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ยป Massachusetts rank: 26 90+ Day Delinquency Rate Foreclosure Rate May 2013 3.3% Unemployment Rate 2.3% 6.6% year ago 3.5% 2.6% 6.7% year-over-year change -4.2% -9.9% -1.5% Top County HaMpden CounTy 90+ Day Delinquency Rate Foreclosure Rate May 2013 5.4% 3.8% year ago 5.4% 3.7% passed last year that forces lenders to consider alternatives to foreclosure is also contributing to the decrease as lenders revamp their foreclosure procedures to comply." Foreclosure deeds, or completed foreclosures, fell 68 percent to 251 in May compared to 796 a year earlier. Year-to-date, completed foreclosures stood at 1,246, which is a 69 percent decrease from 4,011 during the same time period last year. Advertised auction notices also took a hit in May, declining 69 percent year-over-year to 447. From January to May, auction notices fell 73 percent to 1,925 compared to 7,023 during the first five months of 2012. year-over-year change 1.2% 1.7% Top Core-Based Statistical area piTTSfield, Ma 90+ Day Delinquency Rate Foreclosure Rate May 2013 3.9% 3.7% year ago 3.7% 3.9% year-over-year change 3.1% -5.4% 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 May 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. IN THE NEWS Bay State Foreclosures Continue to Plummet Once again, foreclosure starts and completions plummeted in Massachusetts, with starts falling to the lowest level recorded, according to the Warren Group's report for May. Foreclosure petitions, which signal the first step in the foreclosure process in Massachusetts, totaled 248 during the month of May, which is the lowest level since 2006 when the Warren Group first began tracking foreclosure data. The previous low was 350 recorded in June 2008. May's foreclosure petitions represent an 86 percent decline from a year earlier, when there were 1,779 starts filed. "[May's] data further supports our argument that the foreclosure crisis is behind us," said Timothy M. Warren Jr., CEO of the Warren Group. "The combination of a recovering housing market and banks' willingness to allow for loan modifications has helped suppress foreclosure levels. Legislation STAT INSIGHT 52,048 Checks issued to residents of Massachusetts as part of the Independent Foreclosure Review payment agreement between regulators and 14 servicers. Source: Office of the Comptroller of the Currency Michigan rank: 37 90+ Day Delinquency Rate 2.3% Foreclosure Rate May 2013 Unemployment Rate 1.3% 8.4% year ago 2.8% 2.3% 9.2% year-over-year change -19.3% -40.9% -8.7% Top County Isabella CounTy 90+ Day Delinquency Rate May 2013 2.1% Foreclosure Rate 2.2% year ago 2.3% 2.4% year-over-year change -11.0% -9.2% Top Core-based statistical area MounT PleasanT, MI 90+ Day Foreclosure Delinquency Rate Rate May 2013 2.1% 2.2% year ago 2.3% 2.4% year-over-year change -11.0% -9.2% 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 May 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. VISIT US ONLINE @ DSNEWS.COM IN THE NEWS Michigan Governor Signs Foreclosure Bills Michigan Gov. Rick Snyder signed a set of bills last month that will impact the state's foreclosure laws. One of the bills, SB 383, maintains the state's 180-day redemption period that gives the original homeowner time to reclaim the property or short sell the home after a foreclosure. However, the bill also includes a provision that allows the purchaser at foreclosure sale to inspect the home during the redemption period. If certain damages are found, such as boarded up or closed off windows, then the redemption right is taken away from the homeowner. Another bill, SB 380, extends the state's 90-day pre-foreclosure negotiation period, which allows homeowners to seek a modification from their lender, through January 10, 2014. HB 4765 extends until June 30, 2014, the sunset on a 2009 law in which mortgage lenders must attempt to negotiate revisions to delinquent loans before they can proceed to a "foreclosure by advertisement." The final foreclosure-related bill signed, HB 4766, establishes conditions that certain foreclosing parties must meet in order to foreclose on property in which the first notice was published after January 9, 2014. In an accompanying letter to lawmakers, Gov. Snyder called on the state's legislature to "act quickly to clarify" parts of the new laws. The governor said in his letter that, despite the help this legislation provides to protect lenders against property destruction, it is vital that the legislature approve follow-up measures that are more specific on a number of points to protect homeowners, lenders, and communities. United Wholesale Mortgage Program Waives Escrows United Wholesale Mortgage (UWM), the fourth largest wholesale mortgage lender in the United States, announced the rollout of a new program designed to give brokers the option to waive escrows on conventional products with higher loan-to-value ratios (LTV). "Our new Escrow Advantage option gives originators the ability to waive escrows on 83