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Mortgage Metrics report

This page summarizes the results of the quarterly Mortgage Metrics report. The main question is the long-term trend in home forfeitures.

Summary

23 Jul 2013.

The number of distressed loans (60+ days delinquent, delinquent and in bankruptcy, or in the foreclosure process) is somewhat more than half way back to normal.

The two main ways these loans are currently cleared is through forfeitures (foreclosure sales, short sales, or deeds in lieu of foreclosure) and modifications. The combined volume of forfeitures and modifications remains small compared to the backlog of distressed loans.

Graph

23 Jul 2013. Data through Q1 2013.

Data are merged from the Mortgage Metrics reports to date. These cover about 55% of all mortgages. Seriously delinquent means delinquent 60+ days, or in bankruptcy and delinquent 30+ days.

Highlights

Coverage

Report Millions of mortgages Percent of all mortgages
2008-Q4 35m 66%
2009-Q1 34m 64%
2009-Q2 34m 64%
2009-Q3 34m 65%
2009-Q4 34m 64%
2010-Q1 34m 64%
2010-Q2 34m 65%
2010-Q3 33m 64%
2010-Q4 33m 63%
2011-Q1 33m 63%
2011-Q2 33m 63%
2011-Q3 32m 62%
2011-Q4 31m 60%
2012-Q1 31m 60%
2012-Q2 31m 60%
2012-Q3 30m 58%
2012-Q4 29m 57%
2013-Q1 28m 55%


Redefaults suggest loan mods are only a partial solution (23 Jul 2013) Over the long run, perhaps a quarter of all modified loans will re-default.

Sources

The Mortgage Metrics home page is on the OCC site.

See also