Archive for 'Mortgage rates'

Mortgage Loan Requirements Too Strict – NAR

Mortgage Loan Requirements Too Strict - NAR

Mortgage Loan Requirements Too Strict - NAR-Image by Getty Images via @daylife

A proposed rule by federal regulators to impose a minimum 20 percent down payment, stringent debt-to-income ratio requirements and rigid credit standards will deny millions of Americans access to safe, low-cost mortgages, according to the National Association of Realtors®.

In a comment letter submitted today, NAR expressed dissatisfaction over the unduly narrow definition of qualified residential mortgages (QRM) that would be exempt from risk retention requirements. Non-QRM mortgages will have higher interest rates and fees, making home ownership more expensive or unattainable for many of today’s aspiring home owners. NAR urged regulators to withdraw the proposed risk retention rule and go back to the drawing board.

“As the leading advocate for home ownership, NAR firmly believes Congress intended to create a broad QRM exemption – strong evidence shows that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “The proposed rule should be withdrawn, revised and republished for public comment. If not, then millions of hard-working, creditworthy consumers will not be able to achieve their dreams of owning a home.”

The comment letter offered a number of suggestions to regulators. Considering the significantly higher mortgage rates and fees for non-QRM loans, regulators should define QRM to include safe and sound mortgages, coupled with sound underwriting and full documentation of income and assets, and require risk retention only for those mortgages with risky product features like teaser rates and balloon payments, or weak underwriting.

NAR criticized the proposed rule’s 20 percent minimum down payment requirement, saying it ignores strong evidence that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk. The low foreclosure rate among Federal Housing Administration and Veterans Administration loans, which have the lowest down payment requirements and relatively low default rates, is further evidence that the key to safe lending is sound underwriting and documentation rather than high down payments.

Based on NAR estimates, it would take more than a decade for a family with a median household income to save enough for a 20 percent down payment. A 10 percent down payment would take a family more than eight years to save. The impact on minority and first-time home buyers would be even worse, said Phipps.

NAR also recommends dropping the rule’s debt-to-income ratio requirement because the marginal reduction in defaults is not worth the negative impact on consumers.

“Focusing the QRM exemption on underwriting factors that do not significantly improve loan performance means millions of families will not qualify for a QRM mortgage and will instead have to pay higher rates and fees for non-QRM mortgages, assuming they are even able to obtain them,” said Phipps.

NAR supports the proposed rule’s treatment of the government-sponsored enterprises (GSEs) while in conservatorship. The guaranty provided by a GSE will satisfy the risk retention requirements. The GSEs continue to play a crucial role in providing affordable and available financing to consumers during the current economic downturn, and until the statutory and regulatory framework for the GSEs becomes clear, the agencies should not impose risk retention standards that would prevent qualified home buyers from finding fair and affordable mortgages and impede a housing recovery.

NAR is also concerned that certain underwriting elements of the risk retention proposal would further reduce access to credit for the commercial and multifamily real estate industry, which could curtail the nation’s economic recovery.

There is broad opposition to the regulators’ proposed QRM rule among banking, housing and consumer advocacy groups, who have joined forces and forged the Coalition for Sensible Housing Policy, which includes 46 organizations and is focused on drawing attention to the proposed regulation.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

 

Low Mortgage Rates No Help for Housing Market

Low Mortgage Rates No Help for Housing Market

Low Mortgage Rates No Help for Housing Market-Image by Getty Images via @daylife

HSH.com releases its latest Weekly Mortgage Rate Radar revealing a slight increase in mortgage rates from the previous week. The Weekly Mortgage Rate Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM). Average rates on both types of loans rose slightly during the week ending July 26.

Rates on the most popular types of mortgages rose slightly, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages increased by 2 basis points (0.02 percent) to 4.63 percent. Conforming 5/1 hybrid ARM rates rose 4 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at average of 3.28 percent.

“Mortgage rates remain very favorable, but low mortgage rates on their own aren’t enough to drive the housing market forward,” said Keith Gumbinger, vice president of HSH.com. “Sales of new homes have held in a mostly flat pattern at very low levels for months despite falling rates.”

Given current economic conditions, noted Gumbinger, “consumers simply lack the confidence to jump in and buy a home.”

Average mortgage rates and points for conforming residential loans for the week ending July 26 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average rate: 4.63 percent
  • Average points: 0.28

Conforming 5/1 ARM

  • Average rate: 3.28 percent
  • Average points: 0.25

Average mortgage rates and points for conforming residential mortgages for the previous week ending July 19 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average rate: 4.61 percent
  • Average points: 0.28

Conforming 5/1 ARM

  • Average rate: 3.24 percent
  • Average points: 0.22

Methodology
The Weekly Mortgage Rate Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com’s survey helps consumers find the best rates on home loans in changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rate Radar’s inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.

Every week, HSH.com conducts a survey of mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loans and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit HSH.com.

