The volume of foreclosure activities rose to record levels in October. The halted foreclosure activities by banks made them retain more homes, while foreclosures continued albeit very slow rates.
It is quite logical and not surprising that the level of foreclosure
inventory rose to all-time highs in October. According to the October Mortgage
Monitor Report of a mortgage processing group (Lender Processing Services), up
to 2.1 million loans went into total inventory for foreclosures in the month.
The figure is on top of another 2.2 million mortgages that are
categorized as delinquent by up to 90 days, though still not yet in the
foreclosure status. Those led monthly foreclosure inventories to rise to about
7.4 times greater than historical averages. The figure continues to move up.
The number of delinquent home loans remains high. Currently, it is about
2.7 times higher than historical averages. A rising volume of new delinquencies
(60 days) consists mostly of re-defaults of existing loans that were previously
categorized as 60 days or more days delinquent. However, the volume of first
time or new troubled loans remains stable throughout the past several months.
The same report indicated that sales of foreclosed homes significantly
declined in October, logically due to the widespread moratorium of home lenders
in the country. In September, mortgage banks halted their respective foreclosure
activities following numerous allegations from borrowers that such lenders have,
mostly, mishandled their foreclosure processes and activities. The issue
prompted mortgage banks to review their processes and documents and, in turn,
freeze or drastically slow down their foreclosure tasks.
Still in
October, the number involuntary liquidation or loans that proceeded to
bank-owned statuses from ?under foreclosure processes? fell by a whopping 35%.
This decline is still attributed to the widespread effect of halted foreclosure
activities of banks to the overall status of the home and mortgage sectors.
As foreclosure activities continue to rise, loans that are delinquent by
6 months and 12 months are proceeding to foreclosure. However, extremely
delinquent category loans (more than 12 months delinquent) show continuous
growth and maturity. In the month, up to a third of total home loans are
categorized as delinquent by about 90 days or more. About 18% of total home
loans are overdue loans that should have been repaid by borrowers more than two
years ago.
Despite halted foreclosure activities of mortgage lenders, up
to 263,000 home loans proceeded to the foreclosure process in October. That was
about 4.4% lower compared to foreclosed homes in September. Analysts assert that
without the lenders? moratorium, the number could have climbed to record levels.
Visit ForeclosureConnections for more information on the foreclosure
housing market.
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