Foreclosure Momentum Slows
The Federal Housing Finance Agency’s most recent Federal Property Managers Report applauds Fannie and Freddie for providing more than 2.4 million with foreclosure prevention assistance. The number of prevention actions has rocketed to 275,100 year to date. More than 2 million distressed borrowers who are still in their homes.
According to the report, nearly half of burdened borrowers receiving loan mods in the second quarter found their monthly payments reduced by more than 30%. Less than 15% of loans modified in the 3rd quarter of 2011 have missed 2 or more payments in the last nine months.
Also REO inventory declined this quarter for the 7th consecutive time, as dispositions continue to outnumber acquisitions.
According to FHFA, the enterprises’ overall delinquent loan count has dropped 11% so far this year. However, certain states, with Florida leading, saw a significant rise in delinquencies.
To view the report, including state by state details, visit http://www.fhfa.gov/webfiles/24547/2q12fprfinal.pdf.
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