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Howard Hanna Mortgage Announces Lock and Shop Program
Pittsburgh, PA (January 17, 2019) – Howard Hanna Mortgage Services has announced an exciting new program to protect homebuyers from interest rates. The exclusive Howard Hanna Mortgage Lock & Shop program gives buyers the opportunity to get pre-qualified for a mortgage and lock in a mortgage interest rate while they shop for a home. If rates go up before they find that home, the borrower's rate stays locked. "We have experienced a reduction in interest rates recently, but signs point that rates will go up throughout the year, which could leave buyers with unexpected higher payments, making this a great time to use our Lock & Shop program," said F. Duffy Hanna, President of Howard Hanna Mortgage. "Normally, a homebuyer would have to have a purchase contract before they could lock in an interest rate on their mortgage. This program gives the buyer their mortgage interest rate up front. Anxiety over rising interest rates is reduced, giving buyers peace of mind while they are looking for a home." In addition to the Lock & Shop benefit of saving money should interest rates rise, buyers are pre-qualified for their mortgage. "As listings continue to be low in most of our market areas, being pre-qualified gives the buyer a needed advantage when it comes time to make an offer," said Hanna. "Our mortgage loan originators are extremely knowledgeable and take the time to explore various options to determine the best mortgage product tailored to a buyer's needs at a very competitive cost," added Howard W. "Hoddy" Hanna, III, Chairman of Hanna Holdings, Inc. "Lock & Shop is just one of our many innovative programs designed to benefit you, the homebuyer, and provide a truly one-stop-shopping experience." The Howard Hanna Mortgage Lock & Shop program provides rate protection of up to 75 days. Borrowers have 30 days* to find a home and execute a sales agreement and then use the remaining term of the rate lock period to close on their property. For more information on Howard Hanna Mortgage programs and Lock & Shop click here, contact your Howard Hanna agent, or visit a Howard Hanna Real Estate Services office. About Howard Hanna Mortgage Founded in 1983, Howard Hanna Mortgage is the fourth largest real estate mortgage company in the United States and the largest provider of purchase money mortgages in the Pittsburgh and Cleveland metropolitan areas.*** Howard Hanna Mortgage offers a wide range of residential mortgage products and local in-house processing and underwriting. Its innovative and entrepreneurial culture enables it to deliver top-notch levels of customer service. Howard Hanna's highly trained professionals are experienced to serve the needs of many types of homebuyers. HowardHannaMortgage.com About Howard Hanna Real Estate Services Howard Hanna Real Estate Services is the 3rd largest real estate company in the United States, the #1 privately owned broker in the nation, and the largest home seller in Pennsylvania, Ohio, and New York. The family-owned and operated real estate company specializes in residential and commercial brokerage service, mortgages, closing and title insurance, land development, appraisal services, property and casualty, corporate relocation, and property management. With 279 offices across PA, OH, NY, VA, MI, WV, NC, and MD, more than 9,200 sales associates and staff are guided by a spirit of integrity in all aspects of the real estate process. HowardHanna.com
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Redfin and Notarize Partner to Offer Fully-Digital Home Closings
Redfin Mortgage Closes First Fully-Digital Home Mortgage SEATTLE, Nov. 14, 2018 -- Redfin, the next-generation real estate brokerage, and Notarize, the first company to enable an entirely online mortgage closing process, are working together to let customers close a home purchase completely online. Online closings are now available to customers of Title Forward, Redfin's title and settlement company, and Redfin Mortgage, Redfin's lending arm. "Redfin is using technology to improve the entire homebuying process from initial home search, to mortgage application and approval, to purchasing and now closing on a home purchase," said Jason Bateman, head of Redfin Mortgage. "For homebuyers, this means you can choose the time and place to sign your documents, whether that's from the comfort of your couch or on your phone in the moving truck outside your new home." Redfin Mortgage successfully completed its first fully-digital home closing on November 2 for a Texas homebuyer and continues to schedule more digital closings as consumers learn about this option. Notarize is a digital platform that provides a convenient, secure, scalable solution for all parties involved in a closing: homebuyers, agents, lenders, title agents and secondary market investors. All participants can review, sign and collaborate online to process transactions in a completely paperless format, when and where it works for them. "Our closing solution is a natural fit for Redfin because their customers are accustomed to a digital, mobile product," said Pat Kinsel, founder and CEO of Notarize. "No longer do customers have to leave work, find a babysitter, coordinate schedules or travel to 'The Closing.' Our technology integrates to seamlessly to deliver an easy, intuitive experience, so that buyers can get on to moving and unpacking boxes in their new home." Notarize was the first provider to introduce a scalable platform for completely digital mortgage closings, completing hundreds of real estate transactions since its launch last year, and growing by more than 50 percent each month. With hundreds of online mortgage closings already completed with the Notarize platform, Notarize is the only company to realize fully online mortgage closings for the industry at scale. About Notarize Notarize is the first platform to empower thousands of people each day to sign and notarize documents online. From adopting a child to buying a home, Notarize builds trusted products and services that support life's most important moments. For more information on our vision, visit notarize.com. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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CoreLogic Loan Performance Insights Finds Declining Mortgage Delinquency Rates for April as States Impacted by 2017 Hurricanes Continue to Recover
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Redfin Survey: Homebuyers Face Rising Mortgage Rates Head On
Just 5% would scrap their plans to buy if rates rose above 5% SEATTLE, June 29, 2018 -- Few homebuyers are halting their searches in the wake of rising mortgage rates, according to Redfin, the next-generation real estate brokerage. In May, Redfin commissioned a survey of more than 4,000 people who had bought or sold a home in the last year, attempted to do so, or planned to do so soon. Among the more than 1,300 respondents who planned to buy a home in the coming year, just 5 percent said they'd call off their search if rates rose above 5 percent. Twenty-four percent of buyers said such an increase would have no impact on their search. These results are consistent with those from similar surveys Redfin commissioned in May and November of 2017. "Homebuyers are well aware that higher mortgage rates means higher monthly payments, but mortgage rates remain very low, historically, and buyers will make compromises," said Taylor Marr, senior economist at Redfin. "Most of the pressure buyers are feeling is from competition for a very limited number of homes for sale. The fact that such a small share of buyers will scrap their plans to buy a home if rates surpass 5 percent reflects their determination to be a part of the housing market." More willing to adjust criteria, slightly less urgency: Here's how buyers said they would react if mortgage rates were to rise above 5 percent: 32% would slow down their search and wait to see if they came back down again, up from 27% in November and 29% in May 2017. 21% said a 5% mortgage rate would cause them to look in other areas or buy a smaller home, unchanged from November and up from 18% a year ago. 19% would increase their urgency to buy before rates went up further, down from 21% in November and from 23% a year ago. To read the full report, complete with charts and a methodology, please visit:https://www.redfin.com/blog/2018/06/redfin-survey-rising-mortgage-rates.html About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency
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CoreLogic March Loan Performance Insights Finds Lowest Delinquency Rates in 11 Years
IRVINE, CALIF. (JUNE 12, 2018) -- CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.3 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March 2018, representing a 0.1 percentage point decline in the overall delinquency rate, compared with March 2017 when it was 4.4 percent. As of March 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.6 percent, down 0.2 percentage points from 0.8 percent in March 2017. Since August 2017, the foreclosure inventory rate has been steady at 0.6 percent, the lowest level since June 2007, when it was also 0.6 percent. The March 2018 foreclosure inventory rate was the lowest for that month in 11 years; it was also 0.6 percent in March 2007. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.7 percent in March 2018, unchanged from March 2017. The share of mortgages that were 60 to 89 days past due in March 2018 was 0.6 percent, also unchanged from March 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.9 percent in March 2018, down from 2.1 percent in March 2017. The March 2018 serious delinquency rate was the lowest for that month since 2007 when it was 1.5 percent. "Unemployment and lack of home equity are two factors that can lead to borrowers defaulting on their mortgages," said Dr. Frank Nothaft, chief economist for CoreLogic. "Unemployment is at the lowest level in 18 years, and for the first quarter, the CoreLogic Equity Report revealed record levels of home equity growth with equity per owner up $16,300 on average for the year ending March 2018." Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.7 percent in March 2018, up from 0.6 percent in March 2017. By comparison, in January 2007, just before the start of the financial crisis, the current- to 30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "As we enter the summer, the risk of hurricane and wildfire damage to homes increases as does the risk of damage-related loan default," said Frank Martell, president and CEO of CoreLogic. "Last year's hurricanes and wildfires continue to affect today's default rates. Serious delinquency rates are more than double what they were before last autumn's hurricanes in Houston, Texas, and Naples, Florida. The serious delinquency rates have also quadrupled in Puerto Rico." For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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CoreLogic Reports Declining Foreclosure Rates in February, Signaling a Strong Economy
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Bank of America Transforms Home Buying with New Digital Mortgage Experience
Report Finds Homebuyers Ready and Waiting for "NextGen" Tools; More Comfortable With a Digital Mortgage Than Online Dating Bank of America's Digital Mortgage Experience™, launched this week, seamlessly guides clients through the mortgage process via the bank's award-winning mobile banking and online platforms. With advanced application prefill capabilities, clients can apply for a mortgage through the mobile banking app or online at bankofamerica.com and immediately have many aspects of their mortgage application auto-populated, significantly reducing time and effort (see how it works here). In many cases, clients will receive a conditional approval that very same day. "Everything we do starts and ends with clients, and the Digital Mortgage Experience is designed to make their lives simpler," said D. Steve Boland, head of consumer lending at Bank of America. "Our new end-to-end experience empowers clients with complete convenience and control, while also offering unique access to lending experts every step of the way." The new experience responds to the growing demand and increasing comfort consumers have with using digital tools in every aspect of their lives – from managing finances to dating. In fact, a recent survey by Bank of America shows that consumers are actually more comfortable applying for a mortgage digitally than dating online. The introduction of the Digital Mortgage Experience is the latest of the bank's digital lending offerings, which include the recent broad availability of its mobile car shopping tool that enables clients to search 1 million cars in inventory from more than 2,400 auto dealers nationwide. In addition, Bank of America small business clients can apply for a Business Advantage Term Loan or Business Advantage Credit Line from the Bank of America mobile banking app and bankofamerica.com, which offer a loan product tool that helps small business clients find the right loan for their needs, and a monthly loan payment calculator. To complement these high-tech capabilities, clients can receive guidance and advice about their lending needs from the bank's approximately 5,200 home, auto, personal and business loan officers. "The new Digital Mortgage Experience is about making things easy, intuitive, simple and fast," said Michelle Moore, head of digital banking at Bank of America. "It's the latest example of our high-tech, high-touch approach to serving clients – we designed the Digital Mortgage Experience by listening to our customers, understanding their needs, and delivering the full experience to them right in our award-winning mobile app." Inside the experience Beyond the flexibility to apply for a mortgage whenever, wherever and however consumers want, the Digital Mortgage Experience provides full customization throughout the process to best fit users' unique needs, including: Access to lending specialists – With just one click or a phone call, clients can consult a professional lending specialist every step of the way. Lending specialists can even pick up an in-progress application and assist the client in completing it. Personalized loan terms – Users can consider a variety of loan options and combinations and select the features that matter most to them, including flexible monthly payments, closing costs and loan terms. Ability to lock interest rates – Users can lock their rate or leave it open to lock later. Flexible application process – Clients have the ability to save an in-progress application and return to it at a later time. Seamless integration with Home Loan Navigator® – Once submitted, users integrate with Home Loan Navigator to track their loan, view action items, upload documents, and review and acknowledge disclosures, all from their mobile device. NextGen homebuying The new Bank of America Homebuyer Insights Report shows consumers have been longing for more digital solutions in the mortgage space, as more Americans would be comfortable applying for a mortgage digitally (32 percent) than dating online (20 percent). Furthermore, 52 percent of respondents would apply or have already applied for a mortgage via mobile or online. In its third year, the report finds technology and homebuying are becoming inseparable. Nearly all first-time buyers feel technology will play a role during every stage of homebuying, including researching (98 percent), getting a mortgage (94 percent), and negotiating and buying (92 percent). Perhaps this is because Americans are most likely to seek a homebuying experience that is efficient (64 percent), simple (59 percent) and personalized (51 percent). The adoption of these technologies appears to be a thing of today, not tomorrow. Many consumers report they are already comfortable using emerging technologies throughout the homebuying process, specifically using a real estate app (78 percent), taking a video tour of a home (48 percent) and attending an open house using virtual reality (36 percent). Looking ahead to the next 10 years, Americans believe: Smart home and energy-efficient features will be standard in new construction (67 percent). Mortgage applications will be entirely paperless (55 percent). Open houses will only be through virtual reality (24 percent). All appraisals will be done via drones (6 percent). To learn more about the Digital Mortgage Experience and download multimedia, visit bankofamerica.com. For additional information about the Bank of America Homebuyer Insights Report, click here.
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CoreLogic Reports Early-Stage Delinquencies Declined in January as Impact from 2017 Hurricanes and Wildfires Fades
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Millennial Buyers Feel the Brunt of Rate and Price Hikes
Debt and smaller down payments leave millennials vulnerable to an already challenging market SANTA CLARA, Calif., April 4, 2018 -- As interest rates and home prices continue to rise, millennial home buyers are more likely than older buyers to adjust what they are shopping for, according to a new survey released today from realtor.com®, a leading online real estate destination. Two factors contributing to this market sensitivity are millennials' likelihood to carry more student loan and other debt and put less down than other buyers. According to the online survey of more than 1,000 active buyers conducted in March by Toluna Research, 79 percent and 83 percent of respondents of all ages, respectively, said rising interest rates and home prices will impact their home search. That rises to 92 and 93 percent for buyers ages 18 to 34 years old. Only 17 percent and 21 percent of all buyers indicated prices and rates would have no impact. "Existing debt and lower down payments leave younger shoppers more exposed than others to the impact of rising mortgage rates and record-high home prices," said Danielle Hale, chief economist for realtor.com®. "These obstacles won't prevent millennials from finding and buying homes, but most will have to adapt to these challenging market conditions by adjusting their home search." Rising prices and interest rates impact the majority of buyers When asked how their search would be impacted by rising prices, 41 percent indicated they have to buy a smaller home, 35 percent need to look for a less expensive home, 34 percent have to look in a different neighborhood, 33 percent need to put down a larger down payment, and 31 percent have to increase their monthly mortgage budget. Survey data also shows rising rates have a greater impact on millennials than on buyers 55 years or older. As a result of rising rates, 37 percent of millennials said that they have to look for a less expensive home, compared to 24 percent of buyers 55 and older. Thirty-five percent of millennials have to look in a different neighborhood, compared to 18 percent of those 55+. Thirty-three percent of millennials have to look for a smaller home, compared to 23 percent of boomers. Millennial buyers carry more debt than others Millennial buyers are also more likely to report carrying each of the seven categories of debt realtor.com® inquired about – often by a significant margin. Of those between the ages of 18 and 34 years old, 78 percent have credit card debt, 68 percent have a car loan, 62 percent have a personal loan, 62 percent have mortgage debt, 57 percent have home equity loans, and 61 percent have student loans. This is notably higher than 35-54 years old who reported: 72 percent credit card debt, 59 percent car loan, 55 percent have a personal loan, 60 percent mortgage debt, 49 percent home equity loan, and 49 percent student loans. Or those 55+ who indicated: 45 percent credit card debt, 30 percent car loan, 12 percent personal loan, 32 percent mortgage debt, 11 percent home equity loans and 9 percent student loans. Millennials put the least amount down When all respondents were asked how much cash they are planning to put down on their purchase, 32 percent indicated they are putting down less than 10 percent of their purchase price. Seventeen percent said 16 to 20 percent of the price and 15 percent indicated 11 to 15 percent of the purchase price. A down payment of less than 10 percent was most common for the millennial generation with 37 percent of buyers aged 18-34 reporting this. They were followed by 34 percent of 35-54 year-olds and 20 percent of those 55 years or older. Millennials were also the least likely to put more than 20 percent of their purchase price down with roughly one in four among 18 to 34 year-olds putting more than 20 percent down, followed by one in three among 35 to 54 year-olds, and one in two among 55+ buyers. Full results are available here. Realtor.com® also recently surveyed house hunters about what they are looking for in a home. It also surveyed buyers about the hotly competitive spring buying season. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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MGIC Announces partnership with Down Payment Resource
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Stewart Announces Agreement to be Acquired by Fidelity National Financial
Combination Creates Opportunity for Stewart to Grow its Brand and Continue its Legacy of Customer-Focused Service HOUSTON--Stewart Information Services Corporation today announced that it has entered into a definitive agreement to be acquired by Fidelity National Financial, Inc., a leading provider of title insurance and transaction services to the real estate and mortgage industries. Under the terms of the agreement which has been unanimously approved by Stewart's Board of Directors following a comprehensive review of strategic alternatives, Stewart shareholders will receive $25.00 in cash and 0.6425 common shares of Fidelity for each share of Stewart common stock they hold at closing, subject to the adjustment and election mechanisms described below. "Last year, our Board initiated a review of strategic alternatives for the company, and after an extensive process, we determined that capitalizing on the Fidelity platform will best enable us to support the Stewart brand and continue providing the service our customers have come to expect," said Thomas G. Apel, Stewart's Chairman of the Board. "Combining with Fidelity National Financial will create a strong portfolio of customers and business relationships, and will provide us with the ability to grow the Stewart brand." "I am extremely proud of Stewart's legacy of high-quality underwriting and customer-focused service delivered by our loyal associates," said Matt Morris, Stewart CEO. "This transaction with Fidelity is an opportunity to continue building on this legacy, enhance innovation and create a more robust company for the future." "Stewart is one of the most respected names in the title insurance industry, with over 125 years of providing superior customer service," said William P. Foley, II, Fidelity Chairman. "We know business is won and lost based on customer service and relationships, and it is important to us to not only maintain, but provide additional support to grow the Stewart brand and reach more customers. Through this transaction, Stewart will bring its experience, knowledge, and customer relationships to the Fidelity family of companies in our continued mission to be the industry leader in underwriting, customer service and operational expertise." Based on Fidelity's closing stock price on March 16, 2018, the merger consideration represents total value per Stewart share of $50.20, a 23% premium to Stewart's closing stock price on March 16, 2018 and a 32% premium to Stewart's closing stock price on November 3, 2017, the trading day prior to Stewart's announcement that it would undertake a review of strategic alternatives. Under the terms of the definitive agreement, the following mechanics apply to the merger consideration: Adjustment mechanism. If the combined company is required to divest assets or businesses exceeding $75 million in order to procure required regulatory approvals up to a cap of $225 million of divested revenues, the purchase price will be adjusted down from $50.20 (based on $25.00 in cash and 0.6425 common shares of Fidelity stock) on a pro-rata basis relative to the actual amount of revenues required to be divested between $75 and $225 million to a minimum purchase price of $45.50 per share of common stock (with the decrease split on a 50/50 basis between the cash and stock portions of the merger consideration based on the value of the stock component at signing). Election mechanism. As an alternative to the default mixed transaction consideration described above, each Stewart shareholder will have the ability to instead receive either $50.00 in cash or 1.285 common shares of Fidelity for each Stewart share held, subject to a customary pro ration mechanism to the extent that either the cash or the stock portion of the merger consideration is over-subscribed. The proposed transaction is subject to approval by Stewart's shareholders and regulatory authorities and the satisfaction of customary closing conditions. The company will be closely working with regulators to obtain the necessary approvals as soon as possible, and the transaction is expected to close by the first or second quarter of 2019. If the deal is not completed for failure to obtain the required regulatory approvals, Fidelity is required to pay a reverse break-up fee of $50 million to Stewart. Citi acted as financial advisor to Stewart and Davis Polk & Wardwell LLP acted as Stewart's legal advisor. About Stewart Stewart Information Services Corporation (NYSE:STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we believe in building strong relationships – and these partnerships are the cornerstone of every closing, every transaction and every deal. Stewart. Real partners. Real possibilities.™ More information is available at the company's website at stewart.com. About Fidelity National Financial Fidelity National Financial, Inc. (NYSE:FNF) is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at www.fnf.com.
