RealtyTrac’s U.S. Foreclosure Market Report for October 2012 shows foreclosure filings, including default notices, scheduled auctions, and bank repossessions, are down 19 percent from October 2011, though they rose 3.0 percent from the month before. Daren Blomquist, vice president of RealtyTrac, said foreclosure trends vary widely across the country primarily depending on how well each state was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis. According to the report, foreclosure starts were filed on 89,209 properties in October, which represents a 19 percent drop from last year and the third consecutive month with an annual decrease. Also, the report shows one in every 706 housing units with a foreclosure filing during the month. More here.
RealtyTrac’s Q3 2012 Metropolitan Foreclosure Market Report tracks foreclosure activity in cities with populations of 200,000 or more. In the third quarter of this year, foreclosure activity fell from a year ago in 131 of the 212 metropolitan areas included in the report. Daren Blomquist, vice president of RealtyTrac, said two-thirds of the nation’s largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation’s housing markets are past the worst of the foreclosure problem. Foreclosure activity fell from the previous quarter in 63 percent of included metros. More here.
The Mortgage Bankers Association’s Weekly Mortgage Application Survey covers more than 75 percent of all U.S. retail residential mortgage applications. Last week, the report found average mortgage rates at the lowest level they’ve been since the survey began in 1990. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.72 percent from 3.75 percent the week before. The average rate on jumbo loan balances dropped to 3.99 percent from 4.00 percent the previous week. Despite declining rates, the Market Composite Index, which measures total loan application volume, was relatively flat, falling just 0.2 percent. The drop was due to a 4.0 percent slide in the Purchase Index. The Refinance Index rose 1.0 percent from the week before. More here and here.
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from the week before. But, despite decreasing rates, mortgage application volume also decreased last week. The Market Composite Index, which measures total mortgage loan application volume, dropped 2.5 percent due to a 3.0 percent decline in the Refinance Index and a 0.8 percent slide in purchase activity. The slowdown came as the average contract interest rate for 30-year fixed-rate mortgages fell to 3.78 percent from 3.80 percent the previous week. Average mortgage rates also fell for jumbo and FHA loans. The refinance share of total mortgage activity held steady from the week before at 79 percent. More here and here.
RealtyTrac’s Q2 2012 U.S. Foreclosure Sales Report found foreclosure-related sales fell in the second quarter. Sales of homes in some stage of foreclosure accounted for 23 percent of all residential sales, up from 22 percent in the first quarter. But though they increased as a share of total sales, the number of foreclosure-related sales was actually down, falling 12 percent from the previous quarter and 22 percent from the year before. It was the first annual decrease in foreclosure sales following five quarters of increases. Prices, on the other hand, rose 6.0 percent from the previous quarter and 7.0 percent from year-before levels due to fewer foreclosures on the market. It was the first annual increase in average price since 2010 and the largest increase since 2006. Daren Blomquist, RealtyTrac’s vice president, said given the shortage of supply and strong buyer demand in the second quarter, it’s no surprise that the average price rose on both a quarterly and annual basis. More here.
According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index increased more than 1.0 percent last week. But despite the improvement in demand for home purchase loans, the Market Composite Index, which measures both purchase and refinance application volume, was down 4.3 percent due to a 6.0 percent slide in the Refinance Index. The refinance share of total mortgage activity also fell, dropping to 79 percent from 80 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.80 percent from 3.86 percent the week before. The average rate for jumbo loans also declined, dropping to 4.06 percent. More here and here.
According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures both refinance and purchase loan application volume, fell 2.1 percent last week. But, though the Refinance Index suffered a 3.0 percent decline from the previous week’s levels, the seasonally adjusted Purchase Index increased by the same amount, gaining 3.0 percent from the week before. Mortgage rates, on the other hand, hit new all-time lows. The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances fell to 3.79 percent from 3.86 percent. In June, the average loan size for home purchase was $240,897. Last week’s results contain an adjustment for the Fourth of July holiday. More here.
According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, was up 9.2 percent last week due to a 13.0 percent surge in the Refinance Index. The seasonally adjusted Purchase Index, however, fell 2.4 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said the increase in refinance activity was due to a spike in the conventional sector and not because of rising government loan demand. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to another new low, dropping to 3.96 percent from 4.01 percent the week before. More here.
According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures both refinance and purchase loan activity, rose 1.7 percent last week from the week before. The increase was due to growing demand for conventional rather than government loans. Demand in the government market was down last week but, despite the dip, the Purchase Index rose 3.4 percent and the Refinance Index increased 1.3 percent. The refinance share of all mortgage activity was 72.1 percent. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.01 percent from 4.05 percent the week before. It was the lowest 30-year rate recorded in the history of the survey. More here.
RealtyTrac’s U.S. Foreclosure Market Report for February 2012 shows foreclosure filings, including scheduled auctions, default notices, and bank repossessions, fell 2.0 percent in February and were down 8.0 percent from the previous year. Despite the fact that foreclosures were down nationally, the 26 states with a judicial foreclosure process actually saw a slight increase in activity, while the 24 non-judicial states saw a 5.0 percent decrease. Brandon Moore, CEO of RealtyTrac, said February’s numbers indicate that the barriers that have been holding foreclosures back are removed and that should pave the way to a properly functioning foreclosure process. More here.
