Foreclosures

The residential market is generally healthy, but distress is growing in areas where foreclosures are more common, homes are less affordable, and more properties are underwater, Attom finds.

COVID loan forbearance championed by progressives has created a new, permanent class of distressed borrower, Whalen writes.

Borrowers accepting federal loan modifications saw payments on principal and interest reduced between 27% and 33%, according to estimates by the Federal Reserve Bank of Philadelphia.

The state has distinct loss mitigation policies, and particularly complex rules for foreclosures scheduled to fully restart when its ban ends — and other states could write similar rules.

However, the serious delinquency rate dropped to a point significantly below the market-wide average, and much of the foreclosure activity allowed to proceed did so with new consumer protections in place.

The Servicemembers Civil Relief Act includes extra protections aimed at preventing foreclosure for homeowners in the military.

However, the seven institutions in the Office of the Comptroller of the Currency study service 13% fewer loans compared with the third quarter of last year.

However the numbers for November were still up from a year ago, when bans and forbearance were still largely in place.

Bargain-hunting buyers are willing to make a purchase on the courthouse steps or via online sale, according to ServiceLink.

Mortgage defaults, bank repossessions and auctions rose for the third month in a row, according to Attom Data Solutions.

Around 432,000 homeowners exited their pandemic-related payment suspensions in the first 19 days of October and more than 280,000 plans have month-end review dates, but the number of private-loan plans increased.

Counties in the West faced the least risk from pandemic distress in the third quarter, according to Attom Data Solutions.

There is $900 million in debt on the land alone, including the $150 million junior loan that is for sale by Jones Lang LaSalle.

The rate at which borrowers went past due on their home loans showed near-term improvement in July, according to Black Knight, but servicers fear those who still have forborne payments won’t recover.

The most vulnerable areas all have the same things in common: relatively moderate price appreciation and affordability hurdles — either due to high home values or employment issues.

In a best-case scenario, the money could wipe out almost one-third of the pandemic-related increase in missed payments, but it won’t exclusively be used for that purpose.

The agency developed measures taking effect Aug. 31 that, among other things, will allow lenders to prioritize foreclosures of the most impaired loans and then focus on modifying salvageable ones.

Nearly half the country saw foreclosure starts rise year-over-year during the final month of the moratorium, according to Attom Data Solutions.

The congresswoman urged the Federal Housing Administration to double the six-month term it offers for more recent forbearance requests.

The number of people exiting pandemic-related payment suspensions starting in September will be daunting to process, according to a Black Knight report published Monday.