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Capsilon Taps Ginger Wilcox as Senior Vice President of Marketing
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Redfin Survey: Just 6% of Homebuyers Would Cancel Plans to Buy if Mortgage Rates Surpassed 5%
27% Would Slow Their Home Search; 25% Said the Rate Increase Would Have No Impact on their Home-buying Plans SEATTLE, Feb. 12, 2018 -- Just 6 percent of prospective homebuyers would halt their home search if mortgage rates rose above 5 percent, according to a late-2017 survey commissioned by Redfin, the next-generation real estate brokerage. This represents a modest one-point increase in the portion of buyers who responded this way to a similar survey question in May, revealing that buyers remain unfazed by the prospect of rising mortgage rates. After hovering below 4 percent at the end of 2017, the average 30-year fixed mortgage rate surpassed 4 percent in January and has been steadily rising, reaching 4.32 percent at the time of this report's publication. Mortgage rates are expected to continue to rise in the coming year. Twenty-seven percent of respondents who plan to buy a home in the coming year said that a 5 percent mortgage rate would cause them to slow their plans to buy, down two points from May. A quarter said such a hike would have no impact on their plans, consistent with the May survey findings. Among prospective buyers responding to the late-2017 survey, 21 percent said a rate bump to 5 percent would cause them to increase their urgency to buy, while another 21 percent said they would instead look in more affordable areas or buy a smaller home. The second in a series of three reports on a November/December survey of more than 4,000 people who bought or sold a home last year, attempted to do so, or planned to do so soon revealed the following key findings related to the housing market and the economy: The tax reform debate may have fueled anxiety as high taxes were the most common economic concern, cited by 38% of respondents. Respondents in California , where residents pay among the highest state, local and property taxes in the country, were even more likely to name high taxes as a top concern, with more than 40 percent of respondents in San Francisco , San Diego and Sacramento citing it. However, less than one-third of Los Angeles -based respondents cited high taxes as a top concern, though it was still the most common response. By contrast, affordable housing was the most frequently cited economic concern among respondents in other parts of the country including Seattle (45%) and Portland (44%), where the income gap between the rich and poor ranked second and high taxes ranked third. Affordable housing also ranked highest among Denver -based respondents (46%), with high taxes following behind (30%). 77% of respondents said they expect home prices in their area to rise in the next year. The vast majority of respondents agreed that home prices will continue to rise in 2018. Only 6 percent of respondents said they expect any decline in prices, and only 1 percent said they expect prices to fall significantly. Most respondents (52%) said they expect prices to rise slightly, while another 25 percent said they expect a significant increase in prices and 17 percent said they expect no change at all. "Tight credit, lack of inventory and high demand are the major factors that tell us there's no housing bubble, despite rapid price increases," said Redfin chief economist Nela Richardson. "There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can't afford than during the housing boom a decade ago. Finally, still-low interest rates somewhat offset high prices for some buyers." To read the full report, complete with data, charts and a full methodology, please click here.
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CoreLogic Reports Early-Stage Mortgage Delinquencies Increased Following Active Hurricane Season
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Median Down Payment for U.S. Homes Purchased in Q3 2017 Increases to a New High of $20,000
Average Down Payment of $76,645 Also at New High; Median Down Payment 7.6 Percent of Median Home Price, a 4-Year High; Purchase Loans Up 7 Percent, HELOCs Up 12 Percent, Refis Down 19 Percent from Year Ago IRVINE, Calif. – Dec. 14, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Residential Property Loan Origination Report, which shows that the median down payment for single family homes and condos purchased with financing in the third quarter was $20,000, up from $18,161 in the previous quarter and up from $14,400 in Q3 2016 to a new high as far back as data is available, Q1 2000. The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 1,700 counties accounting for more than 87 percent of the U.S. population. Counts and dollar volumes for the two most recent quarters are projected based on available data at the time of the report (see full methodology below). The average down payment of $20,000 was 7.6 percent of the median sales price of $263,000 for financed home purchases in the third quarter, up from 7.1 percent in the previous quarter and up from 6.1 percent in Q3 2016 to the highest level since Q3 2013 — a four-year high. "Buying a home has become a full-contact sport in many markets across the country, and buyers with the beefiest down payments — not to mention all-cash buyers — are often able to muscle out those with scrawnier savings," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "Despite the increasingly competitive nature of homebuying, the number of residential property purchase loans nationwide increased to a 10-year high in the third quarter." Median down payment tops $50,000 in a dozen markets The median down payment was more than $50,000 in 12 of the 99 metropolitan statistical areas analyzed in the report, led by San Jose California ($247,000); San Francisco, California ($170,000); Los Angeles, California ($118,000); Oxnard-Thousand Oaks-Ventura, California ($105,000); and Boulder, Colorado ($99,900). "Across Southern California factors such as low available listing inventory have resulted in many consumers turning to cash or leveraging investment accounts for cash as alternative methods for funding home ownership and beating out competitors for acceptance of their purchase offers in a highly competitive market," said Michael Mahon president at First Team Real Estate, covering the Southern California market. Other markets with median down payments above $50,000 were San Diego, California; New York, New York; Fort Collins, Colorado; Bridgeport, Connecticut; Boston, Massachusetts; Seattle, Washington; and Naples, Florida. "Rising home prices in the Seattle area combined with changes in the mortgage underwriting process have pushed the median down payment over $50,000 and the average down payment to over $100,000," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "We've also seen an increase in new mortgages which is an indication of rising home sales. Most interesting to me is the big jump in new lines of credit which is likely a result of frustrated buyers deciding to stay in their existing homes and remodel rather than deal with the highly competitive Seattle housing market." Purchase and HELOC originations increase, refinance originations down Nearly 2.4 million loans (2,386,518) secured by residential property (1 to 4 units) were originated in the third quarter, up 17 percent from the previous quarter but still down 5 percent from a year ago. Of the total 2.4 million loan originations during the quarter, nearly 1.1 million were purchase loans (1,011,144), up 8 percent from the previous quarter and up 7 percent from a year ago to the highest level since Q3 2007 — a 10-year high. A total of 981,773 refinance loans secured by residential property were originated in the third quarter, up 28 percent from the previous quarter but still down 19 percent from a year ago. A total of 393,602 home equity lines of credit (HELOCs) secured by residential property were originated in the third quarter, up 19 percent from the previous quarter and up 12 percent from a year ago to the highest level since Q2 2008, a more than nine-year high. Raleigh, New York, Roanoke, Honolulu, Little Rock post biggest purchase loan increases Among 120 metropolitan statistical areas analyzed in the report for loan origination trends, those with the biggest increase in purchase loan originations secured by residential property were Raleigh, North Carolina (up 55 percent); New York, New York (up 39 percent); Roanoke, Virginia (up 39 percent); Honolulu, Hawaii (up 38 percent); and Little Rock, Arkansas (up 34 percent). Counter to the national trend, 58 of the 120 metro areas analyzed in the report (48 percent) posted a year-over-year decrease in residential property purchase loan originations, including Houston (down 10 percent); Miami (down 6 percent); Atlanta (down 15 percent); Boston (down 7 percent); and Detroit (down 7 percent). San Jose, Honolulu, Rochester, San Diego, Bridgeport post biggest refi loan decreases Among 120 metropolitan statistical areas analyzed in the report for loan origination trends, those with the biggest year-over-year decrease in residential property refinance loan originations were San Jose, California (down 58 percent); Honolulu, Hawaii (down 56 percent); Rochester, New York (down 49 percent); San Diego, California (down 49 percent); and Bridgeport, Connecticut (down 48 percent). Counter to the national trend, 22 of the 120 metro areas analyzed in the report (18 percent) posted year-over-year increases in residential property refinance loan originations, including New York (up 7 percent); Kansas City (up 15 percent); Oklahoma City (up 51 percent); Raleigh, North Carolina (up 2 percent); and Grand Rapids, Michigan (up 6 percent). Reno, Fort Wayne, Peoria, Bremerton, Dallas post biggest HELOC increases Among 120 metropolitan statistical areas analyzed in the report, those with the biggest year-over-year increase in residential property HELOC loan originations were Reno, Nevada (up 80 percent); Fort Wayne, Indiana (up 74 percent); Peoria, Illinois (up 46 percent); Bremerton, Washington (up 45 percent); and Dallas, Texas (up 43 percent). Counter to the national trend, 43 of the 120 metro areas analyzed in the report (36 percent) posted a year-over-year decrease in HELOC loan originations, including Houston (down 17 percent); Miami (down 3 percent); Atlanta (down 6 percent); San Francisco (down 1 percent); and St. Louis (down 4 percent). Share of co-borrowers increases in 87 percent of markets The report also found that 23.4 percent of all purchase loan originations on single family homes in Q3 2017 involved co-borrowers — multiple, non-married borrowers listed on the mortgage or deed of trust — up from 22.8 percent in the previous quarter and up from 21.1 percent in Q3 2016. The share of co-borrowers increased from a year ago in 33 of 38 U.S. cities analyzed in the report (87 percent), including Las Vegas, Nevada; Houston, Texas; San Antonio, Texas; Phoenix, Arizona; and Colorado Springs, Colorado. Counter to the national trend, the share of co-borrowers decreased from a year ago in five markets: Austin, Texas; Dallas, Texas; Miami, Florida; Aurora, Colorado; and Memphis, Tennessee. Cities with the highest share of co-borrowers in Q3 2017 were San Jose, California (51.1 percent); Miami, Florida (42.7 percent); Seattle, Washington (36.7 percent); Los Angeles, California (30.4 percent); and Portland, Oregon (30.1 percent). Share of FHA and VA loans drops from a year ago Loans backed by the Federal Housing Administration (FHA) accounted for 12.9 percent of all residential property loans originated in the third quarter, down from 13.6 percent in the previous quarter and down from 13.2 percent in Q3 2016. Loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 6.6 percent of all residential property loans originated in the third quarter, up from 6.5 percent in the previous quarter but down from 7.5 percent in Q3 2016. Report methodology ATTOM Data Solutions analyzed recorded mortgage and deed of trust data for single family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations. Origination counts and dollar volumes are projected for the most recent two quarters based on historical share of mortgage and deed of trust data recorded and collected within 45 days from the end of a quarter — which is when ATTOM pulls data for the report. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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CoreLogic Analysis Shows Mortgage Credit Risk Increased from Q3 2016 to Q3 2017
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HUD Announces New FHA Loan Limits for 2018
Loan limits to increase in more than 3,000 counties WASHINGTON - The Federal Housing Administration (FHA) today announced the agency's new schedule of loan limits for 2018, with most areas in the country to experience an increase in loan limits in the coming year. These loan limits are effective for FHA case numbers assigned on or after January 1, 2018. Read FHA's Mortgagee Letter on 2018 Forward Mortgage Limits Read FHA's Mortgagee Letter on 2018 Home Equity Conversion Mortgage (HECM) Limits FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008 (HERA), to set Single Family forward loan limits at 115 percent of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county. In high-cost areas of the country, FHA's loan limit ceiling will increase to $679,650 from $636,150. FHA will also increase its floor to $294,515 from $275,665. Additionally, the National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages (HECMs), or reverse mortgages, will increase to $679,650 from $636,150. FHA's current regulations implementing the National Housing Act's HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county; instead, the single limit applies to all mortgages regardless of where the property is located. Due to robust increases in median housing prices and required changes to FHA's floor and ceiling limits, which are tied to the Federal Housing Finance Agency (FHFA)'s increase in the conventional mortgage loan limit for 2018, the maximum loan limits for FHA forward mortgages will rise in 3,011 counties. In 223 counties, FHA's loan limits will remain unchanged. By statute, the median home price for an MSA is based on the county within the MSA having the highest median price. It has been HUD's long-standing practice to utilize the highest median price point for any year since the enactment of HERA. The National Housing Act, as amended by HERA, requires FHA to establish its floor and ceiling loan limits based on the loan limit set by FHFA for conventional mortgages owned or guaranteed by Fannie Mae and Freddie Mac. Today, FHA's minimum national loan limit, or floor, is set at 65 percent of the national conforming loan limit of $453,100. This floor applies to those areas where 115 percent of the median home price is less than the floor limit. Any areas where the loan limit exceeds this ‘floor' is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ‘ceiling' for high-cost areas at 150 percent of the national conforming limit. Prior to the passage of HERA, the National Housing Act (NHA) provided that the FHA mortgage limit for any given area be set at 95 percent of the median one-family house price in that area, as determined by HUD. However, the NHA further stated the FHA mortgage limit in any given area cannot exceed 87 percent of the Freddie Mac loan limit (305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)), nor be less than 48 percent of that limit. Since the enactment of HERA and The Economic Stimulus Act of 2008, which temporarily raised FHA limits even further, FHA's loan limits have been more closely tied to, and at times in excess of, those for GSE-eligible loans. Based upon the volume of FHA endorsements in FY 2017, the following charts represent the number and share of counties where FHA loan limits are at the ceiling, floor and somewhere in between. To find a complete list of FHA loan limits, areas at the FHA ceiling, areas between the floor and the ceiling, as well as a list of areas with loan limit increases, visit FHA's Loan Limits Page.
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CoreLogic Reports September Mortgage Delinquency Rates Lowest in More Than a Decade
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Down Payment Program Data Grows in Size and Scope
Homeownership Program Index Reports More Than 16,000 Program Changes in Q3 2017 Atlanta, GA, November 16, 2017 – Atlanta-based Down Payment Resource, the nationwide database for homebuyer programs, today released its Third Quarter 2017 Homeownership Program Index (HPI). The number of total programs increased to 2,487, up 18 programs from the previous quarter. More than 87 percent (87.1%) of programs currently have funds available for eligible homebuyers, up slightly from the previous quarter. Down Payment Resource communicates with more than 1,300 housing agencies each month to make updates to homeownership programs. While the total number of programs and funding availability remained steady, this quarter the company made 16,435 total program edits, including important eligibility requirements, program guidelines and funding status. "We're proud to be the first company to develop a nationwide database of down payment programs, but it's an even greater achievement to keep those details up-to-date. Every month, we work with housing agencies across the country to catalog the latest program information into our database, helping ensure homebuyers, lenders and agents have accurate, searchable details," said Rob Chrane, Down Payment Resource CEO. Program Data Varies Greatly Homeownership programs are available across the country, designed to meet the housing needs for a buyer segment or community. For every program, Down Payment Resource monitors changes to many dozens of data points, income and coverage area tables, program benefits, and funding status. This quarter's Homeownership Program Index reviewed the volume of program changes made from July 1 through September 30. Program edits: 3,605 Includes program contact information, funding status and program guidelines. Coverage Area edits: 12,830 Includes changes to coverage areas, coverage area types, maximum purchase price limits, or household income limits. Program changes are up 220 percent from Q4 2015, when the HPI last reviewed total program changes. The increase in program update activity is attributed to the addition of more data points per program as well an increase in the total programs being monitored. "We continually review our technology, seek feedback from our customers and users, and look for opportunities to enhance our data. The more specificity we can provide, the easier it is for homebuyers to explore all of the options available to them as they plan for homeownership," said Sean Moss, Senior Vice President of Operations for Down Payment Resource. "Likewise, lenders can better understand the options available to their originators to tap into new buyer segments and help them solve for their biggest obstacle to homeownership. And, real estate agents can pinpoint opportunities available in their market and comfortably promote those programs to new buyers." Monitoring Dynamic Data Many events can impact homeownership program guidelines, including funding source and master servicing requirements. For example, when HUD makes its annual Area Median Income (AMI) limits for all of the more than 3,000 counties across the U.S., many program administrators also update their own programs' income limits. In addition, any given program can change on short notice, and multiple times per year. Because those changes aren't predictable, Down Payment Resource constantly monitors and works with program administrators to keep the program information up-to-date. Index Data About All Types of Programs 38% of homeownership programs do not have a first-time homebuyer requirement and are available for eligible repeat homebuyers. (First-time homebuyer is defined by HUD as someone who has not owned a home in three years.) 75% of programs are available in a specific local area, such as a city, county or neighborhood. 25% of programs are available statewide through state housing finance agencies. More than 6% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. 6% of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans. 69% of programs in the database are down payment or closing cost assistance. 9% of programs are first mortgages and 8% of programs are Mortgage Credit Certificates (MCCs). States with the greatest number of down payment programs remained consistent—California, Florida and Texas are the top three. View a complete list of state-by-state program data. More than 50 percent of programs accept online homeownership education. About Down Payment Resource Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks more than 2,400 homebuyer programs through its housing finance agency partners. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit DownPaymentResource.com. About Down Payment Resource's Homeownership Program Index The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE® registry as of October 23, 2017.
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CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade
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CFPB Launches New Mortgage Performance Trends Tool for Tracking Delinquency Rates
Newly Available Data Shows Lowest Mortgage Delinquency Rate Since the Financial Crisis WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced the launch of a new Mortgage Performance Trends tool that tracks delinquency rates nationwide. Information newly available through this tool shows that mortgage delinquency rates nationally are at their lowest point since the financial crisis. In addition to national data, the online tool features interactive charts and graphs with data on mortgage delinquency rates for 50 states and the District of Columbia at the county and metro-area level. "Measuring the number of consumers who have fallen behind on their mortgage payments is a telling barometer of the health of mortgage markets locally and nationally," said CFPB Director Richard Cordray. "This rich information source identifies mortgage delinquency rates down to the county and metro-area level, making it a useful public tool." With a combined value of roughly $10 trillion, mortgages make up the nation’s largest consumer credit market. A delinquent mortgage is a home loan for which the borrower has failed to make payments as required in the loan documents. If the borrower can't bring the payments on a delinquent mortgage current within a certain time period, the lender may begin foreclosure proceedings. Whether consumers can make their mortgage payments is an important sign of the health of the mortgage market and the overall economy. For instance, job growth, higher wages, and higher home values generally lead to fewer missed or late mortgage payments. The Mortgage Performance Trends tool measures the delinquency rates in two general categories. The first category is comprised of borrowers who are 30 to 89 days behind on their mortgage payments, which generally means they have missed one or two payments. Tracking this rate can detect trends in the increase or decrease in the number of delinquencies, and act as an early warning sign for mortgage market developments that impact the overall economy. The second category is serious delinquencies, which is made up of borrowers who are more than 90 days overdue. If high, this rate reflects more severe economic distress. The interactive charts and maps in the tool track monthly changes in both categories of delinquency rates starting in 2008, when the financial crisis was unfolding. Leading up to the crisis, some lenders originated mortgages to consumers without considering their ability to repay the loans. The decline in underwriting standards led to skyrocketing rates of mortgage delinquencies and foreclosures. As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB put in place rules to address the issues that helped trigger the crisis. These rules require lenders to assess a borrower’s ability to repay a mortgage before making the loan and require servicers to assist borrowers struggling to repay their mortgages. Mortgage delinquency data reflected in the Mortgage Performance Trends tool shows that among other things: Rates of serious delinquency are at the lowest level since the financial crisis: According to the data, the national rate of seriously delinquent mortgages peaked at 4.9 percent in 2010. As of March 2017, the rate had fallen to 1.1 percent, the lowest level since 2008. Colorado and Alaska have the fewest serious delinquencies, with 0.5 percent. New Jersey and Mississippi have the highest rates of delinquencies of more than 90 days, with 2.1 percent. For mortgages that are delinquent by less than 90 days, Mississippi has the highest rate, at 4.3 percent. Washington State has the lowest rate, at 1 percent. Most states hardest hit by the housing crisis have steadily recovered: At the peak of the financial crisis, both California and Arizona had rates of serious delinquencies of 7.5 percent and 7.6 percent, respectively, and both are now below 1 percent. Nevada, which peaked at 10.7 percent, now has a serious delinquency rate of 1.2 percent, nearly the same as the national average. Florida, which peaked at 9.0 percent, now has a rate of 1.4 percent. Information in the Mortgage Performance Trends tool comes from the National Mortgage Database, which the CFPB and the Federal Housing Finance Agency launched in 2012. The database supports policymaking and research, and helps regulators better understand emerging mortgage and housing market trends. The National Mortgage Database includes information spanning the life of a mortgage loan from origination through servicing and captures a variety of borrower characteristics. It is a nationally representative sample of all outstanding, closed-end, first-lien mortgages for one-to-four family residences. The Mortgage Performance Trends tool has many protections in place to protect personal identity. Before the CFPB or the FHFA receive data for the National Mortgage Database, all records are stripped of information that might reveal a consumer’s identity, such as names, addresses, and Social Security numbers. The new Mortgage Performance Trends tool can be found here.
