ARAMCO Report - The Mother of ALL Mortgage Blogs!

Foreclosure filings at lowest levels since 2005

Posted by The Aramco Group on Fri, Oct 12, 2018 @ 12:10 PM

The number of Americans whose properties are at some point in the foreclosure process has fallen to a 13-year low according to new data. Homeowners with default notices, scheduled auctions or bank repossessions is down 6 percent as of Q3 compared to Q2 and down 8 percent from last year. This latest information comes from ATTOM Data Solutions’ Q3 2018 U.S. Foreclosure Market Report.

In total there were 177,146 U.S. properties with foreclosure filings last quarter. This represents a 36 percent decrease from the pre-recession average of 278,912. Counter to the national trend, there were some major metropolitan markets where foreclosure starts increased including in San Diego. There were 744 filings in San Diego, up four percent from last year.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: foreclosure, Default Notices, Foreclosure Filings, San Diego County, San Diego, Mortgage rates

ARAMCO Report - Thursday May 28, 2015

Posted by The Aramco Group on Thu, May 28, 2015 @ 16:05 PM

Homeowners control San Diego’s inventory

Homeowners currently have more influence on San Diego’s housing market than they have in years.

Real estate investors are more active when they are able to find distressed properties at a discount, but current foreclosure rates are near zero.

According to CoreLogic on 5/25/15 the foreclosure rate in San Diego in March 2015 was less than one half of one percent of all outstanding mortgages. The rate decreased 0.1 percentage points to 0.42 percent in March and stayed below 0.5 percent in April.

New housing project starts have been low until recently also, and the units currently under construction will take months to enter the market.

Therefore, it’s San Diego’s homeowners who are benefiting from controlling the limited inventory in the current sellers’ market where prices have risen around 1.2 percent in the last couple of months according to S&P Case Shiller.

Demand is still strong as can be seen in the rise in national mortgage applications for purchase which were up 1.2 percent in the week that ended May 22, 2015, despite that week’s slight rise in mortgage rates.

Mortgage applicants will find that conforming no point 30-year mortgage rates average 3.875 percent while 15-year rates average 3.125 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Topics: home prices, homeowners, S&P Case Shiller, inventory, 30 year fixed rates, foreclosure, foreclosures, Investors, home price appreciation, foreclosure inventory, Home Inventories

ARAMCO Report - Friday May 22, 2015

Posted by Mehran Aram on Fri, May 22, 2015 @ 14:05 PM

Foreclosure rates fall to their lowest level since 2008

The national inventory of home loans in foreclosure continues its decline and is now near pre-crisis levels according to Black Night Financial. Their preliminary report on April’s housing situation released on 5/22/15 showed that the percentage of loans in some stage of foreclosure, nationally, fell 25.5 percent from April 2014 to April 2015 or down to 1.51 percent of total loans. That is the lowest it has been since January of 2008. 

Black Knight also showed that foreclosure starts dropped 22 percent from March 2015 to April falling to 73,500, which is 7 percent lower than one year ago.

April’s low foreclosure rate is a good indicator of the general health of the US housing market. Low foreclosure rates also directly correlate to decreased distressed property sales, so the pre-crisis levels of foreclosures correlate low investor activity. That means that homeowners buying and selling their primary residences are driving the strong sales figures that are being seen in San Diego and elsewhere in the nation.

Potential homebuyers people currently looking to refinance will find current mortgage rates are near all-time lows with conforming no point 30-year mortgage rates averaging 3.875 percent while 15-year rates are averaging 3.125 percent.

Topics: Housing Market, 30 year fixed rates, foreclosure, Housing, housing recovery, foreclosure inventory, distressed property sales,

ARAMCO Report - Monday April 13, 2015

Posted by The Aramco Group on Mon, Apr 13, 2015 @ 15:04 PM

Credit blights from foreclosures are going away

Black marks from foreclosure stay on credit reports for seven years, but many of those who lost homes in the early days of the recession are starting to get a second chance. 910,000 consumers across the country experienced the beginnings of foreclosure between October 2007 and October 2008 according to Fair Isaac Corp., the company that developed the widely used FICO credit scores. That started a 7-year timer to when those people could reasonably apply for mortgages again. By October 2014 some 264,400 people had no sign of the foreclosures that had been on their credit reports since October 2007. Another approximately 645,600 people will have similarly cleaner credit reports by the end of this year. 

September 2008 is when foreclosure sales peaked in San Diego according to Zillow. That means that numerous San Diegans can soon re-enter the local housing market, which could raise demand for mortgages and housing.

Conforming no point 30-year fixed mortgage rates average 3.75 percent while 15-year rates average 3.0 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: 30 year fixed rates, foreclosure, foreclosures, Recession, foreclosure inventory

ARAMCO Report - Friday April 10, 2015

Posted by The Aramco Group on Fri, Apr 10, 2015 @ 14:04 PM

San Diego Foreclosures are at Pre-Crisis Levels

The San Diego County Assessor’s Office released data last week that showed that foreclosure filings remained low in March. Trustee deed filings, which is the last step of the foreclosure process and allows a third party to sell a property because of borrower default, are at pre-recession levels in San Diego.  Trustee deed filings decreased month-over-month to 121 in March from 143. That is 30.9 percent lower than March last year, and trustee deed numbers have not been this low since May 2006. Initial notices of default, the foreclosure proceedings first warning, went up slightly month-over-month in March to 549. However, in context, that is only 12.8 percent of peak levels achieved in March 2009 when 4,260 notices were filed. Friday’s financial activity was mostly devoid of major financial news or geopolitical headlines, so markets stayed relatively level. Mortgage bonds got a tiny bump up, and average mortgage rates stayed level. Conforming no point 30-year fixed mortgage rates average 3.75 percent while 15-year rates average 3.0 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: San Diego County, 30 year fixed rates, foreclosure, foreclosures, mortgage news, Mortgage Market, foreclosure inventory

