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82 IN THE NEWS Most Fed Districts Report Positive Residential Real Estate and Economic Activity For the reporting period of July through mid-August, the Federal Reserve reported in its August 2015 Beige Book released Wednesday that economic activity continued to expand across most regions and sectors, while the majority of reports on residential real estate markets across the 12 Fed districts were positive. Six districts reported moderate economic growth since the previous Beige Book was issued in mid-July, five districts (New York, Philadelphia, Kansas City, Atlanta, and Dal- las) reported modest growth, and one district (Cleveland) reported only slight growth, according to the Fed. e reporting period for the latest Beige Book found widely improved existing home sales and residential leasing, while most areas saw an increase in home prices. e Fed found improved residential real estate activity across all districts; home sales and prices increased in every district. In Richmond and Kansas City, sales of lower- and medium- priced homes outpaced sales of higher-priced homes, while the demand for multi-family homes was more robust in Cleveland, Rich- mond, and San Francisco. Robust demand and declining inventory were the driving factors behind the increase in home prices, according to contacts in most Fed districts. Inventories in nearly all districts declined or stayed flat, except for Kansas City, where they slightly increased. Con- tacts in Boston, New York, and Richmond reported bidding wards among buyers due to low inventory. "New York and Dallas both indicated that prices have climbed for low- to medium- priced homes but price pressures are softer for higher-priced properties," the Fed said in the report. "Rental markets remained strong nationwide. Overall, the residential outlook was positive, with the majority of Districts expecting this increased activity to continue." Reports of residential construction activity were mixed; it increased for some districts but was moderate or flat in Boston, Philadelphia, Richmond, Minneapolis, and Dallas. In Cleveland, contacts attributed the increased construction activity to an expected rise in interest rates later in the year, improved labor conditions, and higher consumer confidence, according to the Fed. At the same time, the Cleveland contacts reported supply-side constraints and difficulty obtaining financing for construction, with similar reports coming from the Boston district. Nebraska RANK: 41 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JULY 2015 1.28% 0.63% 2.8 YEAR AGO 1.50% 0.58% 3.2 YEAR-OVER-YEAR CHANGE -14.9% 8.9% -0.4 Top County SCOTTS BLUFF COUNTY 90+ Day Foreclosure Delinquency Rate Rate JULY 2015 1.14% 1.18% YEAR AGO 1.56% 0.94% YEAR-OVER-YEAR CHANGE -27.0% 26.3% Top Core-Based Statistical Area SCOTTSBLUFF, NE 90+ Day Foreclosure Delinquency Rate Rate JULY 2015 1.13% 1.17% YEAR AGO 1.55% 0.93% YEAR-OVER-YEAR CHANGE -27.1% 26.2% 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 July 2015 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2015 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. North Dakota RANK: 49 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JULY 2015 0.51% 0.52% 2.9 YEAR AGO 0.49% 0.61% 2.7 YEAR-OVER-YEAR CHANGE 4.9% -16.0% 0.2 Top County TRAILL COUNTY 90+ Day Foreclosure Delinquency Rate Rate JULY 2015 0.55% 1.65% YEAR AGO 1.11% 1.39% YEAR-OVER-YEAR CHANGE -50.6% 19.2% Top Core-Based Statistical Area MINOT, ND 90+ Day Foreclosure Delinquency Rate Rate JULY 2015 0.64% 0.84% YEAR AGO 0.51% 0.70% YEAR-OVER-YEAR CHANGE 26.7% 19.6% 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 July 2015 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2015 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Ohio RANK: 18 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JULY 2015 2.23% 1.81% 4.7 YEAR AGO 2.53% 2.08% 5.4 YEAR-OVER-YEAR CHANGE -11.7% -12.7% -0.7 Top County ASHTABULA COUNTY 90+ Day Foreclosure Delinquency Rate Rate JULY 2015 2.64% 3.14% YEAR AGO 3.61% 4.04% YEAR-OVER-YEAR CHANGE -26.7% -22.3% Top Core-Based Statistical Area ASHTABULA, OH 90+ Day Foreclosure Delinquency Rate Rate JULY 2015 2.64% 3.14% YEAR AGO 3.61% 4.04% YEAR-OVER-YEAR CHANGE -26.7% -22.3% 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 July 2015 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2015 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Missouri's year-over- year decline in non- current inventory for July 2015. Missouri's non-current inventory percentage for the month was 5.8, which was below the national average of 6.1 percent. Source: Black Knight Financial Services STAT INSIGHT 15.3%