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CoreLogic Reports Serious Delinquency Rate for Home Loans Holds Steady at a Near 10-Year Low
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Infographic: NAR Debunks 4 Common Down Payment Myths
WASHINGTON, Oct. 3, 2017 -- Confusion and misconceptions surrounding down payment requirements may be one of the greatest barriers to homeownership. According to the National Association of REALTORS®' Aspiring Home Buyers Profile, 87 percent of non-homeowners believe a down payment of 10 percent or more is required to purchase a home. In reality, roughly 60 percent of homebuyers financed their purchase with a 6 percent or less down payment. NAR clears up this and several other myths regarding down payments. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports 2.8 Million Residential Properties with a Mortgage Still in Negative Equity
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Purchase Lending Hits Highest Level Since 2007 Despite Continued Headwinds from Tight Lending
JACKSONVILLE, Fla. – September 11, 2017 – Today, the Data and Analytics division of Black Knight Financial Services, Inc. released its latest Mortgage Monitor Report, based on data as of the end of July 2017. Reviewing second quarter mortgage origination volumes, Black Knight finds that while overall mortgage lending saw a 20 percent increase over Q1 2017, total volumes were down 16 percent from Q2 2016. Additionally, although purchase lending hit its highest level in 10 years, the total number of purchase mortgages being originated still falls far below pre-crisis (2000 – 2003) averages. As Black Knight Data & Analytics Executive Vice President Ben Graboske explained, more stringent credit requirements enacted in the wake of the Great Recession may be hampering purchase lending volumes. "We saw positive growth in lending in the second quarter, with $467 billion in first lien mortgages originated," said Graboske. "While down 16 percent from a year ago, that marks a 20 percent increase in mortgage lending over Q1. Drilling down into the make-up of those originations, we see that refinance lending made up just 31 percent of all Q2 originations – the lowest such share in over 16 years. Refinance volumes were down as well, falling 20 percent from Q1, but that drop was more than offset by a 57 percent seasonal rise in purchase lending. Purchase originations totaled $321 billion in Q2 2017; up six percent from last year, and the highest quarterly volume since 2007. As a result of growing average loan amounts for purchase originations, the total dollar amount of purchase originations is higher than averages seen from 2000 – 2003, prior to both the peak in home prices and the Great Recession that followed. This is partly due to rising home prices, but also comes as a result of an all-but-total absence of second lien usage for purchases, a shift toward high-dollar/low-risk loans among non-agency lenders and a higher share of cash purchases at the lower end of the market.​ "However, the number of purchase loans being originated still lags the pre-crisis average by almost 30 percent; while overall purchase origination volumes are strong from a total dollar amount perspective, the market still does not appear to be performing at peak capacity. One key cause is the more stringent purchase lending credit requirements enacted in response to the financial crisis. Consider that borrowers with credit scores of 720 or higher accounted for 74 percent of all Q2 2017 purchase loans as compared to a pre-crisis average of 47 percent. Today, there are 65 percent fewer purchase loans being originated to borrowers with credit scores below 720 than in those years. The lack of credit availability for those borrowers is causing a strong headwind for the purchase market. Using 2000 – 2003 averages as a measure, as many as 645,000 purchase loans were not originated in Q2 due to tighter lending standards. To put it another way, the purchase market is operating at less than two-thirds of peak capacity because of these factors." Additionally, this month Black Knight assessed the impact of the recently announced extension of the federal government's Home Affordable Refinance Program (HARP) through the end of 2018. As 3.5 million borrowers have already utilized the program and after years of continual home price gains, the HARP-eligible borrower pool is relatively shallow. As of the end of July, there are only approximately 108,000 borrowers that would both meet HARP eligibility requirements and that have at least 75 BPS of interest rate incentive to refinance through the program. HARP eligibility is limited for the 2.5 million active GSE mortgages with current LTVs above 80 percent due to the requirement that loans have been originated pre-June 2009. Even expanding that to the bottom of the housing market in January 2012 – to include all borrowers negatively impacted by the downturn in home prices during the recession – would only increase the HARP-eligible/incented population by approximately 50,000. As was reported in Black Knight's most recent First Look release, other key results include: *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.**Seriously delinquent loans are those past-due 90 days or more.Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. About the Mortgage Monitor​ The Data & Analytics division of Black Knight Financial Services manages the nation's leading repository of loan-level residential mortgage data and performance information on the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The company's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, click here. About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership.
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Redfin Data Reveals Single Women Build Less Home Equity Over Time Than Single Men
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Shared Equity Programs Gain Popularity for Municipalities, Private Investors
Program​ ​model​ ​gains​ ​popularity​ ​as​ ​homeownership​ affordability​ ​challenges​ ​persist​ ​for millennial​ ​buyers Atlanta,​ ​GA,​ ​August​ ​24,​ ​2017​ – Atlanta-based Down Payment Resource, the nationwide database for homebuyer programs, today released its Second Quarter 2017 Homeownership Program Index (HPI). The number of total programs increased to 2,469, up 15 programs from the previous quarter. Nearly 87 percent (86.8%) of programs currently have funds available for eligible homebuyers, roughly unchanged from the previous quarter. New programs in the database include shared equity programs that provide a portion of the down payment in exchange for a percentage of equity upon sale of the home. The Down Payment Resource HPI currently tracks 33 shared equity programs. Most are city/county, non-profit or university administered programs. There are also new programs in high cost markets, like the San Francisco Bay area, designed by private investors to help buyers finance homes that are outside conventional home price limits. "Municipal shared equity programs have been around for a long time, and today we are seeing more private investors enter the market," said Rob Chrane, CEO of Down Payment Resource. "Because this home financing model trades some of the long-term homeownership value, it will be important for buyers to first carefully evaluate all their down payment program options." The Urban Institute evaluated shared equity programs and found they are successful in linking lowand moderate-income people with affordable owner-occupied housing. In addition, homeownership among shared equity programs is sustainable, and shared equity homeowners resell their homes with the same frequency and for the same reasons as other homeowners. Municipal​ ​Shared​ ​Equity​ ​Programs Shared equity programs are an alternative to traditional down payment assistance funding for municipal or non-profit providers. The buyer receives funds for part of the down payment in exchange for a share of the equity gained. In most cases, the buyer must also pay back the initial down payment investment at resell. These programs are often designed to keep the home prices affordable for the next buyer and continuously re-fund the program. Benefits to the buyer include helping lower their first mortgage, thereby reducing their monthly payments and accruing more equity from paying down the mortgage faster. The following are examples of such programs: In Tennessee, The Housing Fund's Our House Shared Equity Program provides income-eligible buyers with a loan investment of up to 25% of the sales price. The loan investment stays with the home, upon resale to preserve housing affordability for the next owner. The City of Austin Down Payment Assistance Program offers a shared equity option with help of up to $40,000 where the buyer agrees to pay back an equitable share of appreciation back to the City. The San Francisco City Second or Down Payment Assistance Loan Programs (DALP) provides down payment assistance, in the form of a deferred payment loan up to $375,000, to qualified first-time homebuyers with income limits up to 200% of the area's median income. The principal amount plus an equitable share of appreciation is due and payable at the end of the term, or repaid upon sale or transfer. In Colorado, the Douglas County Housing Partnership (DCHP) Shared Equity Program provides funding for up to 20% of the purchase price for a maximum of $25,000. The buyer must pay DCHP 20% of the sales price or appraised value upon sale or refinance. The Arlington County Moderate Income Purchase Assistance Program for First Time Homebuyers (MIPAP) offers eligible Arlington homebuyers a deferred-payment, no-interest loan of up to 25% of the home purchase price. If the property value increases upon sale of the home, the buyer owes the county the original subordinate loan amount plus a proportionate share of the net appreciation. Investor​ ​Shared​ ​Equity​ ​Programs In recent years, more private market shared equity programs have entered the market. These programs often don't have income or home sales price eligibility requirements, but they do have minimum and maximum investments. Unison offers a shared equity down payment program for homebuyers in 12 states and Washington D.C. It provides half of the buyer's down payment funds in exchange for a share—typically 35 percent—of the change in value of the home upon sale. Unison's funding comes from institutional investors, including pension funds and university endowments. Index​ ​Data​ ​About​ ​All​ ​Types​ ​of​ ​Programs 37% of homeownership programs do not have a first-time homebuyer requirement and are available for eligible repeat homebuyers. (First-time homebuyer is defined by HUD as someone who has not owned a home in three years.) 75% of programs are available in a defined area, such as a city, county or neighborhood. 25% of programs are available state-wide through state housing finance agencies. 7.5% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. 6% of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans. 69% of programs in the database are down payment or closing cost assistance. 9% of programs are first mortgages and 8% of programs are Mortgage Credit Certificates (MCCs). States with the greatest number of down payment programs remained consistent—California, Florida and Texas are the top three. View a complete list of state-by-state program data. More than 50 percent of programs accept online homeownership education. About​ ​Down​ ​Payment​ ​Resource Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks more than 2,400 homebuyer programs through its housing finance agency partners. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit DownPaymentResource.com. About​ ​Down​ ​Payment​ ​Resource's​ ​Homeownership​ ​Program​ ​Index The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE® registry as of August 4, 2017.
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CoreLogic Reports May 2017 Delinquency Rate Lowest in Nearly a Decade
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Number of Equity Rich U.S. Properties Increases to 14 Million in Q2 2017 — One in Four U.S. Properties With a Mortgage
Highest Share of Equity Rich in San Jose, San Francisco, Los Angeles, Honolulu, Portland; 5.4 Million Seriously Underwater Properties in Q2 2017, Down 1.2 Million From a Year Ago IRVINE, Calif. — Aug. 17, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q2 2017 U.S. Home Equity & Underwater Report, which shows that at the end of the second quarter of 2017 there were more than 14 million (14,038,372) U.S. properties that were equity rich — where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property — up by nearly 320,000 properties from the previous quarter and up by more than 1.6 million properties from a year ago. The 14 million equity rich U.S. properties represented 24.6 percent of all U.S. properties with a mortgage, up from 24.3 percent in the previous quarter and up from 22.1 percent in Q2 2016. The report is based on publicly recorded mortgage and deed of trust data collected and licensed by ATTOM Data Solutions nationwide along with an industry standard automated valuation model (AVM) updated monthly in the ATTOM Data Warehouse of more than 150 million U.S. properties (see full methodology below). The report also shows that more than 5.4 million (5,433,684) U.S. properties were still seriously underwater — where the combined loan amount secured by the property was at least 25 percent higher than the property's estimated market value — at the end of Q2 2017, down by more than 64,000 properties from the previous quarter and down by more than 1.2 million from a year ago. The 5.4 million seriously underwater properties represented 9.5 percent of all properties with a mortgage, down from 9.7 percent in the previous quarter and down from 11.9 percent in Q2 2016. "An increasing number of U.S. homeowners are amassing impressive stockpiles of home equity wealth, enjoying the benefits of rapidly rising home prices while staying conservative when it comes to cashing out on their equity — homeowners are staying in their homes nearly twice as long before selling as they were prior to the Great Recession, and the volume of home equity lines of credit are running about one-third of the level they were at during the last housing boom," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "However, this home equity wealth is unevenly distributed across different geographies, value ranges, occupancy statuses and lengths of ownership, with a disproportionately high equity rich share among high-end properties, investor-owned properties and properties owned for more than 20 years." Highest share of equity rich in San Jose, San Francisco, LA, Honolulu, Portland States with the highest share of equity rich properties at the end of Q2 2017 were Hawaii (38.3 percent); California (36.6 percent); New York (34.2 percent); Vermont (33.5 percent); and Oregon (32.2 percent). Among 91 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, California (52.0 percent); San Francisco, California (47.0 percent); Los Angeles, California (40.0 percent); Honolulu, Hawaii (40.0 percent); and Portland, Oregon (35.0 percent). Among 7,192 U.S. zip codes with at least 2,500 people, those with the highest share of equity rich properties were 15201 in Pittsburgh, Pennsylvania (74.4 percent); 11220 in Brooklyn, New York (74.2 percent); 11228 in Brooklyn, New York (71.6 percent); 78207 in San Antonio, Texas (71.3 percent); and 11355 in Flushing, New York (71.1 percent). Profile of equity rich properties Some characteristics of the 14 million equity rich U.S. properties as of the end of Q2 2017: 44.0 percent of properties with an estimated market value over $750,000 were equity rich, compared to an equity rich rate of 29.6 percent for properties valued between $300,000 and $750,000; 21.0 percent for properties valued between $100,000 and $300,000; and 15.5 percent for properties valued up to $100,000. 45.7 percent of properties owned more than 20 years were equity rich, while only 10 percent of properties owned less than a year were equity rich. 27.1 percent of non-owner occupied (investment) properties with a mortgage were equity rich as of the end of Q2 2017 compared to 23.8 percent of owner-occupied properties. Highest share of seriously underwater in Cleveland, Baton Rouge, Akron, Las Vegas, Toledo States with the highest share of seriously underwater properties as of the end of Q2 2017 were Nevada (17.4 percent), Louisiana (17.1 percent); Illinois (16.8 percent); Ohio (16.5 percent); and Indiana (16.4 percent). Among 91 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of seriously underwater properties were Cleveland, Ohio (21.8 percent); Baton Rouge, Louisiana (21.0 percent); Akron, Ohio (20.5 percent); Las Vegas, Nevada (20.2 percent); and Toledo, Ohio (20.2 percent). "Ohio housing has been increasing in value quarter over quarter, and the report shows the number of homes with negative equity has decreased substantially in 2017, with a decrease of nearly 100,000 properties statewide compared to a year ago," said Matthew Watercutter, senior regional vice president and broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio. "A shortage of inventory and increase in overall cost for new construction has caused the value of existing homes to increase at an accelerated rate in 201, lowering the overall number of homes underwater." Among 7,192 U.S. zip codes with at least 2,500 properties with mortgages, those with the highest share of seriously underwater properties were 89109 in Las Vegas, Nevada (69.9 percent); 48235 in Detroit, Michigan (69.1 percent); 60466 in Park Forest, Illinois (68.4 percent); 08611 in Trenton, New Jersey (68.0 percent); and 48228 in Detroit, Michigan (67.5 percent). Profile of seriously underwater properties Some characteristics of the 5.4 million seriously underwater U.S. properties as of the end of Q2 2017: 30.4 percent of properties with an estimated market value of $100,000 or less were seriously underwater compared to a seriously underwater rate of 9.1 percent for properties valued between $100,000 and $300,000; 4.9 percent for properties valued between $300,000 and $750,000; and 4.7 percent of properties valued above $750,000. 11.7 percent of properties owned between 10 and 15 years were seriously underwater, the highest share of any five-year period up to 20 years. Only 7.2 percent of properties owned more than 20 years are seriously underwater. 19.2 percent of non-owner occupied (investment) properties with a mortgage were underwater as of the end of Q2 2017 compared to only 6.8 percent of owner-occupied properties. Report methodology The ATTOM Data Solutions U.S. Home Equity & Underwater report provides counts of residential properties based on several categories of equity — or loan to value (LTV) — at the state, metro, county and zip code level, along with the percentage of total residential properties with a mortgage that each equity category represents. The equity/LTV calculation is derived from a combination of record-level open loan data and record-level estimated property value data. Definitions Seriously underwater: Loan to value ratio of 125 percent or above, meaning the homeowner owed at least 25 percent more than the estimated market value of the property. Equity rich: Loan to value ratio of 50 percent or lower, meaning the homeowner had at least 50 percent equity. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports. ATTOM Data Solutions also powers consumer websites designed to promote real estate transparency: RealtyTrac.com is a property search and research portal for foreclosures and other off-market properties; Homefacts.com is a neighborhood research portal providing hyperlocal risks and amenities information; HomeDisclosure.com produces detailed property pre-diligence reports. ATTOM Data and its associated brands are cited by thousands of media outlets each month, including frequent mentions on CBS Evening News, The Today Show, CNBC, CNN, FOX News, PBS NewsHour and in The New York Times, Wall Street Journal, Washington Post, and USA TODAY.
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Chase, Google Track Down Where Buyers Start Their House Hunt
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CoreLogic Reports Mortgage Performance Continues Steady Improvement in April 2017
July 11, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.8 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in April 2017. This represents a 0.5 percentage point decline in the overall delinquency rate compared with April 2016 when it was 5.3 percent. As of April 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.7 percent compared with 1 percent in April 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2 percent, down from 2.6 percent in April 2016. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. Early-stage delinquencies, defined as 30-59 days past due, increased to 2.2 percent in April 2017 from 2 percent in April 2016. The share of mortgages that were 60-89 days past due in April 2017 was 0.63 percent, down slightly from 0.64 percent in April 2016. "Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home price increases," said Dr. Frank Nothaft, chief economist for CoreLogic. "Regionally, with the exception of several energy industry intensive states – Alaska and North Dakota – the rest of the U.S. continues to see improvements in mortgage performance. While overall performance is improving, it reflects the older legacy pipeline of loans that continue to heal, especially in judicial states which typically take longer to clear out." Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 1.2 percent in April 2017 compared with 1 percent in April 2016, a 0.2 percentage point increase year over year. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Delinquency rates are down virtually across the board as the rebound in the U.S. housing market continues to gather steam. It appears likely that delinquency rates will continue to fall for some time, but at a moderating pace," said Frank Martell, president and CEO of CoreLogic. "As we look forward, improved fundamentals provide us with a firm foundation and we must now increase our attention to carefully expand the supply of affordable housing stock and ensure that mortgage lending policies help to prudently promote first-time homeownership." For ongoing housing trends and data, visit the CoreLogic®. Methodology The data in this report represents foreclosure and delinquency activity reported through April 2017. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Mortgage Rates Jump
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CoreLogic Reports Mortgage Delinquencies Dropped to a 10-Year Low in March 2017
June 13, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.4 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in March 2017. This represents a 0.8 percentage point decline in the overall delinquency rate compared with March 2016 when it was 5.2 percent. As of March 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1 percent in March 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.1 percent, down from 2.7 percent in March 2016. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. Early-stage delinquencies, defined as 30-59 days past due, fell to 1.7 percent in March 2017, down from 1.9 percent in March 2016 and the lowest level since January 2000. The share of mortgages that were 60-89 days past due in March 2017 was 0.59 percent, down slightly from 0.63 percent in March 2016. "Early-stage mortgage performance continues to improve at a steady pace, especially for 30-59-day delinquencies which fell to 1.7 percent, the lowest rate for any month since January 2000," said Dr. Frank Nothaft, chief economist for CoreLogic. "Late-stage serious delinquency rates continue to decline, falling to their lowest levels since November 2007." Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 0.6 percent in March 2017, down from 0.7 percent in March 2016 and the lowest for any month since January 2000. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation and home price gains," said Frank Martell, president and CEO of CoreLogic. "Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets." For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through March 2017. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition, and foreclosure rates are measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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CoreLogic Reports Nearly 9 Million Borrowers Have Regained Equity Since the Height of the Crisis in 2011
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ReferralExchange Powers Agent Search On DownPaymentResource.com
Collaboration delivers agent-matching support for popular real estate resource SAN FRANCISCO--Real estate referral leader ReferralExchange announces today that it now powers agent-matching functionality for DownPaymentResource.com, the leader in providing homebuyers with information on down payment assistance programs. The partnership has already resulted in over 600 referrals being made, and the first successful transactions are complete. Saving for a down payment can be one of the most challenging parts of planning to buy a home. According to the 2016 National Association of Realtors® Profile of Home Buyers and Sellers, home buyers reported the most difficult task in the home buying process was saving for a down payment. Down Payment Resource has discovered that 87% of U.S. homes are eligible for one or more homeownership programs and makes it easy for buyers and owners to access this information through one location. A study by Down Payment Resource released in July 2016, showed that buyers who use down payment assistance programs are saving an average of $17,766 over the life of the loan. Today's homebuyers are also doing more research online. That includes searching for information on homeownership programs. As traffic to DownPaymentResource.com grew organically, the company noticed more homebuyers were asking to get connected to an agent. "In our survey of 750 future homebuyers, we found that more than anything else, homebuyers wanted information about down payment and closing cost help," said Rob Chrane, CEO of Down Payment Resource. "As a former Realtor myself, I wanted to make sure buyers seeking information had the best possible home buying experience and that the agents we referred them to were well-vetted. We needed a partner who we trusted to oversee the process from beginning to end. We found that in ReferralExchange." When homebuyers on the site ask to be matched to an agent, DownPaymentResource.com provides them with a selection of agents, matched to their needs and qualifications, using ReferralExchange's advanced data science and predictive analytics. "We are passionate about making the home buying experience easier for people," added Scott Olsen, ReferralExchange CEO. "People who want to buy a home and have difficulty pulling together a down payment are often unaware of programs that can help. DownPaymentResource.com closes that gap, making it possible for buyers to achieve their dream of home ownership. By partnering with the DownPaymentResource.com team, we are able to connect buyers with a trusted agent who can expertly guide them through the process of purchasing real estate." To learn more, please visit DownPaymentResource.com. About Down Payment Resource Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks more than 2,400 homebuyer programs through its housing finance agency partners. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit DownPaymentResource.com. About ReferralExchange ReferralExchange, the nation's top real estate referral company, is dedicated to creating great real estate experiences between real estate professionals and customers. Founded in 2005, ReferralExchange has built an invite-only network of over 20,000 top-performing Realtors. In 2016, the network created over 120,000 agent-to-consumer matches.
