Foreclosures down 500K from last year | Mt Kisco Real Estate

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REwired

 

Monday Morning Cup of Coffee takes a look at news crossing HousingWire's weekend desk, with more coverage to come on bigger issues.
Black Knight Financial Services' "First Look" at February 2014 data
Black Knight, formerly Lender Processing Services, report on mortgage performance in February include the following highlights:

1. The number of loans in foreclosure has dropped by more than 500K since last year (1.24M as of Feb.)
2. There are now nearly 1 million fewer non-current mortgages since last February (4.1M as of Feb).
3. The roughly 92K foreclosure starts in February marked a 30% year-over-year decline.

The monthly prepayment rate (historically a good indicator of refinance activity) declined almost 64% year-over-year. Mississippi, Nevada & Rhode Island have highest rates of seriously delinquent (90+ days) loans. Non-current rates in Vermont & Massachusetts have increased the most over the past 6 mos. (up 1.9% and 1.3%, respectively)
Black Knight will provide a more in-depth review of this data in its monthly Mortgage Monitor report.
Subprime is making a comeback. According to CNN Money, the infamous, risky mortgages are growing in popularity.
But this time, things are different:

"During the housing bubble, lenders were handing out subprime loans with cheap teaser rates and little or no down payments. Now, lenders are charging interest rates of as high as 8% to 10% and requiring borrowers to make down payments of as much as 25%-35%."

But wait a sec, how much market share is subprime getting? According to the Wall Street Journal, not a whole lot, and things aren't that much better at the high end of the credit spectrum:

"Borrowers with FICO scores below 620 accounted for 0.35% or mortgages in January, down from about 13% in February 2003 and a peak of 17% during the frothiest peaks of the housing bubble. The best borrowers, with scores above 780, have taken their place, swelling from about 13% or originations in 2003 to a little less than 30% today."

Could 2014 be the year the housing market really recovers? Or so asks the Christian Science monitor:




http://www.housingwire.com/blogs/1-rewired/post/29403-monday-morning-cup-of-coffee