Foreclosure more than doubled in first quarter

April 29, 2008
Foreclosure more than doubled in first quarter

LOS ANGELES (AP) -- The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many homeowners powerless to prevent homes from being auctioned to the highest bidder, a research firm said Monday.

Among the hardest hit states were Nevada, Florida and, in particular, California, where Stockton led the nation with a foreclosure rate that was 6.6 times the national average, Irvine, Calif.-based RealtyTrac Inc. said.

Fannie Mae, Freddie Mac: Government Relaxes Capital Requirements To Help Ease Home Loan Financing

March 19, 2008

Fannie Mae, Freddie Mac: Government Relaxes Capital Requirements To Help Ease Home Loan Financing

(AP) The government on Wednesday relaxed capital requirements at Fannie Mae and Freddie Mac as part of a plan to inject an additional $200 billion of financing for home loans.

The initiative, which will require Fannie and Freddie to raise substantial funds, is part of a broader government strategy to ease a credit crisis that has made it difficult for consumers and businesses to borrow, and spread fear throughout global financial markets.

Mortgage Crisis Spreads Past Subprime Loans

March 12, 2008
Mortgage Crisis Spreads Past Subprime Loans

The credit crisis is no longer just a subprime mortgage problem.

As home prices fall and banks tighten lending standards, people with good, or prime, credit histories are falling behind on their payments for home loans, auto loans and credit cards at a quickening pace, according to industry data and economists.

The rise in prime delinquencies, while less severe than the one in the subprime market, nonetheless poses a threat to the battered housing market and weakening economy, which some specialists say is in a recession or headed for one.

401(k)s tapped to save homes

March 10, 2008
401(k)s tapped to save homes

Struggling to save their homes from foreclosure, more Americans are raiding their 401(k) retirement accounts to pay their bills — and getting slammed with taxes and penalties in the process, according to retirement plan administrators.

Rather than borrow money from their 401(k) accounts, which would have to be paid back, a growing number of beleaguered families have been cashing out, plan administrators say.

U.S. Mortgage Foreclosures Rise as Owners 'Give Up'

March 6, 2008
U.S. Mortgage Foreclosures Rise as Owners 'Give Up'

March 6 (Bloomberg) -- U.S. mortgage foreclosures rose to an all-time high at the end of 2007 as borrowers with adjustable-rate loans walked away from properties before their payments increased, the Mortgage Bankers Association said today.

New foreclosures jumped to 0.83 percent of all home loans in the fourth quarter from 0.54 percent a year earlier. Late payments rose to a 23-year high, the organization said in a report today.

Bank regulators: 'Asleep at the switch'

March 4, 2008
Bank regulators: 'Asleep at the switch'

NEW YORK (CNNMoney.com) -- Lawmakers grilled bank regulators Tuesday about why they didn't intervene as lax lending standards led to a meltdown in the mortgage market and a credit crunch that threaten the economy.

"Again and again the question has been asked over the past year as our credit markets have grown increasingly impaired: Where were the regulators?," said Sen. Christopher Dodd, D-Conn., chairman of the banking committee. "Why didn't they do more? Were they asleep at the switch? And when the alarm went off, did they merely hit the snooze button?"

In Parts of U.S., Foreclosures Top Sales

March 1, 2008
In Parts of U.S., Foreclosures Top Sales

Mortgage foreclosure notices are going out so fast that in some states the number of new foreclosure proceedings each month is greater than the number of homes sold that month.

The foreclosure problem appears to be greatest in the West, particularly in Nevada, where home prices soared in the housing boom and are now falling rapidly.

U.S. Home Foreclosures Jump 90%

February 26, 2008
U.S. Home Foreclosures Jump 90%

Feb. 26 (Bloomberg) -- Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.

Repossessions rose 90 percent to 45,327 last month from the same period a year ago, RealtyTrac Inc. said today in a statement. Total foreclosure filings, which include default and auction notices as well as bank seizures, increased 57 percent.

"The most troubling thing is that we are seeing more and more of these properties actually going all the way through the process and going back to the banks," Rick Sharga, executive vice president of Irvine, California-based RealtyTrac, said in an interview.

Defaults among subprime borrowers and those unable to meet rising payments on adjustable-rate loans drove foreclosure filings to the highest since August and the second-highest since RealtyTrac started keeping records. About $460 billion of adjustable mortgages are scheduled to reset this year, raising minimum payments for borrowers, according to New York-based analysts at
Citigroup Inc.

Foreclosures up 75% in 2007

January 29, 2008
Foreclosures up 75% in 2007

NEW YORK (CNNMoney.com) -- The number of foreclosures soared in 2007, with 405,000 households losing their home, according to a report released Tuesday.

Total foreclosure filings soared 97% in December alone compared with December of 2006, according to RealtyTrac, an online seller of foreclosure properties. For the year, total filings - which include default notices, auction sale notices and bank repossessions - grew 75%.