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Latest CoreLogic Analysis Shows US Mortgage Loan Performance Health Continues to Strengthen
  May 09, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 5 percent of mortgages were delinquent by 30 days or more (including those in foreclosure) in February 2017. This represents a 0.5 percentage point decline in the overall delinquency rate compared with February 2016 when it was 5.5 percent. As of February 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1.1 percent in February 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.2 percent in February 2017, down from 2.8 percent in February 2016. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next. Early-stage delinquencies, defined as 30-59 days past due, were trending slightly higher in February 2017 at 2.14 percent compared with 2.08 percent in February 2016, an increase of 0.06 percent year over year. The share of mortgages that were 60-89 days past due in February 2017 was 0.7 percent, unchanged from a year earlier. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 1 percent in February 2017, up from 0.8 percent in February 2016. By comparison, in January 2007, just before the start of the financial crisis, the current to 30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Serious delinquency and foreclosure rates continue to drift lower, and are at their lowest levels since the fourth quarter of 2007," said Dr. Frank Nothaft, chief economist for CoreLogic. "Moreover, the past-due share dropped to 5 percent, the lowest since September 2007.  However, current-to-30-day past-due transition rates ticked up in February, and 30-day-to-60 day delinquency rates held mostly steady, recording only a 0.06 percent increase." "While national-level delinquency rates declined, the serious delinquency rate remained elevated in many mid-Atlantic and northeast states led by New York and New Jersey," said Frank Martell, president and CEO of CoreLogic. "February-to-February increases in both 30-day-or-more delinquency rates and in serious delinquency rates were also observed in Alaska, Louisiana and Wyoming relating to the impact of the downturn in the global oil market." For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog. Methodology The data in this report represents foreclosure and delinquency activity reported through February 2017. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition, and foreclosure rates are measured only against homes that have an outstanding mortgage.  Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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CoreLogic Analysis Shows 5.3 Percent of Homeowners Were Late With Their Mortgage Payments in January 2017
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Mortgage Rates See Another Significant Decline
MCLEAN, VA--(Mar 30, 2017) - Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping for the second consecutive week. 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending March 30, 2017, down from last week when it averaged 4.23 percent. A year ago at this time, the 30-year FRM averaged 3.71 percent. 15-year FRM this week averaged 3.39 percent with an average 0.4 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.24 percent. A year ago, the 5-year ARM averaged 2.90 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. "The 10-year Treasury yield remained relatively flat this week," said Sean Becketti, chief economist, Freddie Mac. "The 30-year mortgage rate fell 9 basis points to 4.14 percent, another significant week-over-week decline. Despite recent mortgage rate fluctuation, new home sales far exceeded expectations in February and jumped 6.1 percent to an annualized rate of 592,000." Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com.
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CoreLogic Reports 1 Million US Borrowers Regained Equity in 2016
  March 09, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new analysis showing that U.S. homeowners with mortgages (roughly 63 percent of all homeowners) saw their equity increase by a total of $783 billion in 2016, an increase of 11.7 percent. Additionally, just over 1 million borrowers moved out of negative equity during 2016, increasing the percentage of homeowners with positive equity to 93.8 percent of all mortgaged properties, or approximately 48 million homes. In Q4 2016, the total number of mortgaged residential properties with negative equity stood at 3.17 million, or 6.2 percent of all homes with a mortgage. This is a decrease of 2 percent quarter over quarter from 3.23 million homes, or 6.3 percent of all mortgaged properties, in Q3 2016* and a decrease of 25 percent year over year from 4.23 million homes, or 8.4 percent of all mortgaged properties, compared with Q4 2015. Negative equity, often referred to as being "underwater" or "upside down," applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in home value, an increase in mortgage debt or both. Negative equity peaked at 26 percent of mortgaged residential properties in Q4 2009 based on CoreLogic equity data analysis, which began in Q3 2009. The national aggregate value of negative equity was approximately $283 billion at the end of Q4 2016, down quarter over quarter by approximately $700 million, or 0.3 percent, from $283.7 billion in Q3 2016; and down year over year by approximately $26 billion, or 8.4 percent, from $308.9 billion in Q4 2015. "Average home equity rose by $13,700 for U.S. homeowners during 2016," said Dr. Frank Nothaft, chief economist for CoreLogic. "The equity build-up has been supported by home-price growth and paydown of principal. The CoreLogic Home Price Index for the U.S. rose 6.3 percent over the year ending December 2016. Further, about one-fourth of all outstanding mortgages have a term of 20 years or less, which amortize more quickly than 30-year loans and contribute to faster equity accumulation." "Home equity gains were strongest in faster-appreciating and higher-priced home markets," said Frank Martell, president and CEO of CoreLogic. "The states with the largest home-price appreciation last year, according to the CoreLogic Home Price Index, were Washington and Oregon at 10.2 percent and 10.3 percent, respectively, with average homeowner equity gains of $31,000 and $27,000, respectively. This is double the pace for the U.S. as a whole. And while statewide home-price appreciation was slower in California at 5.8 percent, the high price of housing there led to California homeowners gaining an average of $26,000 in home equity wealth last year." Highlights as of Q4 2016: Texas had the highest percentage of homes with positive equity at 98.4 percent, followed by Hawaii (98.1 percent), Alaska (97.9 percent), Colorado (97.9 percent), Oregon (97.9 percent), Utah (97.9 percent) and Washington (97.9 percent). On average, homeowner equity increased about $13,700 from Q4 2015 to Q4 2016 (for mortgaged properties). Washington had an average increase of $31,000, while Deleware experienced a small decline. Nevada had the highest percentage of homes with negative equity at 13.6 percent, followed by Florida (11.6 percent), Illinois (11.1 percent), Rhode Island (10 percent) and Arizona (9.8 percent). These top five states combined account for 29.7 percent of negative equity in the U.S., but only 16.3 percent of outstanding mortgages. Of the 10 largest metropolitan areas by population, San Francisco-Redwood City-South San Francisco, CA had the highest percentage of mortgaged properties in a positive equity position at 99.4 percent, followed by Houston-The Woodlands-Sugar Land, TX (98.5 percent), Denver-Aurora-Lakewood, CO (98.5 percent), Los Angeles-Long Beach-Glendale, CA (97 percent) and Boston, MA (95.3 percent). Of the same 10 largest metropolitan areas, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties with negative equity at 16.1 percent, followed by Las Vegas-Henderson-Paradise, NV (15.5 percent), Chicago-Naperville-Arlington Heights, IL (12.6 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (8.4 percent) and New York-Jersey City-White Plains, NY-NJ (5.1 percent). *Q3 2016 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results. The full Equity Report with additional charts is available: CoreLogic Q4 2016 Equity Report For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog MethodologyThe amount of equity for each property is determined by comparing the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is greater than the estimated value, then the property is determined to be in a negative equity position. If the estimated value is greater than the MDO, then the property is determined to be in a positive equity position. The data is first generated at the property level and aggregated to higher levels of geography. CoreLogic data includes more than 50 million properties with a mortgage, which accounts for more than 95 percent of all mortgages in the U.S. CoreLogic uses public record data as the source of the MDO, which includes both first-mortgage liens and second liens, and is adjusted for amortization and home equity utilization in order to capture the true level of MDO for each property. The calculations are not based on sampling, but rather on the full data set to avoid potential adverse selection due to sampling. The current value of the property is estimated using a suite of proprietary CoreLogic valuation techniques, including valuation models and the CoreLogic Home Price Index (HPI). In August 2016, the CoreLogic HPI was enhanced to include nearly one million additional repeat sales records from proprietary data sources that provide greater coverage in home price changes nationwide. The increased coverage is particularly useful in 14 non-disclosure states. Additionally, a new modeling methodology has been added to the HPI to weight outlier pairs, ensuring increased consistency and reducing month-over-month revisions. The use of the enhanced CoreLogic HPI was implemented with the Q2 2016 Equity report. Only data for mortgaged residential properties that have a current estimated value are included. There are several states or jurisdictions where the public record, current value or mortgage data coverage is thin and have been excluded from the analysis. These instances account for fewer than 5 percent of the total U.S. population. About CoreLogicCoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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CoreLogic Introduces Property Tax Estimator
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Realogy and Guaranteed Rate Enter into Mortgage Origination Joint Venture Agreement
Madison, N.J. 02-15-2017 — Realogy Holdings Corp., the largest full-service residential real estate services company in the United States, and Guaranteed Rate, Inc., one of the largest independent retail mortgage companies in the United States, today announced that they have agreed to form a new joint venture, Guaranteed Rate Affinity LLC, which is expected to begin doing business in June 2017. Commencement of operations is subject to the closing of an asset purchase agreement under which Guaranteed Rate Affinity will acquire certain assets of the mortgage operations of PHH Home Loans LLC, the existing joint venture between Realogy and PHH Mortgage, including its four regional mortgage origination and processing centers, its relocation division and employees across the United States. Guaranteed Rate Affinity will originate and market its mortgage lending services to Realogy's real estate brokerage and relocation subsidiaries, respectively NRT and Cartus, as well as to other real estate brokerage and relocation companies across the country. Guaranteed Rate Affinity also will market its mortgage lending services to a broad consumer audience while leveraging its end-to-end online platform to drive growth in those markets. Guaranteed Rate will own a controlling 50.1% stake of Guaranteed Rate Affinity and Realogy will own 49.9%. "This is a unique opportunity for us to accelerate our growth on a national level by bringing our cutting edge technology together with Realogy, a Fortune 500 company," said Guaranteed Rate Chief Executive Officer and Founder Victor Ciardelli. "This new partnership aligns deeply with our core values, especially our commitment to 'Work with the Best of the Best.' We appreciate the hard work and commitment of the current joint venture employees during this transition period and we look forward to having them become part of the Guaranteed Rate Affinity team." "As we evaluated potential new options for our mortgage origination venture, Guaranteed Rate was clearly the right strategic partner to help our company-owned brokerage business and its affiliated sales associates offer an innovative and streamlined mortgage process built on best-in-class technology," said Richard A. Smith, Realogy's Chairman, Chief Executive Officer and President. "Mortgage financing is a service we have provided for more than 20 years. We are delighted to partner with Guaranteed Rate and are excited to embark on this new relationship that will substantially enhance our service offerings to our customers." "This joint venture is a positive development that helps to elevate NRT's overall agent value proposition," said Bruce Zipf, Chief Executive Officer and President of NRT, the Realogy subsidiary that owns and operates residential brokerage companies with approximately 800 offices and 47,500 independent sales associates across the United States. "Guaranteed Rate has built one of the market's most trusted brands through seamless technology and outstanding customer service. We look forward to working with them and allowing our independent sales associates to offer their clients access to an innovative online experience." The asset purchase agreement is subject to approval by PHH Corporation shareholders and certain other closing conditions and is expected to be completed in a series of asset sale closings. The initial closing is expected to occur in June 2017, and the final closing is expected to occur during the fourth quarter of 2017. About Realogy Holdings Corp.Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty® and ZipRealty®. Collectively, Realogy's franchise system members operate approximately 13,650 offices with more than 268,000 independent sales associates conducting business in 111 countries and territories around the world. NRT LLC, Realogy's company-owned real estate brokerage, is the largest residential brokerage company in the United States, operates under several of Realogy's brands and also provides related residential real estate services. Realogy also owns Cartus, a prominent worldwide provider of relocation services to corporate and affinity clients, Title Resource Group (TRG), a leading provider of title, settlement and underwriting services and ZapLabsSM, its innovation and technology development subsidiary. Realogy is headquartered in Madison, New Jersey. About Guaranteed RateGuaranteed Rate is the eighth largest retail mortgage lender in the United States. Headquartered in Chicago, the company has approximately 195 offices across the U.S. and Washington, D.C., and is licensed in all 50 states. Since its founding in 2000, Guaranteed Rate has helped hundreds of thousands of homeowners with home purchase loans and refinances and funded nearly $23 billion in loans in 2016 alone. The company has become the Home Purchase Experts® by introducing the world's first Digital Mortgage technology and offering low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Guaranteed Rate won an American Business Award for its Digital Mortgage technology in 2016, ranked No. 1 in Scotsman Guide's Top Mortgage Lenders 2015, was chosen Top Lender 2016 by Chicago Agent magazine and made the Chicago Tribune's Top Workplaces list five of the past six years. Visit rate.com for more information.
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CoreLogic Reports 21,000 Completed Foreclosures in December 2016
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Homeownership Program Index Shows Growth in Tax Credit Programs for Homebuyers
Atlanta, GA, February 2, 2017 – Atlanta-based Down Payment Resource, the nationwide databank for homebuyer programs, today released its Fourth Quarter 2016 Homeownership Program Index (HPI). The number of total programs increased to 2,463, up 2.8 percent from the previous quarter. Approximately 87 percent (87.3%) of programs currently have funds available for eligible homebuyers, roughly unchanged from the previous quarter (87.9%). Down payment challenges remain a key concern for first-time homebuyers. As many as one out of seven first-time buyers are tapping into their retirement funds to help with down payments, according to the most recent National Association of REALTORS® Profile of Home Buyers and Sellers. In fact, 14 percent of first-timers used either loans or disbursements from their 401k or IRA accounts for down payments in 2016. Yet only 3 percent are turning to sources like down payment assistance programs. "Homeownership program availability and funding remain strong in 2017. With recent increases in the mortgage interest rate and no reduction of the FHA mortgage insurance premium, entry level homebuyers will need access to important down payment programs that can help them save," said Rob Chrane, CEO of Down Payment Resource. Mortgage Credit Certificates While the total number of programs remained consistent, the HPI saw an increase in Mortgage Credit Certificates (MCCs) across the country, representing more than 8 percent of all programs. Between 2010 and 2015, state housing finance agencies increased MCC issuances to homebuyers by more than 400 percent, according to preliminary data from National Council of State Housing Agencies (NCSHA). The MCC is a tax credit program that allows eligible homebuyers to claim a percentage of the mortgage interest they paid as a tax credit on their federal income tax return. The percentage of mortgage credit allowed varies depending on the state or local housing agency that issues the certificates, but the credit itself is capped at a maximum of $2,000 per year by the IRS. The buyer may continue to receive an annual tax credit for as long as they live in the home and retain the original mortgage. "The mortgage interest rate tax deduction has long been a core homebuyer benefit, but most homebuyers are unaware of Mortgage Credit Certificates. This credit directly impacts a homebuyer's bottom line by reducing their annual tax bill," said Chrane. "We see more lenders adding MCCs to their product offerings." Qualifying homebuyers are permitted to use the MCC alongside another type of down payment assistance program, such as a grant or forgivable loan. These benefits can help secure the borrower's ability to repay and lower their tax bill each year. Mortgage Credit Certificates availability Across the U.S., there are 200 different MCCs available, up from 190 in the previous quarter. 93 of the MCCs are available state-wide and 107 are available in a defined local market. 37 states have either a state-wide MCC or some type of local MCC available. Texas, California and Florida are home to the greatest number of MCCs. 47 percent of MCCs require the buyer to be a first-time homebuyer. Data highlights about all types of homebuyer programs 63% of homeownership programs have a first-time homebuyer requirement. This is defined by HUD as someone who has not owned a home in three years. 76% of programs are available in a defined area, such as a city, county or neighborhood. 24% of programs are available state-wide through state housing finance agencies. 7.5% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. 5.8% of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans. Nearly 70% of programs in the database are down payment or closing cost assistance. 9% of programs are first mortgages and 8% of programs are Mortgage Credit Certificates (MCCs). States with the greatest number of down payment programs remains consistent—California, Florida and Texas are the top three. View a complete list of state-by-state program data. More than 50 percent of programs accept online homeownership education. About Down Payment Resource Down Payment Resource (DPR) creates opportunity for homebuyers, Realtors and lenders by uncovering programs that get people into homes. The company tracks nearly 2,400 homebuyer programs through its housing finance agency partners. Winner of the 2011 Inman News Innovator "Most Innovative New Technology" award, DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit www.DownPaymentResource.com. About Down Payment Resource's Homeownership Program Index The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE® registry as of January 27, 2017.
