DS News - Digital Archives

Massachusetts rank: 29 90+ Day Delinquency Rate Foreclosure Rate August 2013 3.0% Unemployment Rate 1.9% 7.2% year ago 3.4% 2.6% 6.8% year-over-year change -10.3% -26.8% 5.9% Top County Berkshire CounTy 90+ Day Delinquency Rate Foreclosure Rate August 2013 4.2% 3.5% year ago 3.9% 3.8% year-over-year change 7.0% -9.2% Top Core-Based statistical Area PiTTsfield, MA 90+ Day Delinquency Rate Foreclosure Rate August 2013 4.2% 3.5% year ago 3.9% 3.8% year-over-year change 7.0% -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 August 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary August 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS DebtX, SEBA Sell Multi-Billion Portfolio for HUD DebtX, based in Boston, has partnered with SEBA Professional Services to sell a $5 billion portfolio of non-performing residential loans for the U.S. Department of Housing and Urban Development. The loan sale consists of two parts: The first is a national offering of approximately 24,000 single-family loans totaling $4 billion in unpaid principal balance (UPB), which bid October 30. These loans are secured by properties across the United States. The second phase of the sale will consist of a Neighborhood Stabilization Outcomes pool (NSO) offering of approximately 5,000 loans totaling $1 billion in UPB, which will bid December 10. The NSO pools are secured by properties in Atlanta; Baltimore; Washington, D.C.; Indianapolis; and Las Vegas. Investors can place bids for both pools at debtx.com, the largest marketplace for loans. "This sale of single-family loans is the largest in HUD's history and follows three 82 successful sales by SEBA and DebtX over the past year," said Erhiuvie Abu, president and CEO, SEBA Professional Services. Since September 2012, SEBA and DebtX have offered more than 47,000 nonperforming, single-family loans totaling $7 billion in UPB for HUD. "DebtX is pleased to support HUD's successful initiative to dispose of its non-performing single-family loans," said Kingsley Greenland, DebtX CEO. "DebtX again expects very strong investor participation and pricing for these pools of loans." Warren Group Notes Fewer Foreclosures in Massachusetts In August, lenders completed 261 foreclosures in Massachusetts—a 54 percent drop from the same month last year, according to the Warren Group. August marks the 15th consecutive month of year-over-year foreclosure deed decreases. The 54 percent drop in foreclosure deeds compares to the 566 deeds completed in August 2012. A total of 2,135 foreclosure deeds have been filed so far this year, a 64 percent decrease compared to 5,979 deeds recorded during the same period last year. "The local housing market has made great strides so far this year," said Timothy M. Warren Jr., CEO of the Warren Group. "The decline in foreclosure activity coincides with significant increases in sales volume and home prices. Other factors include an improved economy, loan modifications and other alternatives to foreclosure." Year-over-year petitions also decreased significantly in August, dropping more than 76 percent to 436 from 1,833 in August 2012. Petitions have declined for 10 straight months and have fallen below the 1,000 mark since November. A total of 3,786 foreclosure petitions have been initiated so far this year, down almost 70 percent from 12,456 petitions filed the same period last year. The number of auction announcements tracked by the Warren Group also decreased in August. Auction announcements declined more than 38 percent to 691 from 1,124 in August 2012. From January through August, 3,785 auctions have been announced, a 64 percent decline from 10,424 auctions during the same period in 2012. Michigan rank: 37 90+ Day Delinquency Rate Foreclosure Rate August 2013 2.2% Unemployment Rate 1.1% 9.0% year ago 2.7% 2.0% 9.3% year-over-year change -17.3% -45.0% -3.2% Top County OsCOda COunTy 90+ Day Delinquency Rate August 2013 2.6% Foreclosure Rate 2.6% year ago 3.8% 1.6% year-over-year change -31.3% 63.8% Top Core-Based statistical area MOunT PleasanT, MI 90+ Day Foreclosure Delinquency Rate Rate August 2013 2.1% 2.0% year ago 2.4% 2.5% year-over-year change -13.2% -18.8% 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 August 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary August 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS NDeX Transitions to Regulatory IT with Launch of assure360 A new technology company has launched in Michigan with the goal of providing world-class information technology (IT) services to highly regulated industries nationwide. Founded by the IT staff of National Default Exchange (NDeX), assure360 fully owns and operates two geographically diverse Tier 3 data centers: one in Farmington Hills, Michigan, and the other in Carrollton, Texas. In addition to offering compliance expertise, assure360 has been working to cultivate partnerships with some of the best technology companies in the world, resulting in innovative, seamless solutions and increased cost effectiveness in the legal, financial, and insurance sectors. "Utilizing leading-edge solutions, assure360 takes great pride in partnering with businesses nationwide," said Scott Goldstein, president and CEO. "We

• Cover