United States
Mortgage foreclosure data is presented in terms of percentages in
virtually all reports.
Mortgage foreclosures are at record highs. In the second quarter of
2002, 1.23% of home loans were in the foreclosure process, a record
level. Over this same time period, almost 5% of mortgage loans were
delinquent, up almost 20% from the average delinquency rate in 2000
http://www.reform.house.gov/min/inves_other/other_indicators.htm
The percentage of loans in the process of foreclosure at the end of
the quarter rose 13 basis points to 1.23 percent, and the percentage
of loans in which foreclosure started during the quarter increased 3
basis points to 0.40 percent.
Mortgage Bankers Association of America, Delinquencies and
Foreclosures Increase Slightly in Second Quarter 2002 (Sept. 9, 2002).
http://www.mbaa.org/news/2002/pr0909a.html
3 million American families have experienced a foreclosure on their
homes over the past 15 years
http://www.huduser.org/periodicals/rrr/foreclos.html
Delinquencies and Foreclosures
Total delinquencies were at 4.65 percent at the end of 2002’s first
quarter, unchanged from the fourth quarter of 2001 but up 6 percent
from the first quarter of 2001. Ninety-day delinquencies were at 0.71
percent, down 3 percent from the fourth quarter of 2001 but up 9
percent from the first quarter a year ago. During the first quarter of
2002, 0.37 percent of loans entered foreclosure, unchanged from the
fourth quarter of 2001 but up 16 percent from the first quarter of the
previous year.
http://www.huduser.org/periodicals/ushmc/summer02/nd_hf.html
This past year, FHA, the government's prime mortgage insurance program
for first-time and moderate-income buyers, paid out $5.5 billion in
claims on 64,000 foreclosures
http://www.freep.com/realestate/renews/harney10_20021110.htm
During April, May and June, 1.23% of mortgages -- about 640,000 --
were in the foreclosure process. That's the highest rate in its 30
years of tracking, according to the Mortgage Bankers Association. A
year earlier, not even 1% of mortgages were in foreclosure.
In addition to high overall numbers of borrowers in foreclosure, the
quarter also saw the highest percentage against whom foreclosure was
initiated -- 0.4%.
The MBA survey also recorded an increase in homeowners more than 30
days behind in scheduled house payments, but not yet far enough behind
to face foreclosure. On a seasonally adjusted basis, 4.77% of mortgage
borrowers were delinquent in the April-June quarter, vs. 4.65% the
previous quarter. The delinquency rate remains below records of the
mid-1980s, when it ran 6%-plus.
http://www.usatoday.com/usatonline/20020910/4432524s.htm
Mortgage Bankers Association of America
Contact
Laura Armstrong
(202) 557-2730
Tisha Richardson
(202) 557-2871
According to USA Today "During April, May and June, 1.23 percent of
mortgages -- about 640,000 -- were in the foreclosure process. That's
the highest rate in its 30 years of tracking, the Mortgage Bankers
Association said Monday. A year earlier, not even one percent of
mortgages were in foreclosure. Though the inclination might be to
blame the economy, it's more than that, industry observers say. Other
factors might be at work. Changes in the way lending is done, for
example, could help explain the trend. The past decade has brought a
proliferation in mortgage products -- including interest-only and
low-down-payment loans."
According to a Mortgage Bankers Association website, "This increase
occurred for all loan types, but the increase was lower for
conventional loans as opposed to FHA and VA loans -- according to the
latest quarterly National Delinquency Survey conducted by the Mortgage
Bankers Association of America (MBA).
http://www.poynter.org/morningmeeting/091202.htm
Great Britain
The Lord Chancellor's Department published figures for mortgage
possession actions entered in the county courts of England and Wales
for the second quarter of 2002.
Table 1 shows the number of mortgage possession actions entered for
each year, by quarter, since 1996. During the second quarter of 2002
14,397 mortgage possession actions were entered and a total of 10,348
orders were made - 6,150 of which were suspended orders.
The figures do not indicate how many houses have been repossessed
through the courts; not all the orders will have resulted in the
issue and execution of warrants of possession.
In the second quarter of 2002 the number of actions entered was
nearly 14% less than the second quarter of 2001. For the same period,
figures show a decrease of 15% in orders made (just over 59% of
orders made were suspended - compared to 61% in the second quarter of
2001).
See the entire chart at:
http://213.38.88.195/coi/coipress.nsf/3125f7fc7de1d0fb80256bf4003374ad/6456e2404f35943f80256c07003b5b18?OpenDocument |