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Redfin Launches Mortgage Business
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California REALTORS® call on HUD to reinstate FHA insurance cut
LOS ANGELES (Jan. 20) –  The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the announcement by the U.S. Department of Housing and Urban Development (HUD) that the Federal Housing Administration (FHA) will indefinitely suspend a recently announced cut in its annual mortgage insurance premium. "We hope HUD and the Trump administration will make it a priority to quickly review the reduction in the FHA mortgage insurance premium," said C.A.R. President Geoff McIntosh. "Homebuyers in California, who would have saved an average of $860 a year, will be negatively impacted more than any other state by the decision to not reduce the FHA premium. "FHA's single-family home portfolio is financially sound as it has ever been, and we hope that once the new Administration has thoroughly reviewed the merits of the premium reduction the suspension will immediately be lifted," said McIntosh. C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) both have long advocated for lower FHA mortgage insurance premiums and will continue to make the case to reinstate the cut. Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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Among Top Home Buyer Challenges for 2017, Rising Mortgage Rates Are Dampening First-Time Buyer Plans for Spring
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FHA to Reduce Annual Insurance Premiums on Most Mortgages
WASHINGTON – As the nation's housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent. FHA's new premium rates are projected to save new FHA-insured homeowners an average of $500 this year. FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017. For a full schedule of the new premium rates announced today, read FHA's mortgagee letter. Today's action reflects the fourth straight year of improved economic health of FHA's Mutual Mortgage Insurance Fund (MMIF), which gained $44 billion in value since 2012. Last year alone, an independent actuarial analysis found the MMI Fund's capital ratio grew by $3.8 billion and now stands at 2.32 percent of all insurance in force—the second consecutive year since 2008 that FHA's reserve ratio exceeded the statutorily required two percent threshold. Secretary Castro said FHA's action reflects today's risk environment and comes at the right time for consumers who are facing higher credit costs as mortgage interest rates are increasing. "After four straight years of growth and with sufficient reserves on hand to meet future claims, it's time for FHA to pass along some modest savings to working families," said Secretary Castro. "This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers." Ed Golding, Principal Deputy Assistant Secretary for HUD's Office of Housing added, "We've carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers. Homeownership is the way most middle class Americans build wealth and achieve financial security for themselves and their families. This conservative reduction in our premium rates is an appropriate measure to support them on their path to the American dream." Since 2009, the Obama Administration took bold steps to reduce risks in the mortgage market and to protect consumers. In the wake of the nation's housing crisis, FHA increased its premium prices numerous times to help stabilize the health of its MMI Fund. Since 2010, FHA had raised annual premiums 150 percent which helped to restore capital reserves but significantly increased the cost of credit to qualified borrowers. Today's step restores the annual premium to close to its pre-housing-crisis level. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards. Today's reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 1 million households who are expected to purchase a home or refinance their mortgages using FHA-insured financing in the coming year. HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. More information about HUD and its programs is available on the Internet at www.hud.gov and http://espanol.hud.gov.
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CoreLogic Reports 26,000 Completed Foreclosures in November 2016
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FHA Mortgage Insurance Premium Reduction a Fresh Start, Says NAR President Brown
  WASHINGTON (January 9, 2017) – Lower costs are coming for homebuyers seeking a Federal Housing Administration -insured mortgage. FHA announced today that they are cutting annual premiums for mortgage insurance from 0.85 percent to 0.60 percent, a move the National Association of Realtors® said breathes new life into the program. "FHA mortgage products exist to serve an important mission: providing homeownership opportunities to creditworthy borrowers who are overlooked by conventional lenders," said NAR President William E. Brown, a Realtor® from Alamo, California and founder of Investment Properties. "The high cost of mortgage insurance has unfortunately put those opportunities out of reach for many young, first-time- and lower-income borrowers. Now, we have a real opportunity to get back on track." Following the Great Recession, FHA increased its monthly mortgage insurance premium from 55 basis points to 90 basis points, then by April 2013 to a full 1.35 percent. The move reflected post-recession concerns over credit risk and the need to strengthen FHA's Mutual Mortgage Insurance Fund. NAR research at the time, however, showed that the 80 basis point increase over that period priced between 1.45 million and 1.65 million renters out of the market. Since then, the MMIF has shown continued good health, including achieving a much-watched capital reserve ratio of over 2 percent for two years in a row. In light of that strength, NAR applauded FHA's move in January 2015 to reduce premiums to 85 basis points, and since then has advocated for a further reduction. FHA mortgages are important for low- and moderate-income buyers in particular because a lower down payment is required than with many conventional mortgage options. Buyers with lower credit scores may find more favorable treatment with an FHA loan than a conventional product as well. Reducing the MIP from 0.85 percent to 0.60 percent as was announced today, Brown said, means FHA will represent a viable option for more borrowers. "This is a question of simple math," Brown said. "Every time we cut the cost of mortgage insurance it means more borrowers meet the debt-to-income ratio required to purchase a home. It follows that dropping mortgage insurance premiums today will mean a whole lot more responsible borrowers are suddenly eligible to purchase a home through FHA. That puts more money in the fund to protect taxpayers, and it puts more families in homes so they can live out the American dream." Brown thanked the leadership at FHA and the Department of Housing and Urban Development, but added that additional steps are required to better achieve FHA's mission of serving creditworthy families. This includes eliminating FHA's "life of loan" mortgage insurance requirement, which forces borrowers to maintain mortgage insurance on an FHA-insured property regardless of their equity position. Borrowers with traditional mortgage insurance can typically extinguish their mortgage insurance once they reach 20 percent equity in the property. "HUD and FHA leaders are to be commended for recognizing the need we have before us," Brown said. "Our work continues, but we're encouraged by today's announcement." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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Black Knight's Mortgage Monitor: 2.2 Million Homeowners in Negative Equity, Fewest Since Early 2007; $4.6 Trillion in Tappable Equity is Within Six Percent of Peak
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Mortgage Rates Start the Year Lower
MCLEAN, VA--(Jan 5, 2017) - Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower for the first time in ten weeks. 30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an average 0.5 point for the week ending January 5, 2017, down from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent. 15-year FRM this week averaged 3.44 percent with an average 0.5 point, down from last week when it averaged 3.55 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.33 percent this week with an average 0.4 point, up from last week when it averaged 3.30 percent. A year ago, the 5-year ARM averaged 3.09 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. "The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent," said Sean Becketti, chief economist, Freddie Mac. "This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week's breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll -- the MBA's refinance index plunged 22 percent this week." Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com.
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Fixed Mortgage Rates Move Higher
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Challenges and Opportunities for Homeownership Take Center Stage at NAR, S&P Global Joint Event
  WASHINGTON (December 6, 2016) — The homeownership rate in America continues to hover around a 50-year low, but experts gathered for an event in the Washington, D.C. offices of the National Association of Realtors® said today that there are real-world opportunities to turn that trend around. "It's tough out there right now for buyers, especially in many of the red-hot markets around the country where competition is the fiercest," said National Association of Realtors® President William E. Brown, a Realtor® from Alamo, California and founder of Investment Properties. "Thankfully, we know there are ways to help consumers. Addressing the growing student loan burden, widening the credit box for strong buyers, building more homes that meet the demand of lower and middle-income buyers – these are among the many steps we can take to clear the pathway to homeownership." The event on housing and homeownership was headlined by Nobel Prize Winning economist Dr. Robert Shiller, who offered his take on the housing market's history and possible future. He looked at trends in oil prices, building costs, and other factors that play a role in driving demand, but told the packed audience that public sentiment clearly plays its own role in driving the housing market. Looking at the recovery since the Great Recession, Shiller said "it's kind of obvious that home prices have been rising at a good clip... But it's not because of building costs, population trends, or interests rates." Instead, Shiller said "it's the changing narrative and the stories that go along with it." To make his point, Dr. Shiller showed data on the expected average annual increase of recent homebuyers, from 2002 to 2016. He noted that in the run-up to the Great Recession, homebuyers expected an average annual increase in home values as high as 13 percent. Since then that expectation has fallen, changing the narrative of the housing market. "That's why I don't think we're in a bubble now," Shiller said. "It's not as it was in 2004." Following Dr. Shiller's remarks, CNBC real estate correspondent Diana Olick moderated a panel of experts including NAR's Chief Economist Lawrence Yun; Dr. Beth Ann Bovino, chief U.S. economist at S&P Global; Dr. Susan Wachter, Albert Sussman Professor of Real Estate, Wharton School of Business; and Dr. John Weicher, Director, Center for Housing and Financial Markets, Hudson Institute. The noted economists honed in on the homeownership rate and its importance to the broader economy. Yun in particular talked about challenges to homeownership including rising rents and student debt loads, noting that the difficulty in purchasing a home has led to a growing wealth inequality between generations. "There is a tremendous wealth buildup among people who are 65 and older," Yun said. "They have essentially paid off their mortgages." For the younger generation, including those under 35 years of age, Yun said "they feel that they are being left out." Yun added that while the pendulum swung too far towards loose underwriting before the Great Recession, it has since swung in the other direction, leading to what he described as "overly strict underwriting standards" that can put homeownership out of reach for even strong buyers in some circumstances. On the question of whether the homeownership rate will rise, Bovino likewise noted that "we do expect to see some improvement, but it's going to take some time. Rents are increasing and interest rates are low, so there is an interest in getting back into homeownership." NAR reported in November that the median existing-home price for all housing types in October was up 6.0 percent from the previous year, marking the 56th consecutive month of year-over-year gains. This finding coincided with a 4.3 percent year-over-year decline in inventory levels, a consistent challenge for buyers looking to purchase a home, particularly in competitive markets. The audience also had the opportunity to hear from Congressmen Frank Lucas (R-Okla.) and Brad Sherman (D-Calif.), both Members of the House Financial Services Committee. In a panel moderated by Politico financial services reporter Lorraine Woellert, the Congressmen discussed the likelihood that significant reforms to tax policy may come before Congress in 2017, agreeing that eliminating the mortgage interest deduction would likely meet strong public opposition. Brown thanked participants for their expertise, adding that as President of NAR he is committed to keeping housing at the front of the agenda. "I'm pleased we could highlight these issues with today's event and reiterate the importance of protecting and defending incentives for homeownership and real estate investment," said Brown. "I look forward to continuing this good work throughout my tenure as president of NAR." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. S&P Global is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The Company's divisions include S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices and S&P Global Platts. S&P Global has approximately 20,000 employees in 31 countries. For more information, visit www.spglobal.com.
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Black Knight Financial Services' First Look at November 2016 Mortgage Data: Foreclosure Starts Up from October, But Still Near 10-Year Lows
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CoreLogic Introduces Housing Credit Index to Track Mortgage Credit Risk Trends
  December 20, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new quarterly report featuring the CoreLogic Housing Credit Index (HCI™) that measures variations in home mortgage credit risk attributes over time—including borrower credit score, debt-to-income ratio (DTI) and loan-to-value ratio (LTV). A rising HCI indicates that new single-family loans have more credit risk than during the prior period, and a declining HCI means that new originations have less credit risk. The current HCI shows mortgage loans originated in Q3 2016 continued to exhibit low credit risk versus the previous quarter and Q3 2015. In terms of credit risk, Q3 2016 loans are among the highest-quality home loans originated since the year 2001. "Mortgage originations over the past 15 years have exhibited a huge swing in credit tolerance, as shown in our Housing Credit Index. The index incorporates six risk attributes, including the three C's of underwriting—credit, collateral, and capacity. Using 2001 originations as a base year, the HCI shows the significant loosening of credit running up to 2006. This was followed by a dramatic tightening of credit in response to the real estate crash and a decline in high-credit-risk applicants beginning with the Great Recession," said Dr. Frank Nothaft, chief economist of CoreLogic. "While low downpayment and high payment-to-income products are available today, borrowers generally need good credit scores to qualify. This may be a factor that has led to the drop-off in applications from those with lower credit scores during the last few years." Nothaft also observed that one of the consequences of this prolonged trend is that many potential homebuyers appear to believe that they cannot get a mortgage. "When we compare applications to closed loans, what we find is that lenders are originating the bulk of the applications that they are receiving, but the applications that are coming in tend to be from relatively high quality, low-risk applicants." HCI Highlights as of Q3 2016: Credit Score: The average credit score for homebuyers increased 5 points year over year between Q3 2015 and Q3 2016, rising from 734 to 739. In Q3 2016, the share of homebuyers with credit scores under 640 had dropped by more than three-quarters compared with 2001. Debt-to-Income: The average DTI for homebuyers fell slightly between Q3 2015 and Q3 2016, falling from 35.7 percent to 35.4 percent. In Q3 2016, the share of homebuyers with DTIs greater than or equal to 43 percent was about the same compared with 2001. Loan-to-Value: The LTV for homebuyers decreased about 1 percentage point between Q3 2015 and Q3 2016, declining from 86.8 percent to 85.6 percent. In Q3 2016, the share of homebuyers with an LTV greater than or equal to 95 percent had increased by more than one-fourth compared with 2001. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The CoreLogic Housing Credit Index (HCI) measures the variation in mortgage credit risk attributes and uses loan attributes from mortgage loan servicing data that are combined in a principal component analysis (PCA) model. PCA can be used to reduce a complex data set (e.g., mortgage loan characteristics) to a lower dimension to reveal properties that underlie the data set. The HCI combines six mortgage credit risk attributes, including borrower credit score, loan-to-value (LTV) ratio, debt-to-income (DTI) ratio, documentation level (full documentation of a borrower's economic conditions or incomplete levels of documentation, including no documentation), occupancy (owner-occupied primary residence, second home, or non-owner-occupied investment), and property type (whether property is a condominium or co-op). It spans more than 15 years, covers all loan products in both the prime and subprime lending segments and includes all 50 states and the District of Columbia, permitting peak-to-peak and trough-to-trough business cycle comparisons across the U.S. The CoreLogic prime and subprime servicing data include loan-level information, both current and historical, from servicers on active first-lien mortgages in the U.S. In addition, Inside Mortgage Finance (IMF) survey data and CoreLogic public records data for the origination share by loan type (conventional, government, jumbo, subprime) were used to adjust the servicing data to assure that it reflects primary market shares. These changes across different dimensions are reflected in the HCI. A rising HCI indicates increasing credit risk and a declining HCI indicates decreasing credit risk. About CoreLogicCoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Freddie Mac Announces Holiday Eviction Moratorium Dec. 19, 2016 to Jan. 3, 2017
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CoreLogic Reports 30,000 Completed Foreclosures in October 2016
  December 13, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its  October 2016 National Foreclosure Report which shows the foreclosure inventory declined by 31.5 percent and completed foreclosures declined by 24.9 percent compared with October 2015. The number of completed foreclosures nationwide decreased year over year from 40,000 in October 2015 to 30,000 in October 2016, representing a decrease of 74.7 percent from the peak of 118,287 in September 2010. The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.5 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure. As of October 2016, the national foreclosure inventory included approximately 328,000, or 0.8 percent, of all homes with a mortgage, compared with 479,000 homes, or 1.2 percent, in October 2015. CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 24.8 percent from October 2015 to October 2016, with 1 million mortgages, or 2.5 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with decreases in serious delinquency in 47 states and the District of Columbia. "Loan performance varies by the health of the local economy and housing market. Alaska, North Dakota and Wyoming, three states with energy-related job loss, experienced a rise in serious delinquency rates while all other states had a decline," said Dr. Frank Nothaft, chief economist for CoreLogic. "Although there were large declines in foreclosure rates in New York and New Jersey, both states experienced the highest serious delinquency rates in the nation, reflecting lagging home values in most neighborhoods and an unemployment rate above the national average." "Housing and labor markets improved over the past year, setting the stage for further declines in foreclosure rates across much of the nation," said Anand Nallathambi, president and CEO of CoreLogic. "Home values posted an annual gain of 5.8 percent through September in the CoreLogic Home Price Index, and payroll employment rose 2.4 million for the year through October." Additional October 2016 highlights: On a month-over-month basis, completed foreclosures declined by 27.5 percent to 30,000 in October 2016 from the 41,000 reported for September 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 22,000 per month nationwide between 2000 and 2006. On a month-over-month basis, the October 2016 foreclosure inventory was down 3.6 percent compared with September 2016. The five states with the highest number of completed foreclosures in the 12 months ending in October 2016 were Florida (51,000), Michigan (29,000), Texas (26,000), Ohio (23,000) and Georgia (20,000). These five states accounted for 36 percent of completed foreclosures nationally. Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in October 2016: the District of Columbia (212), North Dakota (278), West Virginia (407), Alaska (622), and Montana (660). Four states and the District of Columbia had the highest foreclosure inventory rate in October 2016: New Jersey (2.8 percent), New York (2.7 percent), Maine (1.7 percent), Hawaii (1.7 percent) and the District of Columbia (1.6 percent). The five states with the lowest foreclosure inventory rate in October 2016 were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Utah (0.3 percent) and Michigan (0.3 percent). *September 2016 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure activity reported through October 2016. This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics. A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate-owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction. The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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CoreLogic Reports Home Equity Increased $726 Billion in the Third Quarter Compared With a Year Ago
  December 08, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new analysis showing that U.S. homeowners with mortgages (roughly 63 percent of all homeowners) saw their equity increase by a total of $227 billion in Q3 2016 compared with the previous quarter, an increase of 3.1 percent. Additionally, 384,000 borrowers moved out of negative equity, increasing the percentage of homes with positive equity to 93.7 percent of all mortgaged properties, or approximately 47.9 million homes. Year over year, home equity grew by $726 billion, representing an increase of 10.8 percent in Q3 2016 compared with Q3 2015. In Q3 2016, the total number of mortgaged residential properties with negative equity stood at 3.2 million, or 6.3 percent of all homes with a mortgage. This is a decrease of 10.7 percent quarter over quarter from 3.6 million homes, or 7.1 percent of mortgaged properties, in Q2 2016 and a decrease of 24.1 percent year over year from 4.2 million homes, or 8.4 percent of mortgaged properties, in Q3 2015. Negative equity, often referred to as "underwater" or "upside down," applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in home value, an increase in mortgage debt or a combination of both. Negative equity peaked at 26 percent of mortgaged residential properties in Q4 2009, based on CoreLogic negative equity data, which goes back to Q3 2009. The national aggregate value of negative equity was about $282 billion at the end of Q3 2016, decreasing approximately $2.1 billion, or 0.8 percent, from $284 billion in Q2 2016, and decreasing year over year about $25 billion, or 8.2 percent, from nearly $307 billion in Q3 2015. "Home equity rose by $12,500 for the average homeowner over the last four quarters," said Dr. Frank Nothaft, chief economist for CoreLogic. "There was wide geographic variation with homeowners in California, Oregon and Washington gaining an average of at least $25,000 in home equity wealth, while owners in Alaska, North Dakota and Connecticut had small declines, on average." "Price appreciation is the main ingredient for home equity wealth creation, and home prices rose 5.8 percent in the year ending September 2016 according to the CoreLogic Home Price Index," said Anand Nallathambi, president and CEO of CoreLogic. "Paydown of principal is the second key component of equity building. Many homeowners have refinanced into shorter-term loans, such as a 15-year loan, and  by doing so, they have significantly fewer mortgage payments and are able to build equity wealth faster." Highlights as of Q3 2016: Texas had the highest percentage of homes with positive equity at 98.4 percent, followed by Alaska (98.1 percent), Colorado (97.9 percent), Utah (97.9 percent) and Washington (97.9 percent). On average, homeowner equity increased about $13,000, from Q3 2015 to Q3 2016 (for mortgaged properties). California, Oregon and Washington had increases of $25,000 to $30,000, while Alaska, Connecticut, and North Dakota experienced small declines. Nevada had the highest percentage of mortgaged properties in negative equity at 14.2 percent, followed by Florida (12.5 percent), Illinois (10.6 percent), Arizona (10.6 percent) and Rhode Island (10 percent). These top five states combined accounted for 30.6 percent of negative equity mortgages in the U.S., but only 16.3 percent of outstanding mortgages. Of the 10 largest metropolitan areas by population, San Francisco-Redwood City-South San Francisco, CA had the highest percentage of mortgaged properties in a positive equity position at 99.4 percent, followed by Houston-The Woodlands-Sugar Land, TX (98.5 percent), Denver-Aurora-Lakewood, CO (98.4 percent), Los Angeles-Long Beach-Glendale, CA (96.9 percent) and Boston, MA (95.3 percent). Of the same 10 largest metropolitan areas, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties in negative equity at 17 percent, followed by Las Vegas-Henderson-Paradise, NV (16.2 percent), Chicago-Naperville-Arlington Heights, IL (12.2 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (8.7 percent) and New York-Jersey City-White Plains, NY-NJ (5.1 percent). The bulk of home equity for mortgaged properties is concentrated at the high end of the housing market. For example, 96 percent of homes valued at greater than $200,000 have equity compared with 90 percent of homes valued at less than $200,000. *Q2 2016 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results. The full Equity Report with additional charts is available: CoreLogic Q3 2016 Equity Report For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog. MethodologyThe amount of equity for each property is determined by comparing the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is greater than the estimated value, then the property is determined to be in a negative equity position. If the estimated value is greater than the MDO, then the property is determined to be in a positive equity position. The data is first generated at the property level and aggregated to higher levels of geography. CoreLogic data includes more than 50 million properties with a mortgage, which accounts for more than 95 percent of all mortgages in the U.S. CoreLogic uses public record data as the source of the MDO, which includes both first-mortgage liens and second liens, and is adjusted for amortization and home equity utilization in order to capture the true level of MDO for each property. The calculations are not based on sampling, but rather on the full data set to avoid potential adverse selection due to sampling. The current value of the property is estimated using a suite of proprietary CoreLogic valuation techniques, including valuation models and the CoreLogic Home Price Index (HPI). In August 2016, the CoreLogic HPI was enhanced to include nearly one million additional repeat sales records from proprietary data sources that provide greater coverage in home price changes nationwide. The increased coverage is particularly useful in 14 non-disclosure states. Additionally, a new modeling methodology has been added to the HPI to weight outlier pairs, ensuring increased consistency and reducing month-over-month revisions. The use of the enhanced CoreLogic HPI was implemented with the Q2 2016 Equity report. Only data for mortgaged residential properties that have a current estimated value are included. There are several states or jurisdictions where the public record, current value or mortgage data coverage is thin and have been excluded from the analysis. These instances account for fewer than 5 percent of the total U.S. population. About CoreLogicCoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Realtor.com Forecasts Post-Election Economy to Result in Higher Mortgage Rates While Housing Delivers Slower Gains in 2017
