,432, and is the highest number so far this year. But RealtyTrac's chief executive officer, James Saccacio, said it is not cause for concern. "Tens of thousands of properties continue to fall into foreclosure each month, even in a generally strong real estate market," he said. The number of new repossessions in California was up 19% in June. But at the rate of one for every 2,773 households in the Golden State, that still represents less than two-thirds the national average of one repo per 1,726 households. In Texas, on the other hand, the foreclosure rate is 2.7 times the national average, or one per 636 households.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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