Foreclosures

Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.

Some borrowers reportedly balk at moving to longer terms to modify as the popping of tiny housing bubbles potentially puts new strain on performance.

The legislation makes a temporary policy that more than 1,500 distressed homeowners have used a long-term legal requirement, according to RIHousing.

Real-estate owned numbers experienced a particularly large 38% rise from the previous month while filings climbed back to March levels after slipping in April.

But more potential owner-occupants are entering this market as a result of tight housing market conditions, Auction.com found.

The bill would provide up to 18 months of relief to homeowners still financially impacted from the storm and would apply retroactively to payments missed since September 2021.

Tax lien forfeitures have unjustly taken from thousands of homeowners a combined $860 million in remaining proceeds from foreclosure sales, attorneys claim.

The numbers represented an annual surge of 56% after COVID-19 relief measures expired across most of the country

The increases are partly due to the fact that the pandemic-related property backlog is finally moving forward, but it also stems from recent economic weakness.

Completions also declined in the short-term, but annually they rose sharply, suggesting that the lifting of some pandemic restrictions is allowing them to proceed.