  SANTA CLARA, Calif., Nov. 30, 2016 -- The 2017 housing market will be a year of slowing, yet moderate growth, set against the backdrop of a changing composition of home buyers and a post-election interest rate jump that could potentially price some first-timers out of the market, according to the realtor.com® 2017 housing forecast released today. The report also predicts the top five housing trends of 2017, as well as home prices and sales for the 100 largest metros in the U.S. Realtor.com® is a leading online real estate destination operated by News Corp subsidiary Move, Inc. 2017 national housing forecast The 2017 national real estate market is predicted to slow compared to the last two years, across the majority of economic indicators. Home prices are anticipated to increase 3.9 percent and existing home sales are forecasted to increase 1.9 percent to 5.46 million homes. Interest rates are expected to reach 4.5 percent due to higher expectations for inflationary pressure in the year ahead. Realtor.com® is forecasting the homeownership rate will stabilize at 63.5 percent after bottoming at 62.9 percent in 2016. New home sales are expected to grow 10 percent, while new home starts are expected to increase 3 percent. The forecast is based on GDP growth of 2.1 percent, a 2.5 percent increase in the consumer price index and unemployment declining to 4.7 percent by the end of the year. Prior to this month's election, demographics and an improving economy were laying the foundation for a substantial increase in first-time buyers in 2017, but due to mortgage rate increases over the last few weeks realtor.com® predicts first timers will face new hurdles as they navigate the qualification and buying process. These higher rates are associated with anticipation of stronger economic and wage growth next year, both of which favor buyers. However, higher rates will make qualifying for a mortgage and finding affordable inventory more challenging. "We don't expect the outcome of the election to have a direct impact on the health of the housing market or economy as we close out 2016. However, the 40 basis points increase in rates in the days following the election has caused us to increase our interest rate prediction for next year," said Jonathan Smoke, chief economist for realtor.com®. "With more than 95 percent of first-time home buyers dependent on financing their home purchase, and a majority of first-time buyers reporting one or more financial challenges, the uptick we've already seen may price some first-timers out of the market." Top Housing Trends for 2017 Next year's predicted slowing price and sales growth, increasing interest rates and changing buyer demographics are setting the stage for five key housing trends: Millennials and boomers will dominate the market –– Next year, the housing market will be in the middle of two massive demographic waves, millennials and baby boomers – that will power demand for at least the next 10 years. Although increasing interest rates have prompted realtor.com® to lower its prediction of millennial market share to 33 percent of the buyer pool; millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017 and given they're less dependent on financing, they are anticipated to be more successful when it comes to closing. Midwestern cities will continue to be hotbeds for millennials – Midwestern cities are anticipated to continue to beat the national average in millennial purchase market share in 2017 with Madison, Wis.; Columbus, Ohio; Omaha, Neb.; Des Moines, Iowa; and Minneapolis, leading the pack. This year, average millennial market share in these markets is 42 percent, far higher than the U.S. average of 38 percent. With strong affordability in 15 of the 19 largest Midwestern markets, realtor.com® expects this trend to continue in 2017 even as interest rates increase. Slowing price appreciation – Nationally, home prices are forecast to slow to 3.9 percent growth year over year, from an estimated 4.9 percent in 2016. Of the top 100 largest metros in the country, 26 markets are expected to see price acceleration of 1 percent point or more with Greensboro-High Point, N.C.; Akron, Ohio; and Baltimore-Columbia-Towson, Md., experiencing the largest gains.  Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with Lakeland-Winter Haven, Fla., Durham-Chapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation. Fewer homes on the market and fast moving markets – Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall. Western cities will continue to lead the nation in prices and sales – Western metros in the U.S. are forecast to see a price increase of 5.8 percent and sales increase of 4.7 percent, much higher than the U.S. overall. These markets also dominate the ranking of the realtor.com® 2017 top housing markets, making up five of the top 10 markets on the list (Los Angeles, Sacramento and Riverside, Calif., Tucson, Ariz., and Portland, Ore.) and 11 of the top 25 (Colorado Springs, Colo.; San Diego; Salt Lake City; Provo-Orem, Utah; Seattle. and Oxnard-Thousand Oaks-Ventura, Calif.) Top 2017 housing markets Despite a more moderate housing market overall in 2017, strong local economies and population growth will continue to fuel the nation's top markets. The realtor.com® 2017 top 10 housing markets based on price and sales gains are: 1. Phoenix-Mesa-Scottsdale, Ariz.; 2. Los Angeles-Long Beach-Anaheim, Calif.; 3. Boston-Cambridge-Newton, Mass.-N.H.; 4. Sacramento--Roseville--Arden-Arcade, Calif.; 5. Riverside-San Bernardino-Ontario, Calif.; 6. Jacksonville, Fla.; 7. Orlando-Kissimmee-Sanford, Fla.; 8. Raleigh, N.C.; 9. Tucson, Ariz.; and 10. Portland-Vancouver-Hillsboro, Ore.-Wash. These top 10 markets are forecast to see average price gains of 5.8 percent and sales growth of 6.3 percent, exceeding next year's anticipated national growth of 3.9 percent and 1.9 percent, respectively. But when compared to last year, prices in eight of the top 10 markets are expected to decelerate with only Los Angeles and Tucson, Ariz. showing stronger growth than last year. Other commonalities among the top 10 housing markets include: relatively affordable rental prices, low unemployment, large populations of millennials and baby boomers, as well as a high number of listing views on realtor.com®. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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CoreLogic Reports 36,000 Completed Foreclosures in September 2016
  November 08, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its September 2016 National Foreclosure Report which shows the foreclosure inventory declined by 31.1 percent and completed foreclosures declined by 7.0 percent compared with September 2015. The number of completed foreclosures nationwide decreased year over year from 39,000 in September 2015 to 36,000 in September 2016, representing a decrease of 69.7 percent from the peak of 118,222 in September 2010. The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.4 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure. As of September 2016, the national foreclosure inventory included approximately 340,000, or 0.9 percent, of all homes with a mortgage, compared with 493,000 homes, or 1.3 percent, in September 2015. CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 24.8 percent from September 2015 to September 2016, with 1 million mortgages, or 2.6 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with decreases in serious delinquency in 48 states and the District of Columbia. "September's serious delinquency rate dropped by 25 percent compared to a year earlier, the third consecutive monthly acceleration in the rate of decline," said Dr. Frank Nothaft, chief economist for CoreLogic. "This improvement is continued evidence of the recovery in the housing market, especially given that the decreases were fairly uniform in most cities across the country." "Completed foreclosures have fallen by a total of more than 100,000 homes during the 12 months prior to September 2016," said Anand Nallathambi, president and CEO of CoreLogic. "The decline in foreclosures is one of the drivers in the drop in vacancies, which is positive for homeowners and communities. Heading into 2017 we see that prices, performance and production – the three most important drivers of the real estate market – are all improving." Additional September 2016 highlights: On a month-over-month basis, completed foreclosures increased by 5.2 percent to 36,000 in September 2016 from the 34,000 reported for August 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. On a month-over-month basis, the September 2016 foreclosure inventory was down 3.1 percent compared with August 2016.The five states with the highest number of completed foreclosures in the 12 months ending in September 2016 were Florida (53,000), Texas (27,000), Michigan (24,000), Ohio (23,000) and Georgia (21,000). These five states accounted for 36 percent of completed foreclosures nationally. Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in September 2016: the District of Columbia (186), North Dakota (338), West Virginia (447), Alaska (643) and Montana (701). Four states and the District of Columbia had the highest foreclosure inventory rate in September 2016: New Jersey (3.0 percent), New York (2.7 percent), Maine (1.8 percent), Hawaii (1.8 percent) and the District of Columbia (1.6 percent). The five states with the lowest foreclosure inventory rate in September 2016 were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Michigan (0.3 percent) and Utah (0.3). *August 2016 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog. Methodology The data in this report represents foreclosure activity reported through September 2016. This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics. A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate-owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction. The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Post-'Brexit' Prepay Activity Remains Strong; Foreclosure Rate Falls to Nine-Year Low
JACKSONVILLE, Fla., Oct. 25, 2016 -- The Data & Analytics division of Black Knight Financial Services, Inc. reports the following "first look" atSeptember 2016 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.27%Month-over-month change: 0.74%Year-over-year change: -12.24% Total U.S. foreclosure pre-sale inventory rate: 1.00%Month-over-month change: -3.38%Year-over-year change: -31.23% Total U.S. foreclosure starts: 61,700Month-over-month change: -10.32%Year-over-year change: -22.78% Monthly Prepayment Rate (SMM): 1.54%Month-over-month change: -7.59%Year-over-year change: 43.22% Foreclosure Sales as % of 90+: 2.03%Month-over-month change: -5.82%Year-over-year change: 2.47% Number of properties that are 30 or more days past due, but not in foreclosure: 2,165,000Month-over-month change: 14,000Year-over-year change: -292,000 Number of properties that are 90 or more days past due, but not in foreclosure: 668,000Month-over-month change: -1,000Year-over-year change: -149,000 Number of properties in foreclosure pre-sale inventory: 509,000Month-over-month change: -18,000Year-over-year change: -228,000 Number of properties that are 30 or more days past due or in foreclosure: 2,674,000Month-over-month change: -4,000Year-over-year change: -520,000 Top 5 States by Non-Current* Percentage Mississippi: 11.16% Louisiana: 10.32% New Jersey: 8.13% Alabama: 7.85% West Virginia: 7.72% Bottom 5 States by Non-Current* Percentage South Dakota: 2.95% Montana: 2.88% Minnesota: 2.75% Colorado: 2.44% North Dakota: 2.23% Top 5 States by 90+ Days Delinquent Percentage Mississippi: 3.43% Louisiana: 2.80% Alabama: 2.33% Arkansas: 2.01% Tennessee: 1.94% Top 5 States by 6-Month Improvement in Non-Current* Percentage Hawaii: -12.72% Nevada: -11.64% Oregon: -11.47% New Jersey: -10.46% Washington: -9.32% Top 5 States by 6-Month Deterioration in Non-Current* Percentage Alaska: 20.37% Wyoming: 18.91% Louisiana: 16.10% North Dakota: 10.67% Michigan: 8.49% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. All whole numbers are rounded to the nearest thousand. For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom at http://www.blackknightcompanies.com/CorporateInformation/NewsRoom/Pages/20161025.aspx The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by November 7, 2016. About Black Knight Financial Services, Inc.Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
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CoreLogic Reports a 3.9 Percent YOY Increase in Mortgage Fraud Risk in the Second Quarter of 2016
  September 22, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Mortgage Fraud Report. As of the end of the second quarter of 2016, the report shows a 3.9 percent year-over-year increase in fraud risk, as measured by the CoreLogic Mortgage Application Fraud Risk Index. The analysis found that during the second quarter of 2016, an estimated 12,718 mortgage applications, or 0.70 percent of all mortgage applications, contained indications of fraud, as compared with the reported 12,814, or 0.67 percent in the second quarter of 2015. The CoreLogic Mortgage Fraud Report analyzes the collective level of loan application fraud risk the mortgage industry is experiencing each quarter. CoreLogic develops the index based on residential mortgage loan applications processed by CoreLogic LoanSafe Fraud Manager™, a predictive scoring technology. The report includes detailed data for six fraud type indicators that complement the national index: identity, income, occupancy, property, transaction, and undisclosed real estate debt. "Mortgage application fraud risk will likely rise over the next few years if current trends of higher LTV purchases and increased credit availability continue," said Bridget Berg, senior director, Fraud Solutions Strategy for CoreLogic. "Because post-fund quality control findings are biased to specific types of fraud that are easy to detect shortly after closing, lenders should not rely only on those results to measure fraud risk." Among the highlights of the report: Florida continues to be the riskiest state for mortgage application fraud. However, Florida also has the largest year-over-year decline in application fraud risk at 19 percent. States with the greatest year-over-year growth in risk include Kansas, Maine, Wisconsin, Nebraska and Arkansas. Although they have the highest growth in risk, their overall rankings are all below the top 15. Risk appears to be less geographically concentrated than shown in our last annual report. High-LTV purchase loans are the segment showing the greatest fraud risk increase by loan type. Income, Transaction and Occupancy fraud types showed increases year-over-year, with the greatest increase in Income fraud risk at 12.5 percent. National Mortgage Origination Fraud Index (Q3 2010 – Q2 2016) To view the full CoreLogic Mortgage Fraud Report, visit corelogic.com/mortgagefraudreport. Methodology Our comprehensive fraud risk analysis is based on the industry's largest lender-driven mortgage fraud consortium and leading predictive-scoring technology. The CoreLogic Mortgage Application Fraud Risk Index represents the collective level of fraud risk the mortgage industry is experiencing in each time period, based on the share of loan applications with a high risk of fraud. The index is standardized to a baseline of 100 for the share of high-risk loan applications nationally in the third quarter of 2010. Each 1-point change in the index represents a 1 percent change in the share of mortgage applications having a high risk of fraud. The estimated number of fraudulent applications is derived by applying the current risk level of CoreLogic Mortgage Fraud Consortium applications to industry volumes. The Fraud Type Indicators are based on specific CoreLogic LoanSafe Fraud Manager alerts.  These alerts are compiled consistently for all CoreLogic Mortgage Fraud Consortium members. Indicator levels are based on the prevalence and predictiveness of the relevant alerts. An increase in the indicator correlates with increased risk of the corresponding fraud type. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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CoreLogic Reports 548,000 US Homeowners Regained Equity in the Second Quarter of 2016
  September 15, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released a new analysis showing 548,000 U.S. homeowners regained equity in Q2 2016 compared with the previous quarter, increasing the percentage of homes with positive equity to 92.9 percent of all mortgaged properties, or approximately 47.2 million homes. Nationwide, home equity grew year over year by $646 billion, representing an increase of 9.9 percent in Q2 2016 compared with Q2 2015. In Q2 2016, the total number of mortgaged residential properties with negative equity stood at 3.6 million, or 7.1 percent of all homes with a mortgage. This is a decrease of 13.2 percent quarter over quarter from 4.2 million homes, or 8.2 percent, in Q1 2016 and a decrease of 19 percent year over year from 4.5 million homes, or 8.9 percent, compared with Q2 2015. Negative equity, often referred to as "underwater" or "upside down," applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in home value, an increase in mortgage debt or a combination of both. For homes in negative equity status, the national aggregate value of negative equity was $284 billion at the end of Q2 2016, decreasing approximately $20.4 billion, or 6.7 percent, from $305 billion in Q1 2016. On a year-over-year basis, the value of negative equity declined overall from $314 billion in Q2 2015, representing a decrease of 9.5 percent in 12 months. Of the more than 50 million homes with a mortgage, approximately 8.6 million, or 17 percent, have less than 20 percent equity (referred to as under-equitied) and approximately 965,000, or 1.9 percent, have less than 5 percent equity (referred to as near-negative equity). Borrowers who are under-equitied may have a difficult time refinancing their existing homes or obtaining new financing to sell and buy another home due to underwriting constraints. Borrowers with near-negative equity are considered at risk of shifting into negative equity if home prices fall. "Home-value gains have played a large part in restoring home equity," said Dr. Frank Nothaft, chief economist for CoreLogic. "The CoreLogic Home Price Index for the U.S. recorded 5.2 percent growth in the year through June, an important reason that the number of owners with negative equity fell by 850,000 in the second quarter from a year earlier." "We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index," said Anand Nallathambi, president and CEO of CoreLogic. "Assuming this growth is uniform across the U.S., that should release an additional 700,000 homeowners from the scourge of negative equity." Highlights as of Q2 2016:   Nevada had the highest percentage of mortgaged properties in negative equity at 15.3 percent, followed by Florida (14 percent), Maryland (11.8 percent), Illinois (11.7 percent) and Arizona (11.6 percent). These top five states combined accounted for 33.7 percent of negative equity in the U.S., but only 18.6 percent of outstanding mortgages. Texas had the highest percentage of homes with positive equity at 98.3 percent, followed by Alaska (98 percent), Colorado (97.8 percent), Hawaii (97.7 percent) and Utah (97.6 percent). Of the 10 largest metropolitan areas by population, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties in negative equity at 18.4 percent, followed by Las Vegas-Henderson-Paradise, NV (17.6 percent), Chicago-Naperville-Arlington Heights, IL (13.4 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (9.9 percent) and New York-Jersey City-White Plains, NY-NJ (5.9 percent). Of the same 10 largest metropolitan areas, San Francisco-Redwood City-South San Francisco, CA had the highest percentage of mortgaged properties in a positive equity position at 99.4 percent, followed by Denver-Aurora-Lakewood, CO (98.5 percent), Houston-The Woodlands-Sugar Land, TX (98.4 percent), Los Angeles-Long Beach-Glendale, CA (96.7 percent) and Boston, MA (95 percent). Of the total $284 billion in negative equity, first liens without home equity loans accounted for $159 billion aggregate negative equity, while first liens with home equity loans accounted for $125 billion.Among underwater borrowers, approximately 2.2 million hold first liens without home equity loans. The average mortgage balance for this group of borrowers is $252,000, and the average underwater amount is $73,000. Approximately 1.4 million of all underwater borrowers hold both first and second liens. The average mortgage balance for this group of borrowers is $314,000, and the average underwater amount is $88,000. The bulk of positive equity for mortgaged residential properties is concentrated at the high end of the housing market. For example, 96 percent of homes valued at $200,000 or more have equity compared with 89 percent of homes valued at less than $200,000.   *Q1 2016 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results. For ongoing housing trends and data, visit the CoreLogic Insights Blog: http://www.corelogic.com/blog. MethodologyThe amount of equity for each property is determined by comparing the estimated current value of the property against the mortgage debt outstanding (MDO). If the MDO is greater than the estimated value, then the property is determined to be in a negative equity position. If the estimated value is greater than the MDO, then the property is determined to be in a positive equity position. The data is first generated at the property level and aggregated to higher levels of geography. CoreLogic data includes more than 50 million properties with a mortgage, which accounts for more than 95 percent of all mortgages in the U.S. CoreLogic uses public record data as the source of the MDO, which includes both first-mortgage liens and second liens, and is adjusted for amortization and home equity utilization in order to capture the true level of MDO for each property. The calculations are not based on sampling, but rather on the full data set to avoid potential adverse selection due to sampling. The current value of the property is estimated using a suite of proprietary CoreLogic valuation techniques, including valuation models and the CoreLogic Home Price Index (HPI). In August 2016, the CoreLogic HPI was enhanced to include nearly one million additional repeat sales records from proprietary data sources that provide greater coverage in home price changes nationwide. The increased coverage is particularly useful in 14 non-disclosure states. Additionally, a new modeling methodology has been added to the HPI to weight outlier pairs, ensuring increased consistency and reducing month-over-month revisions. The use of the enhanced CoreLogic HPI was implemented with the Q2 2016 Equity report. Only data for mortgaged residential properties that have a current estimated value are included. There are several states or jurisdictions where the public record, current value or mortgage data coverage is thin and have been excluded from the analysis. These instances account for fewer than 5 percent of the total U.S. population. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Serving those who Served: The Patriot Program propels Realtors® into the untapped Veteran real estate market
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Black Knight's Mortgage Monitor: Q2 Originations Hit 3-Year High; Purchase Lending Highest Since 2007, Refinance Volume Still Lags 2015
JACKSONVILLE, Fla., Sept. 6, 2016 -- Today, the Data & Analytics division of Black Knight Financial Services, Inc. released its latest Mortgage Monitor Report, based on data as of the end of July 2016. This month, Black Knight looked at first-lien mortgage originations through Q2 2016. As Black Knight Data & Analytics Executive Vice President Ben Graboske explained, the data showed significant growth in origination volume; however, refinance volume was not as strong as the current low interest rate environment might suggest. "Mortgage originations posted their strongest quarter in three years in Q2 2016," said Graboske. "In total, we saw $518 billion in first-lien mortgage originations in Q2, driven by a combination of continued purchase origination growth and refinance activity spurred by low interest rates. Interestingly however, with interest rates 15 basis points lower than in Q1, and even lower than in early 2015, refinance activity wasn't nearly as strong as one might have expected. While purchase originations jumped more than 50 percent from Q1, refinances saw only an eight percent increase over that period, and were actually down from the same time last year, despite the number of potential refinance candidates outpacing 2015 by over one million in every month since March. That said, refinance lending has risen for three consecutive quarters and accounted for $221 billion in originations in Q2. "It was a particularly strong month for purchase originations, which made up 57 percent of all first-lien lending in the quarter," Graboske continued. "At $297 billion, Q2 purchase originations marked the highest level – in terms of both volume and dollar amount – seen since 2007. Although the purchase lending credit box remains tight, there is increasing participation among 'moderate' credit borrowers as well. Two-thirds of Q2 purchase loans went to borrowers with credit scores of 740 or higher – on par with what we saw during the same period last year – but there was a 13 percent year-over-year increase in lending to borrowers with credit scores between 700 and 739. This segment has seen the highest rate of growth over the last three quarters, and now makes up 19 percent of all purchase originations. On the other end of the spectrum, sub-700 score borrowers now account for only 15 percent of originations, with less than five percent going to borrowers with scores of 660 or below. Both of these mark the lowest share of low credit purchase lending seen dating back to at least 2000." Black Knight also looked at recent trends in distressed sale activity (REO and short sales), and found that such sales accounted for seven percent of all residential transactions in Q2 2016. Though this represented the lowest such share in nine years, it still remains more than twice the 'normal' market level of just over three percent. The majority of distressed sales taking place in the market today – roughly two-thirds – are REO sales. The average 21 percent discount purchasers are reaping on short sales is on the decline nationally, while the 27 percent REO discount is actually slightly deeper than it was a year ago. The trend toward deepening REO discounts is likely due to the geographic shift in transactions from areas where discounts are lower – such as Florida, with an average REO discount of 23 percent – to areas where they are steeper. The largest REO discounts over the past six months have been seen in the Northeast and Rust Belt states. Ohio leads the nation with a 44 percent average discount on an REO over a traditional sale, followed by New Hampshire and New York with 41 percent discounts. The smallest REO discounts were found in the Southwest, with Texas (14 percent) and Nevada (16 percent) seeing the lowest of all. As was reported in Black Knight's most recent First Look release, other key results include: Total U.S. loan delinquency rate: 4.51% Month-over-month change in delinquency rate: 4.78% Total U.S. foreclosure pre-sale inventory rate: 1.09% Month-over-month change in foreclosure pre-sale inventory rate: - 1.68% States with highest percentage of non-current* loans: MS, LA, NJ, WV, AL States with lowest percentage of non-current* loans: SD, MT, MN, CO, ND States with highest percentage of seriously delinquent** loans: MS, LA, AL, AR, TN *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. **Seriously delinquent loans are those past-due 90 days or more. Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. About the Mortgage MonitorThe Data & Analytics division of Black Knight Financial Services manages the nation's leading repository of loan-level residential mortgage data and performance information on the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The company's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, visit: http://www.BKFS.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx About Black Knight Financial Services, Inc.Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.BKFS.com.
