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Distressed properties will keep US house prices moderate for some time yet [ClearOnMoney]
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Distressed properties will keep US house prices moderate for some time yet

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Commentary

Distressed properties will keep US house prices moderate for some time yet

18 Oct 2012 by Jim Fickett.

Recently the Federal Housing Finance Agency and the Office of the Comptroller of the Currency each published their quarterly reports on the mortgage market. Both reports, the first covering Fannie and Freddie and the second covering the wider market, show

  • The number of seriously delinquent loans continues to come down but remains very high
  • The foreclosure sale rate seems to have reached an equilibrium, and
  • Most of the modifications that make sense have already been done

The first graph shows data for Fannie and Freddie:

The second is for the wider mortgage market:

This graph shows the home forfeiture (foreclosures, short sales, and deeds-in-lieu) rates from both:

Here is a map of seriously delinquent Fannie and Freddie loans by state (what is it about Florida, anyway?):

Definition footnote

For the FHFA report, “seriously delinquent” means 90+ days delinquent or in foreclosure. For the Mortgage Metrics report it means 60+ days delinquent or in bankruptcy and 30+ days delinquent.