About HSH.com
HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that best meet their needs. The company is a leader in ethical marketing practices. For more information, please visit QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

 

Real Estate Prices Heading Up

Real Estate Prices Heading Up

Real Estate Prices Heading Up-Image by haglundc via Flickr

Data through May 2011, released today by S&P Indices for its S&P/Case-Shiller(1) Home Price Indices, the leading measure of U.S. home prices, showed a second consecutive month of increase in prices for the 10- and 20-City Composites. The 10- and 20-City Composites were up 1.1% and 1.0%, respectively, in May over April.  Sixteen of the 20 MSAs and both Composites posted positive monthly increases; Detroit, Las Vegas and Tampa were down over the month and Phoenix was unchanged. On an annual basis, Washington DC was the only MSA with a positive rate of change, up 1.3%. The remaining 19 MSAs and the 10- and 20- City Composites were down in May 2011 versus the same month last year. Minneapolis fared the worst posting a double-digit decline of 11.7%.

In May 2011, the 10- and 20-City Composites recorded annual returns of -3.6% and -4.5%, respectively. Both Composites and 11 MSAs – Atlanta, Dallas, Detroit, Las Vegas, Los Angeles, Minneapolis, New York, Phoenix, San Diego, Seattle and Tampa – saw their annual rates worsen in May compared to April.

“We see some seasonal improvements with May’s data,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “This is a seasonal period of stronger demand for houses, so monthly price increases are to be expected and were seen in 16 of the 20 cities. The exceptions where prices fell were Detroit, Las Vegas and Tampa. However, 19 of 20 cities saw prices drop over the last 12 months. The concern is that much of the monthly gains are only seasonal.

“May’s report showed unusually large revisions across some of the MSAs.  In particular, Detroit, New York, Tampa and Washington DC all saw above normal revisions. Our sales pairs data indicate that these markets reported a lot more sales from prior months, which caused the revisions. The lag in reporting home sales in these markets has increased over the past few months. Also, when sales volumes are relatively low, as is the case right now, revisions are more noticeable.

“Other recent housing statistics show that single-family housing starts were up moderately in June, and are at about the same pace as a year ago. Existing-home sales were flat in June, reportedly because of contract cancellations and tight credit. The S&P/Experian Consumer Credit Default indices showed a continuing decline in mortgage default rates since last winter. Other reports confirm that banks have tightened lending standards in the past year, making it harder to qualify for a mortgage despite very low interest rates. Combined, these data all support a continuation of the ‘bounce-along-the-bottom’ scenario we have witnessed in the housing market over the past two years.

“While the monthly data were encouraging, most MSAs and both Composites fared poorly in annual terms.  Nineteen of the 20 MSAs and the two Composites posted negative annual growth rates in May 2011. The 10-City Composite was down 3.6% and the 20-City Composite was down 4.5% in May 2011 versus May 2010. Minneapolis posted a double-digit decline in annual rate of 11.7%. The only beacon of hope was Washington D.C. with a +1.3% annual growth rate and a +2.4% monthly increase. We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery. Sustained increases in home prices over several months and better annual results need to be seen before we can confirm real estate market recovery.”

As of May 2011, average home prices across the United States are back to the levels where they were in the summer of 2003. Measured from their peaks in June/July 2006 through May 2011, the peak-to-current declines for the 10-City Composite and 20-City Composite are -32.1% and -32.3%, respectively. The peak-to-trough declines for the 10- and 20- City Composites are -33.5% and -33.3%, respectively. The 10-City Composite hit its crisis low in April 2009, whereas the 20-City reached a more recent low in March 2011.

As of May 2011, 16 of the 20 MSAs and both Composites posted positive monthly changes. Phoenix was flat. Detroit, Las Vegas and Tampa were the markets where levels fell in May versus April, with Detroit down by 2.8% and Las Vegas posting its eighth consecutive monthly decline. These three cities also posted new index level lows in May 2011. They are now 51.2%, 59.3% and 47.5% below their 2005-6 peak levels, respectively.

The table below summarizes the results for May 2011. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 24 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com

May 2011 May/April April/March
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Atlanta 102.85 1.0% 1.5% -4.6%
Boston 150.98 2.7% -0.2% -3.2%
Charlotte 110.44 0.8% 0.6% -5.1%
Chicago 112.01 1.7% -0.4% -8.1%
Cleveland 98.88 1.3% 1.0% -6.6%
Dallas 114.31 0.9% 0.4% -4.7%
Denver 124.00 1.4% 1.5% -3.3%
Detroit 62.01 -2.8% -2.6% -9.3%
Las Vegas 95.60 -0.9% -0.7% -6.6%
Los Angeles 169.07 0.5% 0.3% -3.2%
Miami 138.60 1.2% -0.2% -5.3%
Minneapolis 108.34 2.6% 0.1% -11.7%
New York 164.96 0.7% 0.9% -3.2%
Phoenix 100.40 0.0% 0.1% -9.5%
Portland 134.50 1.2% 0.1% -9.1%
San Diego 154.78 0.2% 0.4% -5.1%
San Francisco 134.42 1.8% 1.7% -5.4%
Seattle 136.56 1.1% 1.6% -7.0%
Tampa 125.10 -0.6% -0.6% -9.5%
Washington 184.90 2.4% 1.5% 1.3%
Composite-10 153.64 1.1% 0.6% -3.6%
Composite-20 139.87 1.0% 0.6% -4.5%
Source: Standard & Poor’s and Fiserv
Data through May 2011

Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, Standard & Poor’s does publish a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.