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U.S. Home Loan Originations Decrease 4 Percent in Q2 2016 Despite Rise in Purchase and HELOC Originations
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MetroList gives agents powerful new mortgage affordability tool
Naperville, IL (Chicagoland) – August 24, 2016 – For the first time, MetroList® agents and homebuyers will be able to view on MetroList – their local Multiple Listing Service (MLS) – total monthly housing payments for every property listed for sale, including current mortgage rates, taxes, assessments, and home owners insurance information. MetroList Services Inc., the largest MLS in Northern California has released RatePlug's new mortgage technology to its more than 17,000 real estate brokers and agents in Sacramento, Placer, El Dorado, Yolo, San Joaquin, Stanislaus and Western Merced Counties. RatePlug brings mortgage transparency to the home buying process, helping buyers better understand affordability issues at the very beginning of the home searching process, and it helps consumers "buy local," as local lender data is provided by mortgage providers. RatePlug has become the nation's leading mortgage technology integrated into the MLS and is now available to more than 60 percent of all real estate agents and brokers in the U.S. – or nearly 750,000 REALTORS® nationwide. "MetroList agents can now provide homebuyers a clear picture of what they really can afford upfront and as they are viewing a property," said Dave Howe, Director of MLS Operations at MetroList. "Setting accurate consumer expectations will help buyers and real estate agents reduce the number of surprises that can come from purchasing a home." RatePlug CEO Brad Springer says, "Consumers love doing online comparisons – 'what if' scenarios – looking at different interest rate and mortgage products. It's one of the most used features RatePlug offers. And because all the property costs are up-to-date and mortgage rates are provided in real time, buyers get better, more accurate data as well." And because RatePlug is dynamic, homebuyers stay on the agent's listing longer, as Springer says average homebuyers spend up to 6 minutes more viewing an MLS listing featuring RatePlug than one without. Springer also notes that agents using RatePlug get another a big bonus. "Our research shows that agents who use RatePlug experience a faster sales cycle, as the list date to contract date is shortened by 14%," Springer says. The regulatory environment within the real estate industry is complex and fluid – from the massive record-keeping requirement of the FTC MAP rules, to all of the changes that have come with TRID.  The RatePlug compliance tracking feature gives brokers peace-of-mind in an area that can quickly become a slippery slope if you don't have the right lender partner. Springer adds that real estate agents like being able to feature local area lenders: the ones they actually work with, know and recommend. "Most property listing search sites will display lenders the agent has never heard of, much less worked with," Springer says. "RatePlug helps local homebuyer 'buy local,' as the agent can select a lender – or lenders -- that they work with regularly. "RatePlug helps provide more transparency to the home buying process when it comes to affordability," said Springer, "and we make this powerful, yet incredibly easy-to-use mortgage technology, free to every MLS." Springer explains that RatePlug is made available to real estate agents through their local MLS as a benefit covered by their dues or fees, and that RatePlug does not charge individual real estate agents a fee. Local mortgage loan officers pay for the service and can select from packages that range from $59 a month to $435 a year. Each package allows the loan officer to work with as many agents as they want. There is a one-time $35 set up fee that applies to all packages. MLSs, lenders, real estate brokerages and agents interested in RatePlug can learn more at www.RatePlug.com or call toll-free 1-877-710-0808. About MetroList Services, Inc. MetroList Services Inc., the largest multiple listing service in Northern California, is headquartered in Sacramento, the California state capital. Formed in 1985 by the Sacramento Association of REALTORS®, the Placer County Association of REALTORS® and the El Dorado County Association of REALTORS®, MetroList's ownership group has grown to include the Lodi Association of REALTORS®, the Yolo County Association of REALTORS®, and California Real Estate Brokers, Inc. MetroList acts as a seamless real estate information network, serving some 17,000 real estate professionals in seven counties: Sacramento, Placer, El Dorado, San Joaquin, Stanislaus, Western Merced and Yolo. About RatePlug Founded in 2003, RatePlug has become the nation's leading mortgage technology integrated into the MLS and is now available to more than 60 percent of all real estate agents and brokers in the U.S. – nearly 750,000 REALTORS® nationwide. RatePlug educates buyers about affordability by providing crucial mortgage information at the beginning of their home search and helps home buyers "buy local," connecting them to local agents and loan officers. Homebuyers spend up to 6 minutes more viewing an MLS listing featuring RatePlug than one without. For loan officers, NAR research shows that 74% of homebuyers use the lender referred to by their REALTOR®. Most importantly, agents using RatePlug sell homes faster, experiencing 14% fewer Days on Market (from list to contract date) than agents who do not use RatePlug. Lenders, loan officers, real estate brokerages, agents and MLSs can learn more about Naperville, IL-based RatePlug at www.RatePlug.com.
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Black Knight Financial Services' First Look at July Mortgage Data: Delinquencies Continue Seasonal Climb; Prepayments Defy Historically Low Interest Rates, Growing Refinanceable Population
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Consumers Stand to Win Big With Proposed 'Know Before You Owe' Rule Coming Their Way
  WASHINGTON, July 29, 2016 -- Since the October 2015 implementation of the Consumer Financial Protection Bureau's 'Know Before You Owe' mortgage initiative, Realtors® have raised red flags over challenges in gaining access to what's known as the mortgage "closing disclosure" form, or CD. The CD is delivered to homebuyers in advance of their closing and contains important financial information related to their purchase. Unfortunately, many lenders have chosen to withhold this document from real estate agents since Know Before You Owe went into effect, despite a longstanding tradition of sharing similar information. Earlier this year, the Consumer Finance Protection Bureau announced that it was considering changes to Know Before You Owe - also known as the TILA-RESPA Integrated Disclosure, or TRID - including a clarification of the rules regarding sharing the CD. Today, the CFPB made good on that promise when it announced a proposed rule on TRID, and stated in their announcement that "the Bureau understands that it is usual, accepted and appropriate for creditors and settlement agents to provide a closing disclosure to consumers, sellers and their real estate brokers or other agents." The National Association of Realtors® believes this announcement marks significant progress for consumers, as well as for its members. Giving Realtors® access to the CD would strengthen consumers' understanding of their mortgage and home purchase by helping agents continue to provide expert advice to their clients. The following is a statement by NAR President Tom Salomone: "Realtors® have reported challenges gaining access to the Closing Disclosure ever since TRID went into effect, despite a long history of access to the substantively similar HUD-1 that is replaced. Today the CFPB acknowledged that concern by making it clear that it is appropriate and accepted for creditors and settlement agents to share the CD with consumers, sellers and their real estate agents. "This is a significant victory that will help Realtors® continue to provide the expert service their clients have come to expect. We appreciate the CFPB's willingness to reconsider the TRID-related challenges our members face and will continue to monitor the progress on this important issue in the months ahead." Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Video" tab on the website.
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Black Knight Financial Services' First Look at June Mortgage Data: Foreclosure Starts Up for Second Consecutive Month; Prepays Rise on Historically Low Rates
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First Look at May Mortgage Data: Reduction in Foreclosure Inventory Picking Up Speed, Down 29 Percent from Last Year
JACKSONVILLE, Fla., June 22, 2016 -- The Data & Analytics division of Black Knight Financial Services, Inc. reports the following "first look" at May 2016 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.25% Month-over-month change: 0.36% Year-over-year change: -13.47% Total U.S. foreclosure pre-sale inventory rate: 1.13% Month-over-month change: -3.55% Year-over-year change: -28.78% Total U.S. foreclosure starts: 62,100 Month-over-month change: 5.79% Year-over-year change: -19.77% Monthly Prepayment Rate (SMM): 1.30% Month-over-month change: 3.31% Year-over-year change: -2.40% Foreclosure Sales as % of 90+: 2.03% Month-over-month change: -4.58% Year-over-year change: -1.85% Number of properties that are 30 or more days past due, but not in foreclosure: 2,153,000 Month-over-month change: 7,000 Year-over-year change: -325,000 Number of properties that are 90 or more days past due, but not in foreclosure: 719,000 Month-over-month change: -11,000 Year-over-year change: -160,000 Number of properties in foreclosure pre-sale inventory: 574,000 Month-over-month change: -21,000 Year-over-year change: -229,000 Number of properties that are 30 or more days past due or in foreclosure: 2,727,000 Month-over-month change: -14,000 Year-over-year change: -553,000 Top 5 States by Non-Current* Percentage Mississippi:     11.09% Louisiana:        9.13% New Jersey:     8.86% Maine:             7.85% Alabama:         7.85% Bottom 5 States by Non-Current* Percentage Montana:         3.03% South Dakota:  2.92% Minnesota:       2.71% Colorado:         2.57% North Dakota:   2.33% Top 5 States by 90+ Days Delinquent Percentage Mississippi:      3.68% Louisiana:         2.79% Alabama:          2.55% Arkansas:         2.11% Rhode Island:    2.11% Top 5 States by 6-Month Improvement in Non-Current* Percentage Washington:     -18.73% Nebraska:        -18.61% Florida:            -17.93% Nevada:           -17.63% Arizona:          -16.26% Top 5 States by 6-Month Deterioration in Non-Current* Percentage North Dakota:    5.32% Alaska:             5.25% Wyoming:        -1.06% Louisiana:        -9.04% Vermont:         -10.14% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: 1)       Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. 2)       All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred. For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20160622.aspx. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by July 11, 2016. For more information about gaining access to Black Knight's loan-level database, please send an email todataanalyticsinfo[at]bkfs.com. About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
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Homebuyers Gain Expanded Access to Education, Down Payment Help During National Homeownership Month
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Down Payment Assistance Programs Save Qualifying Homebuyers More Than $17,000 on Average Over Life of Loan
NEW ORLEANS, LA--(June 09, 2016) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released a joint report with Down Payment Resource analyzing the impact of down payment assistance on the cost of buying a home -- including the down payment and monthly house payments for a median-priced home in 513 counties nationwide. The report was released at the National Association of Real Estate Editors 50th Annual Journalism Conference in New Orleans. The report found that across all 513 counties analyzed, buyers using available down payment assistance programs can save an average of $17,766 representing 41 percent of a year's wages compared to buyers who do not use down payment assistance. The total savings breaks down to an average savings of $5,965 on the down payment for a median-priced home, and an average savings of $11,801 on monthly house payments over the life of the loan for a median-priced home. The report combined public record sales deed data for single family homes and condos collected by RealtyTrac with average down payment assistance data collected from 2,477 down payment assistance programs across the country by Down Payment Resource along with the latest average weekly wage data available at the county level from the Bureau of Labor Statistics. "Saving for a down payment can be difficult for prospective first-time homebuyers given the absence of substantial wage growth in recent years combined with the burden of student loan debt many are struggling under," said Daren Blomquist, senior vice president at RealtyTrac. "Even just a 3 percent down payment requires 14 percent of annual wages on average across the 513 counties we analyzed, and in 67 counties a 3 percent down payment requires more than one-fifth of annual wages." "Homeownership programs not only help buyers overcome the initial cost of purchasing a home, but also produce a compounding positive impact on the homeowner's saving and wealth-building capability," said Rob Chrane, CEO at Down Payment Resource. "In fact, these programs are now the last frontier in the fight to preserve homeownership affordability. Rates are never going to be substantially lower, and home prices continue to trend higher." Markets with biggest down payment assistance savings Markets where buyers using down payment assistance programs can realize the biggest total dollar savings compared to buyers not using down payment assistance were Kauai County, Hawaii ($80,148 total savings over the life of the loan); Placer County, California, in the Sacramento metro area ($78,539); San Francisco County, California ($77,411); Orange County, California in the Los Angeles metro area ($74,268); and Shasta County (Redding), California ($70,806). Other markets with total savings of more than $50,000 over the life of the loan included counties in Miami, New Orleans, Seattle, Orlando, and New York. "Any ability that buyers have to assist with current down payment requirements is positive -- especially when we consider our region's first time buyers who are sometimes facing an uphill battle as to whether to continue paying escalating rents, or save towards a down payment on a home," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "However, Seattle's housing market remains incredibly competitive and many buyers are either paying cash or have substantial down payments. These buyers are seen as lower risk than those using down payment assistance and are therefore more likely to win in a multiple-offer situation." Markets where buyers using down payment assistance programs can realize the biggest savings as a percentage of average annual wages compared to buyers not using down payment assistance were Kauai County, Hawaii (191 percent of annual wages); Shasta County (Redding), California (176 percent); Sevier County (Sevierville), Tennessee (161 percent); El Dorado County, California in the Sacramento metro area (160 percent); and Allen County (Lima), Ohio (157 percent). "While down payment assistance programs are beneficial for assisting buyers in achieving the American Dream of homeownership, current low available housing inventory is creating an inability to leverage such programs to the benefit of buyers," said Michael Mahon, president at HER Realtors, covering the Cincinnati, Dayton and Columbus markets in Ohio. "Couple current market conditions with certain sellers and agents restricting access to viewing of properties in consideration of marketing programs to create hyper-sensitivity regarding property availability, and we have what many are considering a potential environment of disparate impact relating to the inability of the Protected Class Buyers under the U.S. Fair Housing Act to leverage such down payment assistance programs in achieving their family goals of homeownership." Other markets with total savings of more than 130 percent of average annual wages included counties in Orlando, Los Angeles, Miami, Nashville and Memphis. Average assistance covers 3 percent down in 82 percent of counties Across all 513 counties, the average down payment assistance available through down payment assistance programs was $12,434, nearly twice the average 3 percent down payment of $6,424 on a median-priced home. "These programs often make the difference between buying a home or not," added Chrane of Down Payment Resource. "In most cases, the assistance results in a greater financial cushion by preventing homebuyers from liquidating their savings and retirement accounts to come up with a down payment." Average down payment assistance available was higher than a 3 percent down payment on a median-priced home in 422 of the 513 counties (82 percent), including Los Angeles County, California ($39,964 average down payment assistance compared to $15,450 for 3 percent down on a median-priced home); Cook County, Illinois in the Chicago metro area ($8,058 average assistance compared to $6,090 for 3 percent down); Harris County, Texas in the Houston metro area ($16,521 average assistance compared to $5,985 for 3 percent down); Maricopa County, Arizona in the Phoenix metro area ($19,067 average assistance compared to $6,750 for 3 percent down); and San Diego County, California ($25,262 average assistance compared to $14,460 for 3 percent down). Markets where average assistance does not cover 3 percent down Average down payment assistance was lower than a 3 percent down payment on a median-priced home in 91 of the 513 markets (18 percent). Major markets where a 3 percent down payment on a median-priced home was higher than the average down payment assistance available included New York County (Manhattan), New York ($13,917 average down payment assistance compared to $34,500 for 3 percent down on a median-priced home); Fairfax County, Virginia in the Washington, D.C. metro area ($5,000 average assistance compared to $14,100 for 3 percent down); Salt Lake County, Utah ($5,313 average assistance compared to $8,078 for 3 percent down); Montgomery County, Maryland in the Washington, D.C. metro area ($4,680 average assistance compared to $11,550 for 3 percent down); and Baltimore County, Maryland ($6,173 average assistance compared to $6,210 for 3 percent down). Other markets where a 3 percent down payment on a median-priced home was higher than the average down payment assistance available included counties in Philadelphia, San Francisco, Chicago, Kansas City, Des Moines, Portland, and St. Louis. Report Methodology The median price of single family homes and condos sold between April 1, 2016 and May 31, 2016, were used to calculate 3 percent down payments and monthly house payments. Monthly house payments without down payment assistance assumed 3 percent down. Monthly house payments with down payment assistance assumed a down payment equal to the average assistance available in each county. Both house payment calculations were based on the interest rate in April 2016 for a 30-year fixed-rate mortgage from the Freddie Mac Primary Mortgage Market Survey. Both house payment calculations also accounted for property taxes, property insurance, and private mortgage insurance. About RealtyTrac RealtyTrac is a leading provider of comprehensive U.S. housing and property data, including nationwide parcel-level records for more than 130 million U.S. properties. Detailed data attributes include property characteristics, tax assessor data, sales and mortgage deed records, distressed data, including default, foreclosure and auctions status, and Automated Valuation Models (AVMs). Sourced from RealtyTrac subsidiaryHomefacts.com, the company's proprietary national neighborhood-level database includes more than 50 key local and neighborhood level dynamics for residential properties, providing unrivaled pre-diligence capabilities and a parcel risk database for portfolio analysis. RealtyTrac's data is widely viewed as the industry standard and, as such, is relied upon by real estate professionals and service providers, marketers and financial institutions, as well as the Federal Reserve, U.S. Treasury Department, HUD, state housing and banking departments, investment funds and tens of millions of consumers. About Down Payment Resource Down Payment Resource (DPR) creates opportunity for homebuyers, Realtors and lenders by uncovering programs that get people into homes. The company tracks nearly 2,500 homebuyer programs through its housing finance agency partners. Winner of the 2011 Inman News Innovator "Most Innovative New Technology" award, DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit www.DownPaymentResource.com.
