DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/462940
ยป VISIT US ONLINE @ DSNEWS.COM 81 IN THE NEWS Missouri Foreclosure Rate Tumbles in November A steep decline in foreclosure filings in Mis- souri has dropped the Show-Me State from the middle of the pack down to having one of the lowest foreclosure rates among states in Novem- ber, according to RealtyTrac's U.S. Foreclosure Market Report for November 2014. Foreclosure filings, which include notices of default, foreclosure starts, and lender repossessions, declined in Missouri by 42.1 percent from October to November and by 28.6 percent from November 2013 to November 2014, according to RealtyTrac. Whereas Missouri ranked 27th among states in October with one foreclosure filing for every 1,697 housing units, that average plum- meted in November down to one for every 2,933 housing units, dropping Missouri down to 41st. e only states with lower foreclo- sure rates in November were North Dakota, South Dakota, Montana, West Virginia, Vermont, Mississippi, Arkansas, Nebraska, and Kansas, according to RealtyTrac. e total number of foreclosure filings in Missouri tumbled from 1,597 in October to 924 in November out of 2.7 million residen- tial housing units in the state, which has a population of almost 6 million, according to RealtyTrac. Foreclosure inventory accounted for 0.3 percent of all housing units in Novem- ber, RealtyTrac reported. e main reason for the downward surge of foreclosure activity in Missouri in November was the decline in REO activity, or lender repossessions, which fell from 788 in October to 302 in November. RealtyTrac Vice President Daren Blomquist said one reason for the large October-to-November decline in foreclosure activity in Missouri is that the state was com- ing down from a spike of 181 percent month- over-month from September to October. However, Missouri has experienced a lengthy trend of declining foreclosure activity. Fore- closure inventory has increased year-over-year in Missouri only twice in the last 45 months since March 2011, and the main reason is because the loans are performing better, Blomquist said. "Slowly but surely, the market's winding through the rat's nest of toxic loans and mov- ing past those," Blomquist said. "e loans that originated since 2009 are performing much better and not foreclosing at such high rates." November also saw a significant month- over-month decrease in the number of notice of trustee's sales (filings by notice announcing a public auction) in Missouri, down from 809 to 622, a decline of 23 percent, according to RealtyTrac. Michigan RANK: 43 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2014 2.03% 0.62% 6.7 YEAR AGO 2.17% 1.03% 8.5 YEAR-OVER-YEAR CHANGE -6.3% -39.8% -1.8 Top County OSCODA COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 1.76% 1.91% YEAR AGO 3.70% 1.39% YEAR-OVER-YEAR CHANGE -52.6% 37.9% Top Core-Based Statistical Area SAULT STE. MARIE, MI 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 1.88% 1.87% YEAR AGO 2.47% 1.55% YEAR-OVER-YEAR CHANGE -23.7% 20.7% 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 November 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary November 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Minnesota RANK: 48 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2014 1.18% 0.56% 3.7 YEAR AGO 1.33% 0.80% 4.8 YEAR-OVER-YEAR CHANGE -11.5% -30.7% -1.1 Top County PINE COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 2.38% 1.81% YEAR AGO 2.25% 1.65% YEAR-OVER-YEAR CHANGE 5.8% 10.0% Top Core-Based Statistical Area NEW ULM, MN 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 2.25% 1.07% YEAR AGO 2.36% 1.63% YEAR-OVER-YEAR CHANGE -4.5% -34.8% 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 November 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary November 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Minnesota www.MinnesotaREO.com 612-669-6324 952-829-2938 763-432-7640 612-821-7500 952-844-1511 763-533-9133 651-209-8444 Bruce McAlpin Jeff Detloff Long H. Doan Maribel Garcia Garth Johnson Craig Murphy Michael Olsen Missouri RANK: 38 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2014 2.30% 0.77% 5.6 YEAR AGO 2.45% 1.01% 6.1 YEAR-OVER-YEAR CHANGE -6.2% -23.3% -0.5 Top County OREGON COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 1.10% 2.33% YEAR AGO 1.28% 1.72% YEAR-OVER-YEAR CHANGE -14.4% 35.6% Top Core-Based Statistical Area MOBERLY, MO 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 2.45% 2.04% YEAR AGO 3.57% 2.43% YEAR-OVER-YEAR CHANGE -31.3% -15.9% 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 November 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary November 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Missouri's foreclosure rate was 0.8 percent for November 2014, about half the national average of 1.6 precent, according to Black Knight Financial Services. KNOW THIS