May/April Change (%) April/March Change (%)
Metropolitan Area NSA SA NSA SA
Atlanta 1.0% -0.2% 1.5% 0.5%
Boston 2.7% 1.2% -0.2% -1.3%
Charlotte 0.8% -0.4% 0.6% 0.1%
Chicago 1.7% 0.3% -0.4% -0.6%
Cleveland 1.3% -0.5% 1.0% -0.6%
Dallas 0.9% -0.7% 0.4% -1.0%
Denver 1.4% 0.2% 1.5% 0.0%
Detroit -2.8% -3.4% -2.6% -1.2%
Las Vegas -0.9% -0.9% -0.7% -0.7%
Los Angeles 0.5% -0.2% 0.3% 0.1%
Miami 1.2% 0.5% -0.2% 0.3%
Minneapolis 2.6% 0.2% 0.1% 1.5%
New York 0.7% 0.4% 0.9% 0.9%
Phoenix 0.0% -0.5% 0.1% 0.2%
Portland 1.2% -0.2% 0.1% -0.7%
San Diego 0.2% -0.5% 0.4% -0.1%
San Francisco 1.8% 0.1% 1.7% 0.2%
Seattle 1.1% 0.3% 1.6% 0.1%
Tampa -0.6% -1.5% -0.6% -0.9%
Washington 2.4% 1.4% 1.5% 0.7%
Composite-10 1.1% 0.1% 0.6% 0.4%
Composite-20 1.0% 0.0% 0.6% 0.4%
Source: Standard & Poor’s and Fiserv
Data through May 2011

S&P Indices has introduced a new blog called HousingViews.com. This interactive blog delivers real-time commentary and analysis from across the Standard & Poor’s organization on a wide-range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.housingviews.com, where feedback and commentary is certainly welcomed and encouraged.

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between Standard & Poor’s and Fiserv, Inc.

The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In addition to the S&P/Case-Shiller Home Price Indices, Fiserv also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by Standard & Poor’s, represent just a small subset of the broader data available through Fiserv.

For more information about S&P Indices, please visit www.standardandpoors.com/indices.

About S&P Indices

S&P Indices, the world’s leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1.25 trillion is directly indexed to Standard & Poor’s family of indices, which includes the S&P 500, the world’s most followed stock market index, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, the S&P Global BMI, an index with approximately 11,000 constituents, the S&P GSCI, the industry’s most closely watched commodities index, and the S&P National AMT-Free Municipal Bond Index, the premier investable index for U.S. municipal bonds. For more information, please visit www.standardandpoors.com/indices.

Standard & Poor’s does not sponsor, endorse, sell or promote any S&P index-based investment product.

(1) Case-Shiller® and Case-Shiller Indexes® are registered trademarks of Fiserv, Inc.

For more information:

David R. Guarino

Standard & Poor’s

Communications

212-438-1471

dave_guarino@standardandpoors.com

David Blitzer

Standard & Poor’s

Chairman of the Index Committee

212-438-3907

david_blitzer@standardandpoors.com

http://www.standardandpoors.com

Mortgage Rates to Move Higher-New Reveal

Upcoming conforming loan limit drop could mean higher interest rates for some borrowers

Average mortgage rates remained constant according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.

On July 19, average home loan rates offered by LendingTree network lenders were 4.77% (4.94% APR) for 30-year fixed mortgages, 4.00% (4.25% APR) for 15-year fixed mortgages and 3.56% (3.67% APR) for 5/1 adjustable rate mortgages (ARM). Average rates for 30-year fixed loans showed no fluctuation week-over-week while 5/1 ARMS increased slightly and 15-year fixed mortgage rates fell slightly.

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.375 percent (4.51% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.625 percent (3.00% APR) for a 5/1 ARM.

”With FHA and conforming loan limits set to move lower in October, consumers who are looking to refinance or purchase a home above the current limits should consider shopping for a home loan now,” said Mona Marimow, senior vice president at LendingTree.com. “Borrowers could face higher down payments and interest rates, as well as more stringent loan qualifications if their loan amount is above the new government limit. Consumers in higher-priced areas of the country will be the most affected. Fortunately these issues are being brought to attention now, and consumers still have time to explore their options and take advantage of today’s low rates.”

Below is a snapshot of the lowest mortgage rates for a 30-year fixed loan offered by lenders on the LendingTree network, as well as average loan-to-value ratios and negative equity by state.

