This gives a total of 6.45% delinquent or in foreclosure. It breaks down as:
• 1,591,000 properties that are 30 or more days, and less than 90 days past due, but not in foreclosure.
• 922,000 properties that are 90 or more days delinquent, but not in foreclosure.
• 754,000 loans in foreclosure process.
For a total of 3,268,000 loans delinquent or in foreclosure in May. This is down from 3,805,000 in May 2014.
And here is a look at homeowners who could still refinance.
Click on graph for larger image.
From Black Knight:
Looking at current interest rates on existing 30-year mortgages and applying broad-based underwriting criteria, we see approximately 6.1 million potential refinance candidates – borrowers that likely could qualify for and benefit from refinancingThere is much more in the mortgage monitor.
Given that HARP has been extended through 2016, we find there are an additional 450K borrowers that meet HARP eligibility guidelines and could benefit from refinancing through the program
There are 1.6 million more refinanceable borrowers today than one year ago, due in part to home price appreciation, but primarily due to interest rate reductions
This is down by 1 million borrowers from just last month, due to minor fluctuations in interest rates, illustrating just how rate sensitive a population this is
If rates were to rise by just half a percentage point, 42 percent of borrowers (2.6 million people) fall out of that refinanceable population
from Calculated Risk http://ift.tt/1Cl0yXM
via YQ Matrix
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