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Home > Archives for mthomas > Page 3

‘Stunning’ Delinquency Spike Could Mean ‘Bumpy Waters Ahead’

December 15, 2020 by mthomas Leave a Comment

Due to forbearance plans, home foreclosures are at record lows, but skyrocketing serious-delinquency rates point to a rough road ahead. That is, according to CoreLogic, provider of property-data analysis, which just released its monthly Loan Performance Insights report for August. It showed, nationally: •Overall delinquency rate for August was 6.6%. •The rate for early-stage delinquencies (30 to Continue Reading

FHFA and FHA Extend Foreclosure, REO Eviction Moratoriums

August 27, 2020 by mthomas Leave a Comment

UPDATE: The Federal Housing Administration (FHA) and HUD announced, shortly following FHFA's similar announcement, the third extension of its foreclosure and eviction moratorium through December 31, for homeowners with FHA-insured single family mortgages covered under the Coronavirus Relief and Economic Security (CARES) Act. According to a statement, "this extension provides an additional four Continue Reading

Mortgage Delinquencies Hit Four-year High

July 17, 2020 by mthomas Leave a Comment

The share of mortgage loans that became delinquent in April outpaces anything seen during the Great Recession and is the highest rate on record in 21 years, according to CoreLogic’s data. During the month of April, 3.4% of mortgages went from current to 30 days past due, outpacing the 2% high recorded in late 2008. The overall national delinquency rate in April stood at 6.1%, according Continue Reading

7.7% of Mortgages Now in Forbearance

May 11, 2020 by mthomas Leave a Comment

As of May 7, nearly 4.1 million homeowners are in forbearance plans, representing 7.7% of all active mortgages, according to the latest forbearance data from Black Knight. They account for $890 billion in unpaid principal and includes 6.4% of all GSE-backed loans and 11% of all FHA/VA loans. At today’s level, mortgage servicers need to advance a combined $4.5 billion/month to holders of Continue Reading

Cities at Risk of a Housing Recession

March 31, 2020 by mthomas Leave a Comment

The housing market is set to remain a bright spot in the face of a possible recession caused by the COVID-19 pandemic, according to Redfin. Because the housing market was strong going into the 2020 recession, there’s currently no reason to expect a major crash in home prices, Redfin notes. As Redfin states, the driving factors for this 2020 recession are unrelated to real estate, which Continue Reading

Foreclosure Trends, State by State

January 21, 2020 by mthomas Leave a Comment

California and Florida combined have totaled nearly 1.5 million REOs over the last 10 years, according to ATTOM Data Solutions Year-End 2019 Foreclosure Market Report. Other states leading the nation in REOs include Michigan (333,312), Texas (323,806), Illinois (312,057) and Georgia (304,964). Metropolitan statistical areas with a population greater than 200,000 that saw a year-over-year increase Continue Reading

Mortgage Meltdown Unlikely Despite Hike in Risky Loans

November 15, 2019 by mthomas Leave a Comment

Housing analysts are hoping it’s not a case of déjà vu. Unconventional mortgage lending is on the rise, in 2018 reaching its highest level since the financial crisis of 2008. These mortgages include subprime loans, financing offered to borrowers with blemished credits. While these more risky loans are on the rise, some economists shrug off the notion that the economy is headed for another Continue Reading

The Rise of Mom-and-Pop REO Investors

October 19, 2019 by mthomas Leave a Comment

Over half of investors at foreclosure auctions plan to purchase fewer than five properties in 2019, according to the 2019 Buyer Insights Survey Report from Auction.com. The report found that 51% of auction buyers are these “mom and pop” investors, while 22% of buyers plan to purchase more than 10 properties for the year. Only 2% of buyers said they plan to purchase more than 100 properties in Continue Reading

Foreclosures Levels Continue to Drop

September 23, 2019 by mthomas Leave a Comment

Mortgage performance improved in August, according to the First Look at the latest mortgage performance data from Black Knight. Black Knight states that foreclosure starts hit an 18-year low in August, at 36.2K for the month. Foreclosure starts were down over 23% from this time last year, and the number of loans in active foreclosure, at 253K, is now the smallest it’s been since Continue Reading

Measuring Distressed Property Prices

August 7, 2019 by mthomas Leave a Comment

The average sales price for properties sold at foreclosure auction in Q1 2019 increased by 8% from the previous quarter to $147,115, or 7% higher than a year ago, according to a report from Auction.com. This is the highest level since Auction.com began recording this data in Q1 2016. “Auction.com has digitized much of the foreclosure auction process over the past several years, giving us access Continue Reading

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Michael Thomas

Michael Thomas is one of the leading real estate brokers in San Diego, California. He is endorsed by the National Association of Realtors as a Seller Representative Specialist, Accredited Buyer Representative, as well as Short Sale & Foreclosure Certified. As a lifelong resident of San Diego with a Master’s Degree in Business Administration, he’s uniquely qualified to help San Diegans achieve their real estate goals.

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