ARAMCO Report - Tuesday March 10, 2015

Posted by The Aramco Group on Mon, Mar 16, 2015 @ 11:03 AM

Nationwide, the number of homes lost to foreclosure, year over year, declined for the 37th consecutive month in January. Completed foreclosures declined by nearly a quarter in 2014, and are down by 63% from the peak in September 2010. This is according to Carelogic. Meanwhile mortgage bonds rallied on Tuesday in reaction to the big sell off in stocks. Conforming no point 30 -ear fixed rates averaged 3.875 percent with 15-year rates closer to 3.125 percent. And now for something completely different: Did you know that the Beatles showed their support for the US. Civil Rights Movement? They refused to play in front of segregated audiences, as stipulated in their contracts in 1969.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: 30 year fixed rates, foreclosure, foreclosures

ARAMCO Report - Monday August 4, 2014

Posted by Mehran Aram on Mon, Aug 4, 2014 @ 17:08 PM

According to Core Logic the national foreclosure inventory is down 35% from a year ago. Foreclosure inventory made up 1.7% of all homes with a mortgage, down from 2.5% in June of 2013. Year over year, foreclosure rates have been declining for 32 consecutive months. Meanwhile conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates averaging closer to 3 1/4.

And now for something, completely different: Did you know that because of its slow rotation, 243 days on Venus is equivalent to 1 Earth day?

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Aramco Report, home purchase, CoreLogic, 30 year fixed rates, foreclosure, ARAMCO, Mortgage rates, foreclosure inventory, Venus

ARAMCO Report - Wednesday July 23, 2014

Posted by Mehran Aram on Wed, Jul 23, 2014 @ 17:07 PM

More good news on housing and the mortgage market as applications for U.S. home mortgages including refinance and purchase transactions rose by 2.4% last week. This according to the mortgage Bankers Association. Meanwhile the national inventory of loans in foreclosure fell by 1.5% last month to its lowest level since May of 2008. And Freddie Mac predicts that new housing construction will increase 14% this year and home sales are expected to accelerate for the rest of this year. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8th.

And now for something completely different: Did you know that Chicago River is the only river in the world that flows backward? 

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Aramco Report, Loans, 30 year fixed rates, foreclosure, Freddie Mac, ARAMCO, Construction, Mortgage Bankers Association, new housing, Chicago River

ARAMCO Report - Friday July 18, 2014

Posted by Mehran Aram on Fri, Jul 18, 2014 @ 17:07 PM

According to CoreLogic nationwide home sales across all price points are beginning to suffer. It started with lower priced homes but has moved to even the higher priced segment. But real estate is all local and in states such as California foreclosure filings were down almost 25% in the first half of 2014. This according to Realty Track. And home prices are still rising but not as fast as last year. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8th.

And now for something, completely different: Did you know that goalies in the National Hockey League played without masks until the year 1959? That’s hard to believe considering the risks!

For more information on a home purchase, a refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (866) 700-0942.

This is Mehran Aram with today's ARAMCO report.

Ask Mehran Aram

Topics: Aramco Report, and now for something completely different, real estate, California, CoreLogic, NHL, Hockey Mask, 30 year fixed rates, foreclosure, ARAMCO, Realty Track, National Hockey League

Fewer Foreclosures, More REOs

Posted by The Aramco Group on Thu, Mar 29, 2012 @ 08:03 AM

There was good news in the February National Foreclosure Report released this morning by CoreLogic. Foreclosures, the foreclosure inventory, and the pipeline clearing ratio all posted improving numbers. At the same time the numbers of lender owned properties (REOs) and serious delinquencies were up compared to January figures.

As reported in Mortgage News Daily, there were 65,000 completed foreclosures in February, 1,000 fewer than in January and 6,000 fewer than in February 2011. During the 12 months ending in February there were 862,000 foreclosures nationwide, an average of 71,800 per month. Of the top 100 core-based statistical areas (CBSAs) tracked by CoreLogic, 61 had lower foreclosure rates than one year earlier.

There were 1.4 million homes in the process of foreclosure - the foreclosure inventory - in February compared to 1.5 million in February of last year. These figures represent 3.4 percent of all homes with a mortgage in January and February 2012 and 3.6 percent in February, 2011.

The number of seriously delinquent borrowers (90 or more days late on their mortgage payment) ticked up from 7.2 percent to 7.3 percent from January to February but remained a full half-percent below the 7.8 percent rate in February 2011.

California, Florida, Michigan, Arizona, and Texas were the top five states in the number of completed foreclosures during the 12 months ending in February. Together they accounted for 49.4 percent of all completed foreclosures during the period.

Florida, New Jersey, Illinois, Nevada, and New York had the highest foreclosure rates, ranging from 12.0 percent in Florida to 4.9 percent in New York.

From the start of the financial crisis in September 2008, there have been approximately 3.4 million completed foreclosures.

Click me

Topics: financial recovery, foreclosure, economic data