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Foreclosure filings decline by 19 percent in July

Posted by Mehran Aram on Mon, Aug 26, 2019 @ 15:08 PM

Foreclosures filings in the U.S. have fallen yet again according to new information released last week. ATTOM Data Solutions shared in its July 2019 Foreclosure and Market Report that filings, default notices, scheduled auctions and bank repossessions were down 19 percent from June and 21 percent from the same period last year.

Nationally, there was a total of 51,056 properties with foreclosure filings against them in July. Counter to the national trend, 21 states and the District of Columbia actually posted year-over-year increases in foreclsoure starts. Lenders repossessed over 11,000 homes in the U.S.

California has seen double digit drops in its statewide foreclosure rate for several months.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 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: foreclosures, Foreclosure Filings, ATTOM Data Solutions, Foreclosure Starts

Mortgage delinquencies spike

Posted by Mehran Aram on Sat, Aug 10, 2019 @ 09:08 AM

Following a record low in May, mortgage delinquencies nationwide shot up 11 percent in June to 3.73 percent. This is the biggest one-month spike in nearly 10 years. However, according to a statement from Black Knight, the abrupt increase may be a fluke related to the calendar.

“The month ended on a Sunday, which means servicing operations are closed on the last two days of the month and cannot process last-minute payments,” Black Knight said. The statement also noted that month’s ending in a Sunday have contributed to nine of the 10 largest single-month delinquency gains in the last seven years.

The June increase follows a record low the prior months when late payments fell to just 3.36 percent of all mortgaged homes. This has contributed to a historic low in foreclosures as well.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 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: Housing Market, foreclosures, Black Knight, Mortgage rates, Mortgage Delinquencies, Late Payments

Distressed home sales continue to decline

Posted by Mehran Aram on Thu, May 9, 2019 @ 06:05 AM

Bank owned sales, third-party foreclosure auctions and short-sales continue to decline on an annual basis, according to a new report. ATTOM Data Solutions’ Q1 2019 Home Sales Report shows that total distressed home sales accounted for 14.2 percent of all single-family and condo sales last quarter. This is down from 15.2 percent a year ago.

Distressed properties can often be bought at far below market range and are a popular choice for investors looking to “flip” homes.

With increased home values and low mortgage rates, buyers have been able to fend off foreclosures and short-sales, keeping distressed properties on the market at their lowest point in years.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 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: foreclosures, Mortgage rates, distressed property sales,, ATTOM Data Solutions, distressed home sales, Bank Owned Sales, foreclosure auctions, Distressed Properties

U.S. foreclosure activity lowest since 2008

Posted by Mehran Aram on Tue, Apr 16, 2019 @ 05:04 AM

Foreclosures nationwide ended Q1 at their lowest point since 2008. ATTOM Data Solutions released its Q1 2019 U.S. Foreclosure Market Report, which showed foreclosure filings, default notices, scheduled auctions and bank repossessions were down 23 percent from the previous quarter and 15 percent from the same period last year.

There was a total of 58,550 U.S. properties with foreclosure filings in March 2019. While this is up seven percent from the previous month it is still 21 percent less than last year and the ninth consecutive month of year-over-year declines.

“While we did see a slight increase in U.S. foreclosure starts from last quarter, bank repossessions reached an all time low in the first quarter of 2019,” said Todd Teta, chief product officer at ATTOM. “[This] shows continuing signs of a strong housing market.”

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 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: foreclosures, Default Notices, Foreclosure Filings, ATTOM Data Solutions, Bank Repossessions, Foreclosure Activity

Judge orders Calif. to use bank settlement funds to help homeowners

Posted by Mehran Aram on Mon, Apr 8, 2019 @ 07:04 AM

In 2012 California was granted $331 million in a settlement reached between the state and the nation’s largest banks that had been accused of abusing lending practices leading up to the Great Recession. The state has held on to that money, using some of it to pay off debt and housing bonds. Last week a judge ordered that California’s Finance Department use that money for its intended purpose: to help homeowners victimized by foreclosures during the recession.

Gov. Jerry Brown had managed the redirecting of the funds after approval by the legislature, but a court of appeals ruled that the funds were unlawfully misappropriated.

The money will be used to fund hotlines to help foreclosed homeowners, legal aid, consumer education and efforts to combat financial fraud.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 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: foreclosures, Homeowner, Lending Practices, California Finance Department

Rising home values helping fend off foreclosures

Posted by Mehran Aram on Fri, Mar 15, 2019 @ 05:03 AM

The volume of mortgage delinquencies nationwide continues to decline as increasing home values put homeowners on solid ground. According to CoreLogic’s Loan Performance Insights report for December, the number of mortgages more than 30 days past-due is at a 10-year low.

“With additional ‘skin in the game,’ rising equity reduces the chances of a foreclosure,” said Frank Nothaft, chief economist for CoreLogic. He added that rising equity is “helping to push the foreclosure rate down to its lowest level since 2000.”

Just 4.1 percent of outstanding mortgages nationwide were 30 days or more past due as of December 2018. This is down from 5.3 percent the prior year.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 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: homeowners, CoreLogic, foreclosures, home values, 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 - 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 - Friday March 20, 2015

Posted by The Aramco Group on Mon, Mar 23, 2015 @ 14:03 PM

Foreclosure activity—including default notices, scheduled auctions and bank repossessions—should return to pre-crisis levels by the end of 2015 according to Realty Trac. The total numbers fell year-over-year by 9% to their lowest level since July of 2006. This is further evidence of a healthier housing market both nationally and in California. January to February, 2015 was the best monthly increase in state-wide home sales for the beginning of the year since 1980. That gives hope for increasing gains into the spring months. Most of February’s home sales were in the Central Valley however, according to Selma Hepp, a senior economist for the California Association of Realtors who spoke to the Pacific Southwest Association of Realtors in El Cajon on Tuesday. San Diego has not rebounded as much mostly because the county is suffering from a shortage of housing inventory.  Last month 2,245 units sold, which is a 13.2 percent increase from January, but it is a decrease of 1.2 percent from last year. Meanwhile conforming no point 30 year fixed mortgage rates average 3.75 percent with 15-year rates closer to 3 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: home sales, Realty Trac, foreclosures, California Association of Realtors, economic growth, economic data