DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/119281
ยป IN THE NEWS Rhode Island rank: 10 90+ Day Delinquency Rate Foreclosure Rate January 2013 4.04% Unemployment Rate 3.89% 9.8% year ago 4.31% 3.82% 10.8% year-over-year change -6.3% 2.0% -9.3% Top County PRovIdenCe CounTy 90+ Day Delinquency Rate Foreclosure Rate January 2013 4.93% 4.79% year ago 5.26% 4.72% year-over-year change -6.3% 1.5% Top Core-Based Statistical Area PRovIdenCe-new BedfoRd-fAll RIveR, RI-MA 90+ Day Foreclosure Delinquency Rate Rate January 2013 4.30% 3.66% year ago 4.31% 3.82% year-over-year change -0.2% -4.2% 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. South Carolina rank: 13 90+ Day Delinquency Rate Foreclosure Rate January 2013 2.63% Unemployment Rate 3.64% 8.7% year ago 2.71% 4.86% 9.5% year-over-year change -2.9% -25.1% -8.4% Top County LanCaSTer CounTy 90+ Day Delinquency Rate January 2013 4.20% Foreclosure Rate 6.39% year ago 4.12% 7.39% year-over-year change 1.9% -13.4% Top Core-Based Statistical area LanCaSTer, SC 90+ Day Delinquency Rate Foreclosure Rate January 2013 4.20% 6.39% year ago 4.12% 7.39% year-over-year change 1.9% note: -13.4% 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. Titanium Solutions Shutters Doors A longtime provider of mortgage industry outreach services announced it is closing its doors for good. Titanium Solutions, founded in 1999 and based in South Carolina since 2008, said its services aren't as in-demand as they once were with the market now in recovery. A reader forwarded to TheMReport.com a statement from the company that was reportedly sent to vendors and posted at AgentsOnline.net, a discussion forum for real estate professionals. It reads in part: "[T]he use of face to face outreach has seen precipitous decline in the market. This decline in demand can be attributed to improving mortgage delinquency rates, declining foreclosures and improved servicer processes, all positive signs for the mortgage industry; unfortunately not beneficial for the long term growth of Titanium. As a result of these changes in the marketplace, we have decided to cease operations effective March 13, 2013. . . . Effective immediately, all work outstanding assignments are being closed and returned to our clients." In the statement, Titanium also expresses its "deep appreciation" to all of the professionals who served as "the face of Titanium" in its borrower outreach efforts. "You were the hope for many when there was no hope. The good work you have done is greatly appreciated by the team here at Titanium Solutions, and we hope that the contacts you have made and relationships you have established with these homeowners will continue to bear fruit in years to come," the company said. STAT INSIGHT 5,775 REO properties in South Carolina as of June 2012. Source: NewYorkFed.org VISIT US ONLINE @ DSNEWS.COM South Dakota rank: 43 90+ Day Delinquency Rate Foreclosure Rate January 2013 0.96% Unemployment Rate 1.27% 4.4% year ago 0.96% 1.76% 4.4% year-over-year change -0.4% -27.5% 0.0% Top County MCCook CounTy 90+ Day Delinquency Rate January 2013 2.24% Foreclosure Rate 3.46% year ago 2.27% 3.00% year-over-year change -1.4% 15.0% Top Core-Based Statistical Area VerMillion, SD 90+ Day Delinquency Rate Foreclosure Rate January 2013 0.58% 1.70% year ago 0.40% 2.35% year-over-year change 44.1% -27.7% 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. IN THE NEWS South Dakota Households Among Least Distressed in the Nation In terms of financial distress, households in South Dakota are the second least distressed out of all states, according to CredAbilty's Consumer Distress Index for the fourth quarter of 2012. South Dakota scored 84.32 on the index, trailing behind only North Dakota's score of 86.48. A higher score indicates less distress, with a score below 70 indicating a state of financial distress. The national average in the fourth quarter was 71.8. The Bureau of Labor Statistics reported South Dakota had an unemployment rate of 4.4 percent as of January 2013, compared to a national unemployment rate of 7.9 for the same period. The state also boasts the fifth lowest foreclosure start rate in the nation at 0.33 percent, according to the Mortgage Bankers Association. 105