STATE-BY-STATE MORTGAGE DATA 7/20/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* NEGATIVE EQUITY*
US Average 4.38% (4.51% APR) 70.2% 35.0%
Alabama 4.38% (4.52% APR) 67.0% 28.9%
Alaska 4.38% (4.51% APR) 66.3% 17.3%
Arizona 4.38% (4.51% APR) 94.6% 39.4%
Arkansas 4.38% (4.49% APR) 72.6% 43.9%
California 4.38% (4.51% APR) 70.6% 34.8%
Colorado 4.38% (4.55% APR) 71.9% 22.2%
Connecticut 4.25% (4.36% APR) 59.5% 43.3%
Delaware 4.25% (4.36% APR) – 67.6% 50.3%
District of Columbia 4.25% (4.48% APR) 58.3% 25.5%
Florida 4.25% (4.36% APR) – 90.8% 41.1%
Georgia 4.38% (4.50% APR) 80.9% 25.8%
Hawaii 4.50% (4.63% APR) 54.2% 25.4%
Idaho 4.38% (4.51% APR) 73.4% 29.8%
Illinois 4.38% (4.51% APR) 72.4% 31.7%
Indiana 4.38% (4.56% APR) 69.4% 28.5%
Iowa 4.38% (4.51% APR) – 66.7% 42.9%
Kansas 4.38% (4.51% APR) – 70.5% 31.8%
Kentucky 4.38% (4.50% APR) 67.6% 53.1%
Louisiana 4.38% (4.51% APR) – 78.5% 75.5%
Maine 4.38% (4.49% APR) 58.6% 30.1%
Maryland 4.25% (4.48% APR) 70.4% 25.6%
Massachusetts 4.38% (4.49% APR) 60.7% 46.0%
Michigan 4.38% (4.50% APR) 84.3% 32.2%
Minnesota 4.25% (4.36% APR) – 65.6% 22.2%
Mississippi 4.38% (4.51% APR) – 78.4% 30.1%
Missouri 4.38% (4.51% APR) 71.6% 31.0%
Montana 4.38% (4.51% APR) – 60.2% 33.4%
Nebraska 4.38% (4.51% APR) – 72.3% 46.5%
Nevada 4.25% (4.40% APR) – 118.0% 55.3%
New Hampshire 4.38% (4.49% APR) – 69.8% 25.2%
New Jersey 4.25% (4.34% APR) – 62.2% 29.0%
New Mexico 4.38% (4.53% APR) 66.4% 45.8%
New York 4.38% (4.49% APR) 50.1% 42.1%
North Carolina 4.38% (4.51% APR) 71.2% 33.2%
North Dakota 4.38% (4.51% APR) – 60.1% 37.7%
Ohio 4.38% (4.50% APR) 75.4% 27.0%
Oklahoma 4.38% (4.49% APR) 71.0% 52.4%
Oregon 4.38% (4.54% APR) 69.6% 19.6%
Pennsylvania 4.25% (4.36% APR) – 62.5% 75.7%
Rhode Island 4.38% (4.51% APR) – 62.6% 36.6%
South Carolina 4.38% (4.50% APR) 71.0% 29.0%
South Dakota 4.38% (4.49% APR) N/A N/A
Tennessee 4.38% (4.52% APR) 71.2% 30.7%
Texas 4.38% (4.50% APR) 68.8% 30.6%
Utah 4.38% (4.62% APR) 73.7% 22.2%
Vermont 4.38% (4.51% APR) – N/A N/A
Virginia 4.25% (4.36% APR) 71.7% 25.0%
Washington 4.38% (4.53% APR) 67.9% 21.4%
West Virginia 4.38% (4.51% APR) – 67.0% 68.0%
Wisconsin 4.38% (4.51% APR) – 68.3% 35.6%
Wyoming 4.38% (4.51% APR) 64.2% 23.0%

For more information on current mortgage rates or for state specific mortgage rates, please visit http://www.lendingtree.com/mortgage-loans/rates/.

The LendingTree Weekly Mortgage Rate Pulse is published every Wednesday. Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower’s loan details and credit profile. Visit www.lendingtree.com to learn more.

About LendingTree, LLC

LendingTree, LLC is the nation’s leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 28 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nicole Hall
(704) 943-8463
Nicole.Hall@tree.com

http://www.lendingtree.com

Mortgage Rates Up Again

Mortgage Rates Up Again

Mortgage Rates Up Again-Image via Wikipedia

Average mortgage rates rose slightly this week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.

On July 5, average home loan rates offered by LendingTree network lenders were 4.83% (5.03% APR) for 30-year fixed mortgages, 4.01% (4.32% APR) for 15-year fixed mortgages and 3.59% (3.69% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types rose slightly week-over-week.

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.75 percent (3.04% APR) for a 5/1 ARM.

“Borrowers in the market for a new loan often worry over whether or not they can qualify,” said Cameron Findlay, LendingTree chief economist. “Very soon, two important proposed rules, namely the ‘Qualified Mortgage’ definition (July 22nd comment deadline) and the ‘Qualified Residential Mortgage’ definition (August 1 comment deadline), will shape qualification and who is eligible for the best mortgage rates. These rules have the potential to cause rates for certain borrowers to increase between .95% and 1.2% and thus threaten the health of the market as a whole.”

Below is a snapshot of the lowest mortgage rates for a 30-year fixed loan offered by lenders on the LendingTree network, as well as average loan-to-value ratios and negative equity by state.

