A total of 7.02 million American homeowners have now received loan modifications since HOPENOW started tracking loan mods in 2007. For the month of April, an estimated 42,000 homeowners received permanent, affordable loan modifications from mortgage servicers. Of these modifications, approximately 30,000 were through proprietary programs and 11,813 were completed via the Home Affordable Modification Program. Approximately 5.65 million homeowners have received proprietary loan modifications since 2007 and 1,364,674 homeowners have received HAMP modifications. HAMP reporting began in 2009. Foreclosure starts declined in April, with approximately 65,000 for the month, compared to 70,000 in March – a decrease of 8%. Completed foreclosure sales remained relatively flat, with 40,000 reported in April compared to 39,000 reported in March.
Delinquencies of 60 days or more were under two million for the second straight month – at approximately 1.93 million. For comparison purposes, there were 4.13 million homeowners in 60+ day delinquency in December of 2009 – more than twice the current number. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the first quarter of 2014. Short sales increased 11% from March to April – with 12,000 in April and 11,000 in March. “Issues such as abandoned properties, blight and community development initiatives have been at the forefront of these meetings. It is our hope that these roundtables result in meaningful, realistic solutions that improve the overall quality of the housing market,” Selk said.
Source: Chris McLaughlin