DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/129399
ยป with their generosity, and to raise more than $150,000 for Wish of a Lifetime during such a short event further exemplifies the wonderful group of agents with which GRC works." The event included panels to help agents better serve consumers and banks, as well as interactive breakout sessions that provided important details on how the Consumer Financial Protection Bureau and changing regulations affect agents. "Since the REO market continues to undergo significant changes, this Agent Day focused on how agents can adapt their businesses and remain 'best in class' professionals for years to come," D'Urso added. Virginia rank: 47 90+ Day Delinquency Rate Foreclosure Rate February 2013 2.4% Unemployment Rate 1.0% 5.6% year ago 2.3% 1.8% 5.9% year-over-year change 3.3% -42.0% -5.1% Top County 90+ Day Delinquency Rate Galax CiTy Foreclosure Rate February 2013 2.1% 3.0% year ago 2.4% 2.1% year-over-year change -13.2% 43.3% STAT INSIGHT 7.5% Top Core-Based Statistical area WaShinGTon-arlinGTon-alexandria, dC-Va-Md-WV 90+ Day Foreclosure Delinquency Rate Rate February 2013 3.0% Mortgages in Utah 30+ days delinquent or in foreclosure as of February month-end. Source: Lender Processing Services rank: 11 Foreclosure Rate February 2013 1.7% Unemployment Rate 3.9% 4.4% year ago 1.7% 3.8% 4.9% year-over-year change 0.5% 3.9% -10.2% Top County Franklin CounTy 90+ Day Delinquency Rate February 2013 2.5% Foreclosure Rate 6.0% year ago 2.3% 5.6% year-over-year change 9.0% 7.1% Top Core-Based Statistical area BenningTon, VT 90+ Day Delinquency Rate Foreclosure Rate February 2013 2.3% 5.5% year ago 2.3% 5.2% year-over-year change 0.5% 1.7% 1.6% year-over-year change 82.8% 40.8% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the February 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary February 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. IN THE NEWS Vermont 90+ Day Delinquency Rate 2.2% year ago 6.4% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the February 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary February 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. Market Set to Bloom as Spring Buying Season Begins While a few stumbling blocks remain, Freddie Mac insists the economy is finally headed "from gloom to bloom" this spring. The McLean, Virginia-based GSE released its U.S. Economic and Housing Market Outlook for March, indicating that low mortgage rates, rising prices, and gradually improving consumer confidence will bolster home sales as the homebuying season starts. Compared to 2012, experts at Freddie Mac expect home sales to increase 8 to 10 percent this year, totaling about 5.4 million units sold by year's end. With inventory remaining tight and home sales picking up in many markets, the demand for new single- and multifamily housing should result in more construction, higher new home sales, and greater construction employment. Housing starts are forecast to increase to 950,000 units in 2013, up from 780,000 last year. Regarding home prices, Freddie Mac expects an average 4 percent appreciation in VISIT US ONLINE @ DSNEWS.COM 2013, with 0.8 percent price growth in Q1 being cut down by 0.8 percent depreciation in Q 4. The two middle quarters of the year are each expected to see 2.0 percent appreciation. The news isn't all good, however. On the economic front, the enactment of the sequester in March spurred the GSE to slice half a percentage point off its economic growth projections. Budget cuts will also likely result in lower employment growth, which in effect will dampen housing somewhat. With spending reductions going into effect throughout the year, Freddie Mac predicts the unemployment rate will average about 7.8 percent for 2013, essentially flat for the year but about 0.25 percentage points higher than it would have been otherwise. With modest growth and high unemployment, long-term interest rates will creep up at a more gradual pace and will likely remain below 4 percent throughout 2013. Flagging consumer confidence is another concern. March's preliminary release of the Thomson Reuters/University of Michigan consumer sentiment measure shows the sentiment index coming in at 71.8, well below consensus expectations of 78. While the stock market has shown improvement, boosting confidence for higher-income families, slow employment growth continues to exert downward pressure on lower-income households. Regardless, experts insist the long-term picture looks brighter as the economic recovery starts to reach more and more areas of the United States. "History shows us not all economic recoveries are created equal and consumer confidence mirrors this fact. With the spring homebuying season upon us, the recent highs in the stock market are a welcome signal of better times ahead," said Frank Nothaft, VP and chief economist for Freddie Mac. "But it will be the gradually declining unemployment rate and steadily improving housing market that will deliver broad-based economic benefits for Americans and, in turn, support the overall recovery." Genworth Financial Implements Mortgage Insurance Capital Plan Genworth Financial got the go-ahead to implement its comprehensive capital plan for its mortgage insurance business. The plan was fully implemented as of April 1, Virginia-based Genworth announced. 107