Home Foreclosures up 6 pct
Home foreclosures
RealtyTrac Inc. reported last week that lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009.
July marks the eighth month in a row that the pace of homes lost to foreclosure has increased on an annual basis.
U.S. Foreclosures Up 75%
Home foreclosures have continued to dramatically increase in 2010.
According to a new report from RealtyTrac, foreclosure filings climbed in 75% of the nation’s metro areas during the first half of 2010. At a time when the Obama administration believes that we are “turning the corner”, things just seem to get even worse.
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Home Foreclosures Up In 3 Out Of 4 Metro Areas
2010 home foreclosures
RealtyTrac just reported home foreclosures rose in 3 of every four large U.S. metro areas in this year’s first half.
Banks will take over at least a record 1 million mortgages this year, RealtyTrac estimated earlier this month, noting that more than 5 million loans are seriously delinquent and face foreclosure.
Home Affordable Foreclosure Alternatives
San Diego condominium
Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac last week released guidelines for implementing the Treasury Dept.’s Home Affordable Foreclosure Alternatives Program (HAFA). The new guidelines apply to loans owned or guaranteed by the GSEs; servicers are required to implement the new policies no later than Aug. 1. Read more 
Home Mortgage Delinquencies Climb
home mortgage delinquencies
Lender Processing Services reported that the national mortgage delinquency rate grew to 9.2% in May, up 2.3% from a month earlier and 7.9% from a year earlier. Home mortgages becoming 30-days delinquent lead the overall uptick, according to the report, while new real estate owned (REO) assets slipped from recent all-time highs. More than 7.3m mortgages in some stage of delinquency or REO. Read more
Home Foreclosures and Shadow Inventory
home foreclosures
So when can we expect to see the surge in home foreclosures from shadow inventory? (Shadow inventory is made up of all the properties that are in foreclosure or headed toward foreclosure that haven’t hit the market yet.) There are 7 million homes in this shadow inventory category. What the government isn’t telling you is that their foreclosure moratoriums and loss mitigation programs created a huge surge of foreclosures that are about to pop.