STATE-BY-STATE MORTGAGE DATA 7/6/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* NEGATIVE EQUITY*
US Average 4.25% (4.39% APR) ™ 70.2% 35.0%
Alabama 4.25% (4.39% APR) 67.0% 28.9%
Alaska 4.75% (4.95% APR) 66.3% 17.3%
Arizona 4.25% (4.37% APR) ™ 94.6% 39.4%
Arkansas 4.25% (4.37% APR) ™ 72.6% 43.9%
California 4.25% (4.38% APR) ™ 70.6% 34.8%
Colorado 4.25% (4.42% APR) ™ 71.9% 22.2%
Connecticut 4.25% (4.36% APR) 59.5% 43.3%
Delaware 4.25% (4.36% APR) 67.6% 50.3%
District of Columbia 4.25% (4.48% APR) 58.3% 25.5%
Florida 4.25% (4.39% APR) 90.8% 41.1%
Georgia 4.25% (4.39% APR) ™ 80.9% 25.8%
Hawaii 4.38% (4.50% APR) 54.2% 25.4%
Idaho 4.25% (4.39% APR) ™ 73.4% 29.8%
Illinois 4.25% (4.37% APR) ™ 72.4% 31.7%
Indiana 4.25% (4.38% APR) ™ 69.4% 28.5%
Iowa 4.63% (4.82% APR) 66.7% 42.9%
Kansas 4.63% (4.82% APR) 70.5% 31.8%
Kentucky 4.25% (4.39% APR) 67.6% 53.1%
Louisiana 4.63% (4.82% APR) 78.5% 75.5%
Maine 4.25% (4.37% APR) ™ 58.6% 30.1%
Maryland 4.25% (4.39% APR) ™ 70.4% 25.6%
Massachusetts 4.25% (4.37% APR) ™ 60.7% 46.0%
Michigan 4.38% (4.52% APR) 84.3% 32.2%
Minnesota 4.25% (4.36% APR) 65.6% 22.2%
Mississippi 4.63% (4.82% APR) 78.4% 30.1%
Missouri 4.25% (4.39% APR) ™ 71.6% 31.0%
Montana 4.75% (4.95% APR) 60.2% 33.4%
Nebraska 4.63% (4.82% APR) 72.3% 46.5%
Nevada 4.75% (4.95% APR) 118.0% 55.3%
New Hampshire 4.38% (4.49% APR) 69.8% 25.2%
New Jersey 4.25% (4.36% APR) 62.2% 29.0%
New Mexico 4.25% (4.40% APR) ™ 66.4% 45.8%
New York 4.25% (4.36% APR) ™ 50.1% 42.1%
North Carolina 4.25% (4.39% APR) ™ 71.2% 33.2%
North Dakota 4.63% (4.82% APR) 60.1% 37.7%
Ohio 4.38% (4.50% APR) 75.4% 27.0%
Oklahoma 4.25% (4.37% APR) ™ 71.0% 52.4%
Oregon 4.25% (4.41% APR) ™ 69.6% 19.6%
Pennsylvania 4.25% (4.37% APR) 62.5% 75.7%
Rhode Island 4.63% (4.82% APR) 62.6% 36.6%
South Carolina 4.25% (4.39% APR) ™ 71.0% 29.0%
South Dakota 4.25% (4.37% APR) N/A N/A
Tennessee 4.25% (4.39% APR) ™ 71.2% 30.7%
Texas 4.25% (4.38% APR) 68.8% 30.6%
Utah 4.25% (4.49% APR) ™ 73.7% 22.2%
Vermont 4.63% (4.82% APR) N/A N/A
Virginia 4.25% (4.39% APR) 71.7% 25.0%
Washington 4.25% (4.40% APR) ™ 67.9% 21.4%
West Virginia 4.75% (4.95% APR) 67.0% 68.0%
Wisconsin 4.75% (4.95% APR) 68.3% 35.6%
Wyoming 4.25% (4.36% APR) 64.2% 23.0%

For more information on current mortgage rates or for state specific mortgage rates, please visit http://www.lendingtree.com/mortgage-loans/rates/.

The LendingTree Weekly Mortgage Rate Pulse is published every Wednesday. Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower’s loan details and credit profile. Visit www.lendingtree.com to learn more.

About LendingTree, LLC

LendingTree, LLC is the nation’s leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 28 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nicole Hall
(704) 943-8463
Nicole.hall@tree.com
http://www.lendingtree.com

LendingTree Releases Latest Mortgage Rates

Average mortgage rates rose slightly after declining for several weeks according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.

On June 28, average home loan rates offered by LendingTree network lenders were 4.69% (4.93% APR) for 30-year fixed mortgages, 3.93% (4.29% APR) for 15-year fixed mortgages and 3.39% (3.56% APR) for 5/1 adjustable rate mortgages (ARM). Rates for both 30-year and 15-year mortgages fell slightly week over week.

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.75 percent (3.04% APR) for a 5/1 ARM.  Rates for 30-year and 15-year loans fell by one-eighth of a point week-over-week, while 5/1 ARM rates were flat.

The following table shows a snapshot of the lowest mortgage rates for a 30-year fixed loan offered by lenders on the LendingTree network, as well as average loan-to-value ratios and negative equity by state.

