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.

26 Apr 2013.

The number of distressed loans (60+ days delinquent, delinquent and in bankruptcy, or in the foreclosure process) is declining very slowly. Within the universe of mortgages covered by the Mortgage Metrics report (about 60% of the market), there are about 2.5 million distressed loans.

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.

26 Apr 2013. Data through Q4 2012.

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

Coverage

Redefaults suggest loan mods are only a partial solution (26 Apr 2013) Over the long run, perhaps a third of all modified loans will re-default.

The Mortgage Metrics home page is on the OCC site.

• US home forfeitures for a higher level view.