Nevada had top foreclosure rate in 2007

January 29, 2008
Nevada had top foreclosure rate in 2007

LOS ANGELES (AP) -- The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year.

About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million.

Bush mortgage plan includes rate freeze

December 5, 2007
Bush mortgage plan includes rate freeze

WASHINGTON - The Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures, congressional aides said Wednesday.

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.

US foreclosure filings up 94 pct in Oct.

November 29, 2007
US foreclosure filings up 94 pct in Oct.

U.S. foreclosure filings nearly doubled in October from the same month last year, the latest sign many homeowners are falling behind on mortgage payments and increasingly losing their homes, according to a mortgage research company.

A total of 224,451 foreclosure filings were reported in October, up 94 percent from 115,568 in the same month a year ago, Irvine-based RealtyTrac Inc. said Thursday.

Foreclosure Filings Nearly Double

October 11, 2007
Foreclosure Filings Nearly Double

Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosure, a real estate information company said Thursday.

A total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine-based RealtyTrac Inc.

Foreclosures Hit New Record

September 6, 2007
Foreclosures Hit New Record

WASHINGTON - The number of homeowners receiving foreclosure notices hit a record high in the spring, driven by problems with subprime mortgages.

The Mortgage Bankers Association reported Thursday that mortgage-holders starting the foreclosure process in the April-June quarter reached 0.65 percent, marking the third consecutive quarter that this figure has set an all-time high.

Foreclosures Jump Sharply in July, Up 9 Percent From June

August 21, 2007
Foreclosures Jump Sharply in July, Up 9 Percent From June

LOS ANGELES (AP) -- The number of foreclosure filings reported in the U.S. last month jumped 93 percent from July of 2006 and rose 9 percent from June, the latest sign that homeowners are having trouble making payments and finding buyers during the national housing downturn.

There were 179,599 foreclosure filings reported during July, up from 92,845 during the same period a year ago, Irvine-based RealtyTrac Inc. said Tuesday. There were 164,644 foreclosure filings reported in June.

Foreclosures Continue to Skyrocket

July 30, 2007

Foreclosures Continue to Skyrocket

The number of people struggling to pay their mortgages has skyrocketed in the first half of 2007, according to new data released today by RealtyTrac.

During that time period there were 925,986 foreclosure filings -- default notices, auction sale notices and bank repossessions -- on 573,397 properties nationwide, up more than 30 percent from the previous six-month period and up more than 55 percent from the first six months of 2006.

Foreclosure Rate Hits Historic High

June 15, 2007
Foreclosure Rate Hits Historic High

The percentage of U.S. mortgages entering foreclosure in the first three months of the year was the highest in more than 50 years, according to the Mortgage Bankers Association.

As the association released its numbers, the Federal Reserve held a hearing to determine whether regulators could do anything to crack down on abusive lending practices, which have exacerbated the problem.

U.S. Mortgage Foreclosure Filings Rise 90% in May

June 12, 2007
U.S. Mortgage Foreclosure Filings Rise 90% in May

June 12 (Bloomberg) -- U.S. foreclosure filings surged 90 percent in May from a year earlier as more homeowners fell behind on their monthly mortgage payments, RealtyTrac Inc. said.

There were 176,137 notices of default, scheduled auctions and bank repossessions last month, led by California, Florida and Ohio, the Irvine, California-based seller of foreclosure data said in a report today. The median price for a U.S. home slid 1.8 percent the first three months of 2007 as the housing slump entered its second year, according to the National Association of Realtors. The filings rose 19 percent from April.

U.S. foreclosure filings rise 47 percent in March

April 18, 2007
U.S. foreclosure filings rise 47 percent in March

Banks began foreclosure proceedings against 47 percent more U.S. homeowners last month compared with a year ago as falling housing prices made it more difficult for borrowers to refinance mortgages.

More than 149,000 filings were posted in March, the highest number since RealtyTrac Inc. began collecting data in January 2005, the Irvine, Calif.-based research company said Wednesday in a statement. California filings rose to 31,434, more than triple the number a year ago. Nevada and Colorado had the largest percentage gains.

U.S. Foreclosures Double as Refinancing Gets Tougher

April 16, 2007
U.S. Foreclosures Double as Refinancing Gets Tougher

April 16 (Bloomberg) -- The number of U.S. homes entering foreclosure in the first quarter doubled from a year earlier as property prices stagnated and owners struggled to refinance mortgages.

Owners of 168,829 homes in the first three months of 2007 received notice that lenders had filed for foreclosure due to failure to pay loans or liens, Foreclosures.com said today in a statement. That compares with 83,154 homes in the same period of 2006, the Sacramento, California-based research firm said.

A four-year high in mortgage payment delinquencies and the failure or sale of 50 subprime mortgage companies, which provide loans to people with poor or limited credit histories, have made credit less available. The inability of homeowners to refinance their debt has added to the rise in foreclosures.