October 2011 foreclosure rates in Miami (source: CoreLogic)
Foreclosures increased slightly in Miami in October and remained far above the national average, according to a report released today by analytics firm CoreLogic.
Among outstanding mortgage loans in the Miami-Miami Beach-Kendall area, 18.13 percent were in foreclosure in October 2011, compared to 17.57 percent 12 months prior. Statewide, the foreclosure rate is 12.32 percent and nationally its 3.51 percent. [more]
Click image to enlargeThanks to a slowdown in the pace of new delinquencies, nationwide shadow inventory declined, according to a report released today by CoreLogic. Shadow inventory dipped to 1.6 million units in July, down from 1.7 million units last measured in April and 1.9 million units a year ago. The current supply represents five months-worth of homes.
Shadow supply, which includes homes that are seriously delinquent, in some stage of foreclosure or are real estate owned, comprises 29 percent of the total July inventory of 5.4 million. Last year at this time the total visible and shadow supply was 6.1 million units. – Adam Fusfeld [more]
Commercial mortgage-backed securities loans are showing unusually high delinquency rates, according to the Mortgage Bankers Association, which noted that third-quarter delinquencies in that class of loans reached 8.58 percent — their highest level in more than 10 years. But other commercial and multi-family loans showed improvement in the third quarter, according to the MBA, with delinquency rates on loans held by Fannie Mae and Freddie Mac both below 1 percent. Overall, commercial delinquency rates are improving, according to Jamie Woodwell, vice president of commercial real estate research with the MBA. “Although weak, the economic recovery is just beginning to be seen in commercial real estate fundamentals,” Woodwell said. “Commercial mortgage performance among most investor groups… continues to be better than during the last major downturn of the early 1990s.” TRD
After two months of improvement, the delinquency rate in the U.S. commercial mortgage-backed securities market shot up 21 basis points in August to the highest level in the history of the CMBS industry, dating back to the early 1990s, according to Trepp’s latest monthly delinquency report (see the full report below). The overall CMBS delinquency rate in August was 8.92 percent nationwide, which includes loans that are 30 or more days delinquent, in foreclosure or bank-owned. Meanwhile, seriously delinquent loans — those that are at least 60 days delinquent — also saw a 20-basis-point spike. The overall acceleration in souring loans follows lesser increases of 12 basis points in July and 17 basis points in June, which had sparked hopes about the possibility of a recovery. But the August data signals that, in fact, the worst may not yet be over for commercial real estate, Trepp said. Hotels fared worst of all property types during the month, up 51 basis points to an 18.92 percent delinquency rate. Meanwhile, retail was the only segment of the real estate market to improve, with its delinquency rate declining 14 basis points to 6.76 percent. TRD
After two months of improvement, the delinquency rate in the U.S. commercial mortgage-backed securities market shot up 21 basis points in August to the highest level in the history of the CMBS industry, dating back to the early 1990s, according to Trepp’s latest monthly delinquency report (see the full report below). The overall CMBS delinquency rate in August was 8.92 percent nationwide, which includes loans that are 30 or more days delinquent, in foreclosure or bank-owned. Meanwhile, seriously delinquent loans — those that are at least 60 days delinquent — also saw a 20-basis-point spike. The overall acceleration in souring loans follows lesser increases of 12 basis points in July and 17 basis points in June, which had sparked hopes about the possibility of a recovery. But the August data signals that, in fact, the worst may not yet be over for commercial real estate, Trepp said. Hotels fared worst of all property types during the month, up 51 basis points to an 18.92 percent delinquency rate. Meanwhile, retail was the only segment of the real estate market to improve, with its delinquency rate declining 14 basis points to 6.76 percent. TRD
The rate of residential mortgage delinquencies dropped to a seasonally-adjusted rate of 9.46 percent in the fourth quarter of 2009 over the previous quarter, according to a report from the Mortgage Bankers Association. This decline represents a 17 point decline between the third and fourth quarters last year, leading Jay Brinkmann, chief economist with MBA, to suggest that the delinquency tidal wave seen during the housing crisis may be nearing its end. “We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007,” Brinkmann said. “The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight.” TRD
Delinquencies on residential loans hit record-breaking levels in the third quarter this year, according to the Mortgage Bankers Association. The delinquency for mortgages on U.S. residential properties with one-to-four units hit 9.64 percent in the quarter, according to the MBA’s seasonally adjusted data, released today. The figure is 265 basis points up from the same time period last year and up 40 points from the second quarter this year. The record had been set last quarter, when the delinquency rate was at 8.86 percent, but MBA experts said that prime and FHA loans, coupled with continued job losses nationwide, spurred delinquencies. “Despite the recession ending in mid-summer, the decline in mortgage performance continues,” Jay Brinkmann, chief economist with MBA, said. “Job losses continue to increase and drive up delinquencies and foreclosures because mortgages are paid with paychecks, not percentage point increases in GDP.” TRD
U.S. commercial mortgage-backed securities saw another monthly jump in the rate of delinquencies in October, according to data from Fitch Ratings, as late-pays jumped 3.86 percent since September. Office properties saw the biggest jump in delinquencies out of the different types of commercial properties tracked, with 19.4 percent more recorded in October than the month before. Overall, hotel properties saw the greatest percentage of mortgages defaults, with 6.81 percent of hotel property loans going into default, according to the report. TRD
The delinquency rate on commercial mortgages jumped 33 basis points to 3.34 percent last month, according to Credit Suisse Group AG. Payments on $22.4 billion of mortgages were at least 60 days late in September, the report from the financial services firm said, a sharp increase from the same time period a year ago, when $3.2 billion in mortgages were delinquent. Credit Suisse analysts attributed the uptick in delinquencies to poor underwriting on recent loans, as borrowers expected rents on space — particularly retail — to keep rising.
Home loan delinquencies are on the rise, according to a new report from the Comptroller of the Currency released yesterday. The number of total loans reaching “past due,” CNBC’s Diana Olick said, is around 11.4 percent. In the second quarter this year, around two million loans became seriously delinquent. The combined data shows that “delinquencies are rising faster than modifications,” Olick said, which will ultimately put “downward pressure on home prices.”