STATE-BY-STATE MORTGAGE DATA 6/28/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* NEGATIVE EQUITY*
US Average 4.25% (4.39% APR) 70.2% 35.0%
Alabama 4.25% (4.39% APR) 67.0% 28.9%
Alaska 4.75% (4.95% APR) 66.3% 17.3%
Arizona 4.25% (4.37% APR) 94.6% 39.4%
Arkansas 4.25% (4.37% APR) 72.6% 43.9%
California 4.25% (4.38% APR) 70.6% 34.8%
Colorado 4.25% (4.42% APR) 71.9% 22.2%
Connecticut 4.25% (4.36% APR) 59.5% 43.3%
Delaware 4.25% (4.36% APR) 67.6% 50.3%
District of Columbia 4.25% (4.48% APR) 58.3% 25.5%
Florida 4.25% (4.39% APR) 90.8% 41.1%
Georgia 4.25% (4.39% APR) 80.9% 25.8%
Hawaii 4.38% (4.50% APR) 54.2% 25.4%
Idaho 4.25% (4.39% APR) 73.4% 29.8%
Illinois 4.25% (4.37% APR) 72.4% 31.7%
Indiana 4.25% (4.38% APR) 69.4% 28.5%
Iowa 4.63% (4.82% APR) 66.7% 42.9%
Kansas 4.63% (4.82% APR) 70.5% 31.8%
Kentucky 4.25% (4.39% APR) 67.6% 53.1%
Louisiana 4.63% (4.82% APR) 78.5% 75.5%
Maine 4.25% (4.37% APR) 58.6% 30.1%
Maryland 4.25% (4.39% APR) 70.4% 25.6%
Massachusetts 4.25% (4.37% APR) 60.7% 46.0%
Michigan 4.38% (4.52% APR) 84.3% 32.2%
Minnesota 4.25% (4.36% APR) 65.6% 22.2%
Mississippi 4.63% (4.82% APR) 78.4% 30.1%
Missouri 4.25% (4.39% APR) 71.6% 31.0%
Montana 4.75% (4.95% APR) 60.2% 33.4%
Nebraska 4.63% (4.82% APR) 72.3% 46.5%
Nevada 4.75% (4.95% APR) 118.0% 55.3%
New Hampshire 4.38% (4.49% APR) 69.8% 25.2%
New Jersey 4.25% (4.36% APR) 62.2% 29.0%
New Mexico 4.25% (4.40% APR) 66.4% 45.8%
New York 4.25% (4.36% APR) 50.1% 42.1%
North Carolina 4.25% (4.39% APR) 71.2% 33.2%
North Dakota 4.63% (4.82% APR) 60.1% 37.7%
Ohio 4.38% (4.50% APR) 75.4% 27.0%
Oklahoma 4.25% (4.37% APR) 71.0% 52.4%
Oregon 4.25% (4.41% APR) 69.6% 19.6%
Pennsylvania 4.25% (4.37% APR) 62.5% 75.7%
Rhode Island 4.63% (4.82% APR) 62.6% 36.6%
South Carolina 4.25% (4.39% APR) 71.0% 29.0%
South Dakota 4.25% (4.37% APR) N/A N/A
Tennessee 4.25% (4.39% APR) 71.2% 30.7%
Texas 4.25% (4.38% APR) 68.8% 30.6%
Utah 4.25% (4.49% APR) 73.7% 22.2%
Vermont 4.63% (4.82% APR) N/A N/A
Virginia 4.25% (4.39% APR) 71.7% 25.0%
Washington 4.25% (4.40% APR) 67.9% 21.4%
West Virginia 4.75% (4.95% APR) 67.0% 68.0%
Wisconsin 4.75% (4.95% APR) 68.3% 35.6%
Wyoming 4.25% (4.36% APR) 64.2% 23.0%

For more information on current mortgage rates or for state specific mortgage rates, please visit http://www.lendingtree.com/mortgage-loans/rates/.

The LendingTree Weekly Mortgage Rate Pulse is published every Wednesday. Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower’s loan details and credit profile. Visit www.lendingtree.com to learn more.

About LendingTree, LLC

LendingTree, LLC is the nation’s leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 28 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nicole Hall
(704) 943-8463
Nicole.hall@tree.com

http://www.lendingtree.com


With the release of the HBO movie “Too Big to Fail” more and more consumers and homeowners are intrigued and perhaps shocked over the back room deals and manipulation of many of the nation’s big name banks in the wake of the housing crisis. Many homeowners, first time homebuyers and even REALTORS® are now looking to credit unions as a trusted, local lending resource in their community. Most of the nation’s high quality mortgages lending credit unions work diligently under the radar in terms of home finance alternatives. Consumers are a bit confused and unaware they in fact qualify for membership and in some cases are eligible to join more than one credit union! This well kept secret “as the saying goes” is spreading in local communities and around the country. The Credit Union message is clear in the wake of a continuing search for an alternative trusted financial institution, “why not us and why not now.”

Reports that a few “mega banks” dominate the home lending market are accurate. The question is are they earning the trust of consumers and REALTORS® or is it that most people are just unaware of the valued trusted alternative resource, namely Credit Unions. “Millions of people are members of credit unions and hundreds of millions more are eligible to join and likely don’t even know it,” says Bob Dorsa, President of the American Credit Union Mortgage Association, a non-profit association for credit union home lending advocacy.  Likely “thousands of REALTORS belong to credit unions but generally do NOT think of the credit union as a lending resource for client simply due to a lack of any working relationship,” he added.

Credit Unions are found in almost every community, town and city in the country. Not all credit unions offer home loans but consumers need to pay more attention to obtaining competitive information including contacting a local Credit Union. Many credit unions operate under the radar and conserve their financial resources by NOT advertising all over the place. Instead they focus on offering better terms and lower fees to their members. The housing crisis has millions of homeowners in a state of uncertainty. First time homebuyers should not resign themselves to the thought of renting as their only option. Credit unions are among the most trusted financial institutions on the planet and deserve a chance to preserve the American Dream for every generation wanting to own their home.

