American Home Mortgage Foreclosures

foreclosure sign The national foreclosure pre-sale inventory is now at its lowest level since 2008, according to information from Mortgage News Daily.

The online revealed on November 22 that Lender Processing Services (LPS) announced the record-breaking data that day, noting that the inventory now represents 2.54 percent of mortgaged homes. The rate dropped 3.23 percent from September to October and is close to 30 percent lower than October 2012 levels. There are now 1.276 million homes in the inventory, which includes homes that are in some stage of foreclosure.

While 1.276 may still sound like a lot, it’s a far cry from the 2.9 million properties with foreclosure filings in 2010. This indicates the market is continuing to improve, with fewer homeowners facing foreclosure. However, economists and mortgage experts are likely cautiously optimistic, due to the fact that this data from LPS represents only preliminary data, based on a high percentage of the mortgage market, but not the market in its entirety.

According to Mortgage News Daily, the information was included in LPS’ regular preview of its monthly Mortgage Monitor. The Monitor presents loan-level information from the LPS database representing approximately 70 percent of the mortgage market. The full report will be published by December 9.

Back in October, LPS reported that there were 3.152 million mortgages that were 30 or more days past due but not yet in foreclosure. This translated to a delinquency rate of 6.28 percent, which represents a decrease of 2.80 percent since September and a 10.69 percent decrease year-over-year. Of these delinquent loans, LPS said 1.283 million are seriously delinquent, i.e. 90 or more days past due but not yet in foreclosure.

October saw a total of 4.43 million distressed mortgages throughout the United States. This figure included delinquent loans and loans already in the foreclosure inventory. The five states with the highest levels of foreclosures included Mississippi, which moved into first position with the highest percentage of non-current loans, Florida, New Jersey, New York and Louisiana.

According to information from, an online foreclosure tracking company, Mississippi currently has a foreclosure rate of 2 percent. The national foreclosure rate, according to RealtyTrac, is 1 percent. One contributing factor to the poor foreclosure market could be the higher-than-average unemployment rate, which RealtyTrac reported at 9.7 percent. As of this writing, the national unemployment rate was 7.3 percent.

Avoiding Foreclosure

If you or someone you know is struggling to make their mortgage payment, there are a number of foreclosure prevention resources that may be able to help. Take a look at some of the links below and forward them to anyone you think may benefit from the information provided.

Mr. & Mrs. Mortgage Fraud / Heartless Hedge Fund Manager
TV Series Episode Video on Demand ()

Home Loan Mortgage Modification

2009-12-23 09:42:34 by 56andfixed

Program Faces Rising Defaults Due To Unemployment
December 23, 2009
By Lee McFarland
"The home loan mortgage modification program has found that around 40% of homeowners who had their mortgage payments cut are falling into default once again due, mainly, to unemployment and the loss of income."
"The Obama Administration’s loan modification program was set to stop a flood of foreclosures, but with many American’s losing their income due to the weak job market there is little to be done

Home loan troubles break records again

2008-12-08 07:12:32 by --

Delinquencies, foreclosures rise to 10 percent of US home loans in third quarter
WASHINGTON (AP) -- A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted from risky loans to the crumbling U.S. economy.
The percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier, the Mortgage Bankers Association said Friday

Golden dream or foreclosures by the sea?

2007-08-01 16:48:36 by PETA_

- "The golden dream by the sea" is how Gov. Arnold Schwarzenegger has fancifully described California. Yet for thousands who bought homes during the Golden State's latest housing boom, foreclosures have turned recent months into a nightmare. Dorothy Hicks, 74, a retired federal employee in Oakland, California, is seeing her American dream of owning a home teetering on the edge of collapse. After refinancing into an adjustable-rate mortgage last year, she faces possible foreclosure on her home of nearly 40 years.
Hicks says she was told the mortgage was a fixed-rate loan, but was soon overwhelmed by soaring payments when its interest rates rose

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