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Alabama Arizona rank: 39 90+ Day Delinquency Rate Foreclosure Rate January 2013 4.00% rank: 36 Unemployment Rate 1.53% 6.9% 90+ Day Delinquency Rate Foreclosure Rate January 2013 2.29% 1.56% year ago 4.14% 1.75% 7.3% 3.35% 3.20% -5.5% -31.9% -51.4% Top County PinAl CounTy Foreclosure Rate 90+ Day Delinquency Rate January 2013 3.61% 4.55% 3.03% year ago 2.44% 6.40% year-over-year change -0.3% 5.55% year-over-year change 47.9% -28.9% Top Core-Based Statistical Area -45.3% Top Core-Based Statistical Area nogAleS, AZ MoBile, Al 90+ Day Delinquency Rate 90+ Day Delinquency Rate Foreclosure Rate 3.61% 3.29% 2.84% year ago 6.53% year ago 2.44% 4.08% year-over-year change -0.3% Foreclosure Rate January 2013 January 2013 6.51% Foreclosure Rate January 2013 year ago 6.53% -7.0% Top County MACon CounTy 6.51% 8.6% year-over-year change -12.4% 90+ Day Delinquency Rate 8.0% year ago year-over-year change -3.3% Unemployment Rate 4.18% year-over-year change 47.9% -19.3% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the January 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary January 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. -32.1% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the January 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary January 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Arizona Alaska rank: 50 90+ Day Delinquency Rate Foreclosure Rate January 2013 1.22% Unemployment Rate 0.79% 6.7% year ago 1.28% 0.93% 7.2% year-over-year change -4.2% -14.2% -6.9% Top County MATAnuskA-susiTnA Borough 90+ Day Foreclosure Delinquency Rate Rate January 2013 1.46% Roberta S. Chatfield Phoenix One Realty ABR, GRI, SRES, CLSS, e-Pro, RECS Call 602.882.0603 phoenixonerealty@aol.com MEMBER 1.22% year ago 1.59% 1.30% year-over-year change -8.0% -6.7% Top Core-Based statistical Area FAirBAnks, Ak 90+ Day Delinquency Rate Foreclosure Rate January 2013 2.13% 1.12% year ago 1.65% 1.18% year-over-year change 29.7% note: -5.7% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the January 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary January 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 78 IN THE NEWS Report: Price Recovery Appears Unsustainable in Arizona, Nevada Certain states are seeing above-average gains in home prices, but concerns have been raised that some states are seeing "unsustainable, investor fueled" increases, Capital Economics pointed out in a recent report. In response to those uncertainties, the research firm conducted an analysis of seven states plus the District of Columbia to see if price gains are merely investor led or truly sustainable. Out of the eight places covered, the firm concluded five states appear to be sustainable based on factors such as income and employment growth. "[W]e think that in most of these markets, the fundamentals are supportive of a sustained housing recovery, not just a temporary rebound," the report stated. The seven states the research firm observed were Arizona, California, Florida, Idaho, Nevada, North Dakota, and Utah, plus D.C. While the Federal Housing Finance Agency's (FHFA) index registered a 4 percent year-over-year gain in the third quarter of 2012, those particular states saw even higher gains, ranging from around 7 percent in California and Florida to 20 percent in Arizona during the same time period. In the analysis, the states that were of particular concern to Capital Economics were Arizona and Nevada, as well as D.C. In Arizona, prices have recovered 20 percent from their trough, while Nevada has recovered 12 percent from its bottom. However, the firm pointed out that "[e]mployment in both states has risen less than 2 percent from its floor, and personal income growth has also been trailing the national recovery." In addition, the firm looked at housing permits per capita relative to usual levels to determine homebuilder confidence in those markets. Based on its findings, the firm noted homebuilders seem to be reserved when it comes to the recovery in Arizona and Nevada, with construction activity in those states about a third of the usual level. "The reluctance of homebuilders to break new ground in these s tates is a legacy of the overhang of existing homes, which we think will persist for some time to come," the report stated. On the other hand, the firm had fewer concerns about California, Florida, Idaho, and Utah, stating that "while house prices have outperformed in these s tates, so too have personal incomes and employment." Capital Economics also expressed confidence in North Dakota, with mixed assessments of D.C. In North Dakota, prices have risen 18 percent from their trough, while personal income and employment also appeared to be