Credit union membership nationwide is in excess of 90 million people. Credit Unions originated close to $200 billion in home loans in the 2 and 1/2 years, which should provide confidence and interest for millions of people who need help.

For more information as to how to find or join a credit union, please contact your state’s Credit Union league or contact ACUMA at bdorsa@acuma.org for more information.

CONTACT: Bob Dorsa, +1-877-442-2862

Web Site: http://www.acuma.org

Mortgage Rates Continue to Decline

Mortgage rates fell for an eighth consecutive week, with the benchmark conforming 30-year fixed mortgage rate falling to 4.69 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.The average 15-year fixed mortgage dropped to 3.88 percent and the larger jumbo 30-year fixed rate retreated to 5.16 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM resetting a record low of 3.39 percent and the 7-year ARM plunging to 3.64 percent, also a new low.

More weak economic data is increasing evidence that a summer soft patch has arrived — again. The loss of momentum means an even more sluggish recovery than was expected and that interest rates won’t be rising any time soon. This has been very beneficial to mortgage rates, both the fixed and adjustable rate varieties. Adjustable mortgage rates, such as the 5/1 and 7/1 ARMs, have moved to record lows. Fixed mortgage rates are at the lowest levels since last Thanksgiving. For many would-be refinancers, the turkey is indeed on the table with the opportunity to refinance at sub-5 percent rates. But with lower federal loan limits scheduled to take effect in October, waiting too long could mean missing the chance to lock in historically low fixed rates if the loan amount becomes ineligible for government guarantees.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.69 percent, the monthly payment for the same size loan would be $1,036.07, a difference of $205 per month for anyone refinancing now.

SURVEY RESULTS
30-year fixed: 4.69% — down from 4.75% last week (avg. points: 0.39)
15-year fixed: 3.88% — down from 3.93% last week (avg. points: 0.37)
5/1 ARM: 3.39% — down from 3.45% last week (avg. points: 0.37)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com.

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. This week, 53 percent of the panelists expect mortgage rates to remain more or less unchanged, while 40 percent forecast even lower rates. Just 7 percent predict mortgage rates to rise in the coming week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, InsureMe CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote.  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com’s information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world’s leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.

www.bankrate.com

For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917) 368-8677

NOTE TO EDITORS:  The information contained in this release is available for print or broadcast with attribution to Bankrate.com. Web Site: http://www.bankrate.com

Short Sale Rules Leave Realtors Wary

Short Sale Rules Leave Realtors Wary

Short Sale Rules Leave Realtors Wary-Image by niallkennedy via Flickr

A new rule from the Federal Trade Commission that aims to protect home owners from mortgage relief scams may impact real estate professionals who represent clients involved in short sale transactions. Several hundred Realtors® learned more about the new rule and its impact on their business at the “Risk Management and License Law Forum” during the Realtors® 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C. today.

National Association of Realtors® General Counsel Laurie Janik overviewed the FTC’s Mortgage Assistance Relief Services rule, which took effect on January 31, 2011. The goal of the rule is to protect distressed home owners from mortgage relief scams and ensure that people who provide counseling, advice and other services to troubled home owners are indeed providing a benefit for the fees they charge. The rule bans all upfront fees for renegotiating mortgage terms and mandates that certain disclosures are made to consumers if a short sale is negotiated with a lender on their behalf or when advertising short sales experience.

“As the leading advocate for home ownership, NAR supports efforts to ensure that mortgage assistance relief services truly benefit consumers,” said Janik. “Nevertheless, NAR has some concerns about the rule and its application to real estate professionals involved in short sales transactions. We are working closely with the FTC to clarify several aspects of the rule in relation to real estate professionals when they are performing traditional real estate functions in a short sale transaction.”

The rule is primarily directed at companies that offer loan modification services to consumers, but it also may impact real estate professionals who represent clients involved in a short sale transaction, especially when advertising short sale negotiation services or other short sale expertise; communicating with a consumer about a possible short sale before the listing agreement is executed; negotiating a short sale on behalf of a consumer; or arranging a short sale negotiation for a consumer. The rule only applies to residential real estate transactions.

In the meantime, Realtors® must already be complying with the rule by not taking any upfront fees and using specific disclosure language. The rule necessitates when and how the disclosures must be presented to consumers and that they are made clearly.

Currently, there are three types of disclosures that a real estate professional may need to make to consumers. First, a real estate professional now needs to include a clear and prominent disclosure in all commercial messages that advertise their short sale services.

Second and third disclosures are required by real estate professionals before they begin mortgage assistance services on their client’s behalf and at the time they present their client with the lender’s short sale approval letter.

“NAR is discussing with the FTC some language in the second and third disclosures and well as some other requirements found in the MARS rule. The FTC is considering possible options to help make the rule more applicable to a real estate brokerage,” said Janik.

For additional information and updates on the MARS rule, visit www.realtor.org.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.


U.S. Foreclosure Activity Hits 40-Month Low After Jump in March
REOs Hit Record High in Nevada, Defaults Spike in Massachusetts and New Jersey

RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for April 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 219,258 U.S. properties in April, a 9 percent decrease from March and a 34 percent decrease from April 2010. The report also shows one in every 593 U.S. housing units received a foreclosure filing during April 2011.

