"Foreclosure starts climbed to 42,000 in September 43.5% higher than in August and up 60.5% year over year. For the full third quarter, foreclosure starts totaled 103,000, a 23% annual increase but still 18% below levels seen in Q3 2019. ICE's noncurrent rate, which combines delinquencies and active foreclosures, improved year over year across most loan types, including conventional mortgages through Fannie Mae and Freddie Mac (-3 bps), U.S. Department of Veterans Affairs (VA) loans (-4 bps) and portfolio loans (-17 bps)."
"FHA loans remain a key area of concern. Their noncurrent rate rose 44 bps year over year in September, and FHA mortgages represented 38% of active foreclosures accounting for roughly half of this year's increase in foreclosure starts and 80% of the rise in active foreclosures. ICE Mortgage Technology noted that the remaining foreclosure growth reflects the expiration of the VA foreclosure moratorium. ICE characterized the uptick in government-backed loan distress as part of a market normalization process rather than a sign of broader weakness."
Foreclosure starts climbed to 42,000 in September, a 43.5% increase from August and 60.5% year over year. Third-quarter starts totaled 103,000, up 23% annually but 18% below Q3 2019. ICE's noncurrent rate improved year over year across most loan types, including conventional mortgages (-3 bps), VA loans (-4 bps) and portfolio loans (-17 bps). FHA noncurrent rates rose 44 bps in September, with FHA mortgages accounting for 38% of active foreclosures and driving roughly half of this year's foreclosure-starts increase and 80% of the rise in active foreclosures. Remaining growth reflects the expiration of the VA moratorium. Delinquency rates improved in September and mortgage performance remains resilient as activity returns to more typical levels. A detailed ICE Mortgage Monitor report is due Nov. 10.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]