Foreclosures

As the distribution of at-risk housing markets spread across more states quarter-over-quarter, vulnerable clusters remained around Chicago, New York and Philadelphia, an Attom Data report finds.

The meager increase suggests the largest boost in inventory possible would likely still leave the backlog of homes on the market at historic lows.

The return of more normalized numbers for two key players in the home loan market could be the lead-up to a wave that’s been anticipated since the coronavirus arrived.

Most troubled homeowners can avoid a long foreclosure process by selling and exiting with clean credit or even a profit, but a little under 2% may not have enough value in their property.

Identifying where payment stress is concentrated could help mortgage servicers and federal policymakers prepare for the broader range of loan workouts that will resume this summer.

The ruling confirms that a state precedent regarding forward mortgages also applies to home equity conversion loans.

The Federal Housing Finance Agency addressed the period between the end of the federal foreclosure moratorium and the beginning of new Consumer Financial Protection Bureau directives as home loan companies expressed relief that requested exemptions from some foreclosure waiting periods were included.

The Consumer Financial Protection Bureau issued a temporary final rule that allows mortgage servicers to initiate foreclosures on abandoned properties and certain delinquent borrowers, but it also outlined additional measures that shield distressed homeowners.

Experts expect only a small uptick in distressed mortgages, either through default or inability to refinance, which will create some opportunity for debt buyers

Although activity crept down in May from April, it posted “dramatic” increases from the year before, according to Attom Data Solutions.