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

Foreclosure timelines lengthening
Nationwide, foreclosures completed (REOs) in the first quarter of 2011 took an average of 400 days from the initial default notice to the REO, up from 340 days in the first quarter of 2010 and more than double the average 151 days it took to foreclose in the first quarter of 2007.

The foreclosure process took much longer in some states. The average timeframe from initial default notice to REO in New Jersey and New York was more than 900 days in the first quarter of 2011, more than three times the average timeline in the first quarter of 2007 for both states.

The average foreclosure process in Florida took 619 days for foreclosures completed in the first quarter, up from 470 days in the first quarter of 2010 and nearly four times the average of 169 days it took in the first quarter of 2007.

The average foreclosure process in California took 330 days for foreclosures completed in the first quarter, up from 262 days in the first quarter of 2010 and more than double the average of 134 days in took in the first quarter of 2007.

Foreclosure Activity by Type
Default notices (NOD, LIS) were filed for the first time on a total of 63,422 U.S. properties in April, a 14 percent decrease from the previous month and a 39 percent decrease from April 2010. After spiking 16 percent in March, default notices in April dropped back down close to the 48-month low hit in February.

Scheduled foreclosure auctions (NTS, NFS) hit a 31-month low in April, with a total of 86,304 U.S. properties scheduled for an auction for the first time during the month — down 7 percent from March and down 37 percent from April 2010.

Lenders foreclosed on 69,532 U.S. properties in April, down 5 percent from March and down 25 percent from April 2010, but bank repossessions (REOs) were still above a 22-month low hit in February 2011.

States with a judicial foreclosure process registered a 3 percent decrease in overall foreclosure activity from March and a 47 percent decrease in overall foreclosure activity from April 2010. States with a non-judicial foreclosure process posted an 11 percent month-over-month decrease and 26 percent year-over-year decrease in overall foreclosure activity.

Nevada, Arizona, California post top state foreclosure rates
Nevada posted the nation’s highest state foreclosure rate for the 52nd straight month in April, with one in every 97 housing units receiving a foreclosure filing during the month. Overall foreclosure activity in Nevada decreased 9 percent from the previous month and was down 27 percent from April 2010. Bank repossessions increased 23 percent from March and were up 12 percent from April 2010 to 4,606 — an all-time monthly high since RealtyTrac began issuing the report for Nevada in April 2005.

Arizona REOs decreased 3 percent from March but were still up 22 percent from April 2010, helping the state maintain the nation’s second highest foreclosure rate for the fifth consecutive month. One in every 205 Arizona housing units received a foreclosure filing during the month, and overall foreclosure activity decreased 15 percent from March and was down 17 percent from April 2010 despite the year-over-year jump in REOs.

Overall, foreclosure activity in California was down monthly and annually in April, but a 22 percent month-over-month jump in REOs helped keep the state’s foreclosure rate at the third highest among all states for the sixth consecutive month. One in every 240 California properties received a foreclosure filing in April.

One in every 322 Utah housing units received a foreclosure filing in April, the fourth highest state foreclosure rate, and one in every 325 Idaho housing units received a foreclosure filing in April, the fifth highest state foreclosure rate.

Other states with foreclosure rates ranking among the top 10 in April were Michigan, Florida, Georgia, Colorado and Oregon.

10 states account for 70 percent of total foreclosure activity
Ten states accounted for 70 percent of U.S. foreclosure activity in April, led by California with 55,869 properties receiving a foreclosure filing during the month.

A total of 19,649 Florida properties received a foreclosure filing in April, the second highest state total despite a 59 percent decrease from April 2010. Florida overall foreclosure activity in April was still up marginally from a 46-month low set in February, and default notices and scheduled auctions increased from March.

Arizona tallied the third highest state total, with 13,419 properties receiving foreclosure filings in April, followed by Michigan, with 12,996 properties receiving foreclosure filings, and Nevada, with 11,761 properties receiving foreclosure filings.

Other states with foreclosure activity totals among the nation’s 10 highest in April were Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379).

Top metro foreclosure rates
Las Vegas continued to post the nation’s highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 82 housing units receiving a foreclosure filing in April — more than seven times the national average.

Another Nevada metropolitan area with a foreclosure rate in the top 10 was Reno-Sparks at No. 9, with one in every 183 housing units receiving a foreclosure filing in April.

Seven of the 10 highest metro foreclosure rates were in California cities, led by Modesto at No. 2, with one in every 136 housing units receiving a foreclosure filing in April. Other California cities in the top 10 were Stockton at No. 3 (one in every 138 housing units), Riverside-San Bernardino-Ontario at No. 4 (one in every 145 housing units), Bakersfield at No. 5 (one in every 151 housing units), Sacramento-Arden-Arcade-Roseville at No. 6 (one in every 166 housing units), Vallejo-Fairfield at No. 8 (one in every 175 housing units), and Merced at No. 10 (one in every 195 housing units).

The Phoenix-Mesa-Scottsdale metro area posted the nation’s seventh highest metro foreclosure rate in April, with one in every 168 housing units receiving a foreclosure filing during the month.

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.

Report License
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.

About RealtyTrac Inc.
RealtyTrac (http://www.realtytrac.com/) is the leading online marketplace of foreclosure properties, with more than 2 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

 

 Page 1 of 10  1  2  3  4  5 » ...  Last »