Transcript File

•Government
reports that the mortgage relief
programs have reached 1 in 5 eligible homeowners
•As of October, more than 650,000 (approx 1 in 5)
have signed up for trials lasting up to 5 months
•Approximately 1,700 have made those trial
modifications permanent
•Extended the trial period from three months to
five months in September
•Therefore as of November, no update on the redefault rate
 1 in 7 homeowners are behind on the mortgage
payment
 1 in 22 are in the process of losing their home
 Industry is on track for 2.9 Million Foreclosure Starts in
2009 alone
 Every new foreclosure prolongs the economic crisis by
forcing down surrounding property values and pushing
recovery farther out of reach
 The combined percentage of loans in foreclosure or at least one
payment past due was 14.41 percent - the highest ever recorded in
the MBA delinquency survey.
 “Job losses continue to increase and drive up delinquencies and
foreclosures because mortgages are paid with paychecks, not
percentage point increases in GDP.” -Jay Brinkmann, MBA’s Chief Economist.
 Prime fixed-rate loans continue to represent the largest share of
foreclosures started and the biggest driver of the increase in
foreclosures.
4.38% in Foreclosure
9.94% in Default (30+ days late)
14.32% Total
Mortgage Bankers Association
Based on 44.6 million mortgages
3.20% in Foreclosure
6.94% in Default (30+ days late)
10.14% Total
Mortgage Bankers Association
Based on 44.6 million mortgages
15.35% in Foreclosure
26.66% in Default (30+ days late)
42.01% Total
Mortgage Bankers Association
Based on 44.6 million mortgages
3.32% in Foreclosure
15.04% in Default (30+ days late)
18.36% Total
Mortgage Bankers Association
Based on 44.6 million mortgages
2.29% in Foreclosure
8.47% in Default (30+ days late)
10.76% Total
Mortgage Bankers Association
Based on 44.6 million mortgages
 The number of loans 90 days or more past due or
in foreclosure is now a little over 4 million as
compared with 3.9 million new and previously
occupied homes currently for sale.
 Based on Q2 numbers, Amherst Securities Group
estimates 7 million units in the foreclosure
pipeline or 135% of a full year of existing home
sales.
 Median Price $177,900 down 11.2% year over year
 Foreclosures/Short Sales make up 30% of all
transactions, Total Sales up 11.4%
 Metro Prices: 80% of metro areas showed price
declines; up in 30 cities