Today I discuss a report about fewer mortgage delinquencies and possibly fewer foreclosures, and much more!
Serious Delinquencies Down 7%
Good news for both real estate and the economy is that HOPE NOW is reporting a 7% drop in serious delinquencies (60+ days or more past due) if you compare the 1st quarter of 2012 to the same time period in 2011. Fewer people getting behind on their mortgages should mean fewer people hurting due to the crappy economy. Hopefully it will also mean fewer foreclosures in the future.
For the first quarter of 2012, there were 8% fewer foreclosure starts than in the first quarter 2011. US foreclosure sales for the first quarter of 2012 were down 4% compared to the same period in 2011.
HOPE NOW is the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, brought together by the Financial Services Roundtable, Housing Policy Council and Mortgage Bankers Association, that has developed and is implementing a coordinated plan to help as many homeowners as possible prevent foreclosure and stay in their homes.
For more information go to www.HopeNow.com or call the free Homeowner’s HOPE™ Hotline at (888) 995-HOPE.
100 US Real Estate Markets Show Improvement!
Yet more positive news for real estate! The latest National Association of Home Builders/First American Improving Markets Index showed 100 housing markets showed measurable and sustained improvement. While they do not measure our area, the fact that so many real estate market across the US are showing improvement is more evidence that some of the claims that housing has hit bottom just might be true.
Speaking of hitting bottom, Lewis Ranieri, pioneer of the mortgage-backed securities market, said at a conference Monday that housing has hit bottom. Do you think we have hit bottom? I am starting to think we may have.
The only way to know for sure when we have hit bottom with 100% certainty is long after it has happened…
Lower Mortgage Rates?
Hard to believe that mortgage rates could get any lower. Consider this quote from an article I just read:
With a win by the socialist party in France’s presidential election, bond investors will be shifting money into U.S., U.K. and Germany. That means lower mortgage rates, at least temporarily, for U.S. consumers.
Like I said this is pretty hard to believe. Instead of believing something just because it would benefit you, I would suggest talking to a mortgage lender and see what they have to say. Just because rates go down does not mean much if the fees go up…
More Real Estate News & Links
Really? Why am I not surprised: Banks Battling To Keep Reforms Required by the Mortgage Settlement From Becoming Permanent
Considering the news above, it should not be a surprise that US Economic Confidence Steady at Relatively Improved Level But will this lead to more homes selling?
This blew my mind: Bathrooms Top Kitchens as Most Popular Remodeling Project in 2011 Which would you rather update: Kitchen or Bathroom?
Thinking about doing some home improvements? The you should read Do Energy Upgrades Add Value to Existing Homes?