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transplants in 2012, putting them among the top five for new arrivals. With the added newcomers in the state, apartment demand strengthened. Occupancy rates are above 90 percent in major Texas markets, according to the Fed report. The newly created demand has also led to more rental construction, with multifamily buildings rebounding above pre-recession levels, Petersen and Daly noted. Recovery in the single-family market is not moving forward as strongly as in the apartment sector due to factors such as the impact of the housing crisis, tight credit conditions, elevated unemployment rates, and uncertainty about the overall economic recovery, according to the Fed researchers. After assessing data from multiple listing services and the National Association of Realtors, they found existing-home sales in Texas and in major metro areas rose by more than 33 percent since early 2011. In addition, anecdotal evidence from the Dallas Fed's industry contacts revealed homes are receiving multiple offers, which in turn is driving up prices. In fact, Texas is one of 10 states where prices have topped their pre-recession high, falling just behind North Dakota's lead. At the end of the first quarter of 2013, home prices in the state were 7 percent above the pre-recession peak recorded in the last quarter of 2007, while on a national level, prices remain 13.8 percent below their 2007 peak, the Fed researchers noted. Texas home prices also face less of a threat from shadow inventory and negative equity, according to Petersen and Daly. Citing data from the Mortgage Bankers Association, they found 1.5 percent of Texas homes were in foreclosures in the first quarter compared to the national average of 3.6 percent. The share of seriously delinquent mortgages, or loans past due 90 days or more, is also below the national average at 3.8 percent, versus 6.6 percent nationwide. At the same time, inventory in the state is low. Historically, if inventory dropped below a supply of 6.5 months, prices would rise, the Fed researchers explained. In April 2013, supply in Austin fell to 2.6 months and was down to 2.7 months in Dallas, while national inventory stood at 5.1 months, according to their report. While the Texas market is forecast to expand, the Dallas Fed report warned housing demand in the state could be negatively impacted by broader national issues such as the budget debate and potential tax reform. 94 Utah Virginia rank: 34 rank: 47 90+ Day Delinquency Rate Foreclosure Rate May 2013 2.3% Unemployment Rate 1.5% 4.6% 90+ Day Delinquency Rate Foreclosure Rate May 2013 2.1% 0.9% year ago 2.8% 5.3% year ago 2.1% 5.8% 2.2% 1.7% year-over-year change -18.6% Unemployment Rate 5.9% year-over-year change -28.1% -20.7% -6.3% -45.4% Top County Top County Beaver CoUnTy Cumberland CounTy -10.2% 90+ Day Delinquency Rate Foreclosure Rate 90+ Day Delinquency Rate May 2013 1.6% 2.8% 3.2% 3.5% year ago 1.8% year ago 3.5% 3.8% year-over-year change -11.9% Foreclosure Rate May 2013 1.9% year-over-year change -21.5% -17.6% 79.8% Top Core-Based Statistical area Top Core-based Statistical area Cedar CiTy, UT WaShingTon-arlingTon-alexandria, dC-Va-md-WV 90+ Day Foreclosure Delinquency Rate Rate May 2013 90+ Day Delinquency Rate Foreclosure Rate May 2013 3.0% 2.5% 2.6% 2.1% year ago 3.7% year ago 3.9% 3.3% year-over-year change -19.4% -36.4% -19.9% 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. rank: 10 Foreclosure Rate May 2013 1.6% Unemployment Rate 3.6% 4.1% year ago 1.6% 3.8% 5.0% year-over-year change -4.0% -4.8% -18.0% Top County Grand Isle CounTy 90+ Day Delinquency Rate May 2013 1.3% Foreclosure Rate 6.1% year ago 1.6% 4.7% year-over-year change -20.4% 30.0% Top Core-Based statistical area BennInGTon, VT 90+ Day Delinquency Rate Foreclosure Rate May 2013 2.3% 5.6% year ago 2.6% 5.1% year-over-year change -12.2% -20.0% 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 Vermont 90+ Day Delinquency Rate 2.7% year-over-year change 8.6% 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. Freddie Mac Tool Helps Homeowners Navigate Options For homeowners facing a financial hardship, sometimes it can be difficult to know exactly what options are available. To help homeowners get a better idea of what's out there, McLean, Virginia-based Freddie Mac released the Mortgage Help Navigator, a new online tool that assists homeowners with finding out what relief options might be applicable in their specific situation. "Over the past 18 months, we greatly enhanced and expanded our foreclosure prevention policies and programs. We designed the Mortgage Help Navigator to help ensure that homeowners are learning about the right ones for their individual needs," Tracy Mooney, Freddie Mac's SVP of single-family servicing and REO, wrote in a recent blog post. Since 2009, the GSE has helped more than 830,000 homeowners avoid foreclosure and has refinanced about 1 million loans under the Home Affordable Refinance Program (HARP). Freddie Mac has also helped another