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DPR Homeownership Program Index released: Nearly 2,500 Programs Available to Homebuyers
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Cash Transactions Account for Over 60 Percent of Low-Priced Home Sales; Rising Interest Rates May Stress Available Housing Inventory
JACKSONVILLE, Fla., June 6, 2016 -- Today, the Data & Analytics division of Black Knight Financial Services, Inc. released its latest Mortgage Monitor Report, based on data as of the end of April 2016. This month, Black Knight looked at the cash share of residential real estate transactions by core-based statistical areas (CBSAs), breaking each CBSA into five equal price tiers. While the data showed that overall cash sales are slowing, they still account for the bulk of transactions on homes in the lowest 20 percent of property values. As Black Knight Data & Analytics Senior Vice President Ben Graboskeexplained, there is significant disparity between high- and low-end markets nationwide in this regard. "As the inventory of distressed properties has dried up nationwide, the overall share of cash sales has been on the decline as well," said Graboske. "From a peak of 45 percent of all real estate transactions back in Q1 2011, cash sales accounted for just 35 percent of home purchases in the first quarter of 2016. What's striking though, is the disparity between the high and low ends of the market. At the national level, cash sales made up approximately 30 percent of transactions on properties in the top 20 percent by value of their respective markets. For those in the lowest 20 percent of property values, over 60 percent of sales were cash transactions. While down significantly from its peak of 75 percent of all transactions at the bottom of the housing market, this is still quite high for cash sales, historically. The prevalence of cash sales at the low end of the market can likely be chalked up to two primary factors. First, negative equity is still higher than average among this segment of the market, resulting in increased distressed discounts for buyers. Second, lower-priced homes simply require less capital to purchase outright, making cash sales possible for more people." Leveraging both loan-level mortgage performance and multiple listing service (MLS) data, Black Knight also examined the correlation between mortgage characteristics and the likelihood a property will be listed and/or sold. As Graboske explained, the data suggests that delinquent inventory, in particular, seems to be having a significant impact on available housing market inventory. "We're now in the heart of the spring home buying season and, as has been true for several years, there are still reports of tight inventory. We found that the share of homes with mortgages listed for sale is down 22 percent since 2012 and down 5 percent from the same time last year. One driver is that while delinquent borrowers are still more than twice as likely to list their homes for sale, there are far fewer of these borrowers, as well as a much lower share of such homes listed for sale, than in 2012. On the other hand, listings from borrowers who are current on their mortgages are up 10 percent over the same time period. Also, people with adjustable-rate mortgages are more likely to list their homes than those with fixed rates, which is hardly surprising given that buyers often choose ARMs when they plan to stay in their homes for less time. Interestingly, borrowers with low fixed interest rates -- 4.25 percent or below -- are less likely to put their homes on the market than those with higher rates. This is something to keep an eye on if and when interest rates begin to rise. Should the trend hold true, rising interest rates could put an even greater strain on an already tight housing inventory." Finally, Black Knight found that home equity lines of credit (HELOCs) have now seen annual delinquency rate increases in two of the past six months -- the first such annual rises observed since June 2012. The increases are being driven almost entirely by an 87 percent spike in delinquencies among 2005 vintage HELOCs over the past 12 months, which ended their draw periods and began amortizing in 2015. The 2006 vintage -- which began amortizing this year -- accounts for approximately 17 percent of active HELOCs and 2007 another 18 percent, suggesting the trend will likely continue over the next two years as large volumes of draw expirations take place. As was reported in Black Knight's most recent First Look release, other key results include: Total U.S. loan delinquency rate: 4.24% Month-over-month change in delinquency rate: 3.77% Total U.S. foreclosure pre-sale inventory rate: 1.17% Month-over-month change in foreclosure pre-sale inventory rate: - 5.87% States with highest percentage of non-current* loans: MS, LA, NJ, NY, ME States with lowest percentage of non-current* loans: AK, SD, MN, CO, ND States with highest percentage of seriously delinquent** loans: MS, LA, AL, AR, RI *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. **Seriously delinquent loans are those past-due 90 days or more. Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. About the Mortgage Monitor The Data & Analytics division of Black Knight Financial Services manages the nation's leading repository of loan-level residential mortgage data and performance information on the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The company's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, visit: http://www.BKFS.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
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First Look at April Mortgage Data: Lowest Number of Foreclosure Starts in 10 Years; Prepay Activity Falls Despite Low Rates
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Q1 2016 U.S. Home Loan Originations Down 8 Percent From a Year Ago Driven by 20 Percent Drop in Refinance Originations
IRVINE, CA--(May 12, 2016) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released its Q1 2016 U.S. Residential Property Loan Origination Report, which shows 1.4 million (1,415,511) loans were originated on U.S. residential properties (1 to 4 units) in the first quarter of 2016, down 12 percent from the previous quarter and down 8 percent from a year ago to the lowest level since the first quarter of 2014. The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by RealtyTrac in more than 950 counties accounting for more than 80 percent of the U.S. population. The year-over-year decrease in total originations was driven by a 20 percent year-over-year decrease in refinance originations even while purchase originations increased 3 percent from a year ago and Home Equity Line of Credit (HELOC) originations increased 10 percent from a year ago.   "After a surprisingly strong 2015, the mortgage refi market started running out of steam in the first quarter of 2016 despite lower mortgage interest rates," said Daren Blomquist, senior vice president at RealtyTrac. "Meanwhile the purchase loan market continued the pattern of slow-and-steady growth that it has been following the past two years, and HELOC originations increased on a year-over-year basis for the 16th consecutive quarter, showing that borrowers are regaining both home value and the confidence needed to increasingly leverage their home equity." Dallas, Louisville, Seattle, Sacramento, Columbus with biggest HELOC increase Among 50 metropolitan statistical areas with at least 5,000 total loan originations in the first quarter, those with the biggest year-over-year percentage increase in HELOC originations were Dallas, Texas (up 35 percent); Louisville, Kentucky (up 28 percent); Seattle, Washington (up 25 percent); Sacramento, California (up 25 percent); and Columbus, Ohio (up 23 percent). Other metro areas with a 20 percent or more increase in HELOC originations from a year ago were San Antonio, Texas (up 23 percent); Orlando, Florida (up 23 percent); Portland, Oregon (up 22 percent); Cincinnati, Ohio (up 21 percent); and Tampa, Florida (up 20 percent). "Loosening credit, low interest rates and the first time millennial buyers moving into the South Florida real estate market all add up to an 8 percent increase in purchase loan originations for the first quarter this year over last year's first quarter," said Mike Pappas, CEO and president at The Keyes Company, covering South Florida. "Our rising prices and increasing equity are giving confidence to homeowners as we have seen HELOCs increase 12 percent year-over-year." Baltimore, Tucson, Louisville, Minneapolis, Nashville with biggest purchase loan increase Metro areas with the biggest year-over-year percentage increase in purchase originations were Baltimore, Maryland (up 26 percent); Tucson, Arizona (up 18 percent); Louisville, Kentucky (up 17 percent); Minneapolis-St. Paul (up 14 percent); and Nashville, Tennessee (up 14 percent). Other metro areas with a more than 10 percent increase in purchase loan originations from a year ago were Washington, D.C. (up 13 percent); Cleveland, Ohio (up 13 percent); Atlanta, Georgia (up 12 percent); Indianapolis, Indiana (up 12 percent); Kansas City (up 11 percent); St. Louis (up 11 percent); and Chicago (up 11 percent). Cincinnati, Philadelphia, Milwaukee, Raleigh, Salt Lake City with biggest refi decrease Metro areas with the biggest year-over-year percentage decrease in refinance originations were Cincinnati, Ohio (down 35 percent); Philadelphia, Pennsylvania (down 32 percent); Milwaukee, Wisconsin (down 32 percent); Raleigh, North Carolina (down 31 percent); and Salt Lake City, Utah (down 29 percent). Other metro areas with a 25 percent or bigger decrease in refinance originations from a year ago were Oxnard-Thousand Oaks-Ventura, California (down 28 percent); St. Louis (down 28 percent); Sacramento, California (down 28 percent); Tucson, Arizona (down 27 percent); Louisville, Kentucky (down 26 percent); Chicago, Illinois (down 26 percent); Richmond, Virginia (down 26 percent); San Diego, California (down 25 percent); and Honolulu (down 25 percent). Loan origination dollar volume up 5 percent as HELOC dollar volume jumps 45 percent Although the number of originations decreased from a year ago, the estimated total dollar volume of originations increased thanks to higher average loan amounts. There was an estimated $444 billion ($444,560,103,469) in total loan origination dollar volume in Q1 2016, up 5 percent from the previous quarter and up 5 percent from a year ago -- the fifth consecutive quarter with a year-over-year increase in loan origination dollar volume. The total dollar amount of purchase loans originated in the first quarter was an estimated $146 billion ($145,693,394,297), down 11 percent from the previous quarter but up 8 percent from a year ago. The total dollar amount of refinance loans originated in the first quarter was an estimated $204 billion ($203,593,423,522), up 8 percent from the previous quarter but down 9 percent from a year ago. The total dollar amount of HELOCs originated in the first quarter was an estimated $95 billion ($95,273,285,650), up 34 percent from the previous quarter and up 45 percent from a year ago. FHA loan share increases annually for fifth consecutive quarter Among all purchase and refinance loans, 17.5 percent were FHA loans, 8.3 percent were VA loans, 0.8 percent were construction loans, and the remaining 73.4 percent were other loan types, including conventional. FHA loans as a share of all loan originations increased 7 percent from a year ago while the VA loan share were up 5 percent and construction loans were up 19 percent. The FHA loan share has increased for five consecutive quarters, and in 10 of the 11 last quarters. Report methodology RealtyTrac analyzed recorded mortgage and deed of trust data for single family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations. About RealtyTrac RealtyTrac is a leading provider of comprehensive U.S. housing and property data, including nationwide parcel-level records for more than 130 million U.S. properties. Detailed data attributes include property characteristics, tax assessor data, sales and mortgage deed records, distressed data, including default, foreclosure and auctions status, and Automated Valuation Models (AVMs). Sourced from RealtyTrac subsidiary Homefacts.com, the company's proprietary national neighborhood-level database includes more than 50 key local and neighborhood level dynamics for residential properties, providing unrivaled pre-diligence capabilities and a parcel risk database for portfolio analysis. RealtyTrac's data is widely viewed as the industry standard and, as such, is relied upon by real estate professionals and service providers, marketers and financial institutions, as well as the Federal Reserve, U.S. Treasury Department, HUD, state housing and banking departments, investment funds and tens of millions of consumers. In January 2016, RealtyTrac announced the beta launch of its new consumer focused, mobile first, property report website, HomeDisclosure.com, which provides real estate consumers and professionals alike, detailed pre-diligence data for nearly 120 million U.S. homes.
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Black Knight's February Mortgage Monitor: Negative Equity Rates Improve, But Lowest-Priced Homes Continue to Struggle; "Serial Refinancers" Played Large Role in 2015 Refi Wave
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Black Knight Financial Services' "First Look" at February 2016
JACKSONVILLE, Fla. – March 23, 2016 – The Data and Analytics division of Black Knight Financial Services reports the following "first look" at February 2016 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes:1) Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets.2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred. The company will provide a more in-depth review of this data in its monthly Mortgage ?Monitor report, which includes an analysis of data supplemented by charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx? by April 4, 2016. For more information about gaining access to Black Knight's loan-level database, please email DataAnalyticsInfo[at]BKFS.com. About Black Knight Financial Services, Inc. Black Knight Financial Services (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is the mortgage and finance industries' leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being the premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership.
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Declining Interest Rates Boost Refinanceable Population by 1.5 Million in First Six Weeks of 2016; $20 Billion in Potential Annual Savings
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January Mortgage Data: Delinquencies Up Sharply; Prepayment Rate Drops
JACKSONVILLE, Fla., Feb. 22, 2016 -- The Data & Analytics division of Black Knight Financial Services, Inc. reports the following "first look" at January 2016 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 5.09% Month-over-month change: 6.62% Year-over-year change: -7.10% Total U.S. foreclosure pre-sale inventory rate: 1.30% Month-over-month change: -4.53% Year-over-year change: -25.69% Total U.S. foreclosure starts: 71,900 Month-over-month change: -7.94% Year-over-year change: -22.94% Monthly Prepayment Rate (SMM): 0.81% Month-over-month change: -28.67% Year-over-year change: -7.88% Foreclosure Sales as % of 90+: 2.17% Month-over-month change: 15.61% Year-over-year change: 24.76% Number of properties that are 30 or more days past due, but not in foreclosure: 2,575,000 Month-over-month change: 167,000 Year-over-year change: -189,000 Number of properties that are 90 or more days past due, but not in foreclosure: 831,000 Month-over-month change: 23,000 Year-over-year change: -229,000 Number of properties in foreclosure pre-sale inventory: 659,000 Month-over-month change: -30,000 Year-over-year change: -226,000 Number of properties that are 30 or more days past due or in foreclosure: 3,234,000 Month-over-month change: 137,000 Year-over-year change: -415,000 Top 5 States by Non-Current* Percentage Mississippi:        13.00% Louisiana:          10.49% New Jersey:       10.38% Alabama:             9.25% West Virginia:      9.19% Bottom 5 States by Non-Current* Percentage South Dakota:    3.50% Minnesota:         3.29% Alaska:              3.24% Colorado:           3.03% North Dakota:     2.41% Top 5 States by 90+ Days Delinquent Percentage Mississippi:        4.11% Louisiana:          2.95% Alabama:           2.86% Maine:               2.55% Tennessee:        2.42% Top 5 States by 6-Month Improvement in Non-Current* Percentage Oregon:             -4.73% Washington       -4.42% Nevada:             -3.57% Florida:              -3.51% Hawaii:              -2.01% Top 5 States by 6-Month Deterioration in Non-Current* Percentage North Dakota:    14.54% West Virginia:    11.71% Arizona:              9.74% Virginia:              9.57% California:            9.42% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. All whole numbers are rounded to the nearest thousand. For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by March 7, 2016. About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
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Homeownership Program Funding Remains Steady; More Than 750 Programs Updated
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zipLogix™ Forms Web Services Partnership with Roostify
Fraser, MI – February 1, 2016 – zipLogix™, a technology company helping real estate professionals improve productivity and efficiency, today announced a new web services partnership with Roostify, a provider of automated mortgage transaction technology. Roostify is a web and mobile service that makes the home-buying experience easier and quicker by simplifying the loan application and digitizing the application-to-closing process. "Roostify represents our first foray into offering a home loan solution to consumers and real estate professionals that makes the mortgage application, funding and closing process simple, efficient and secure," said zipLogix™ Chairman of the Board Mark Peterson. "The technology provides a similar ease-of-use experience for real estate professionals as well as loan officers and other mortgage and financial professionals." As the nation's recognized real estate software technology leader, zipLogix™'s zipForm® Plus electronic forms software, zipTMS™ transaction management software and zipLogix™ Digital Ink® electronic signature software are utilized by more homebuyers, sellers and real estate professionals than any other solution on the market today. "The home loan process today involves several parties, many who operate in different silos, making what is already an exhausting process, even more so," said Roostify CEO and Founder Rajesh Bhat. "This partnership will allow for real estate agents, who are integral to the home loan closing process, to seamlessly collaborate in real-time, improving the integrity and speed of a home closing and increasing transparency for the consumer. Our lender customers desire to provide greater visibility and responsiveness to their real estate partners. This integration results in a more efficient process for the lender and real estate agents and a happier customer at the close of the loan." By utilizing Roostify, consumers can submit a full loan package in minutes and loan officers can conduct closing activities with their clients, all electronically and in one place. About Roostify Roostify was founded by three technologists frustrated with their individual home buying and re-financing experiences who believed there was a more efficient, open way to complete transactions. They leveraged the expertise of real estate and mortgage banking experts to develop this new web and mobile service that benefits agents, lenders and homebuyers. Roostify is headquartered in San Francisco, California, and is backed by private investors. For more information, visit: www.roostify.com About zipLogix™ Fraser, Mich.-based zipLogix™ is a technology company created by, owned by and working for real estate professionals to improve productivity and efficiency industry wide. Its software automates and simplifies the repetitive and complex steps of real estate transactions, and is used by more than 650,000 REALTORS® across the country.
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Home Affordability Still Better than Pre-Bubble Average; $64B in Equity Tapped Via Cash-Out Refis During Past 12 Months
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2015 Ends with 22 Percent Improvement in Foreclosure Inventory, 15 Percent Decline in Delinquencies
JACKSONVILLE, Florida, January 22, 2016 — The Data & Analytics division of Black Knight Financial Services, Inc. reports the following "first look" at December 2015 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.78% Month-over-month change: -2.99% Year-over-year change: -14.98% Total U.S. foreclosure pre-sale inventory rate: 1.37% Month-over-month change: -1.00% Year-over-year change: -21.85% Total U.S. foreclosure starts: 78,100 Month-over-month change: 17.27% Year-over-year change: -14.64% Monthly Prepayment Rate (SMM): 1.14% Month-over-month change: 23.85% Year-over-year change: 1.29% Foreclosure Sales as % of 90+: 1.87% Month-over-month change: 5.87% Year-over-year change: 27.82% Number of properties that are 30 or more days past due, but not in foreclosure: 2,408,000 Month-over-month change: -83,000 Year-over-year change: -425,000 Number of properties that are 90 or more days past due, but not in foreclosure: 808,000 Month-over-month change: -19,000 Year-over-year change: -280,000 Number of properties in foreclosure pre-sale inventory: 689,000 Month-over-month change: -9,000 Year-over-year change: -192,000 Number of properties that are 30 or more days past due or in foreclosure: 3,097,000 Month-over-month change: -92,000 Year-over-year change: -618,000 Top 5 States by Non-Current* Percentage   Mississippi: 12.33% New Jersey: 10.13% Louisiana: 9.90% Maine: 8.90% New York: 8.79%   Bottom 5 States by Non-Current* Percentage   South Dakota: 3.31% Minnesota: 3.15% Colorado: 2.90% Alaska: 2.88% North Dakota: 2.17%   Top 5 States by 90+ Days Delinquent Percentage   Mississippi: 4.06% Louisiana: 2.89% Alabama: 2.81% Maine: 2.48% Arkansas: 2.38%   Top 5 States by 6-Month Improvement in Non-Current* Percentage   Alaska: -14.10% Oregon: -10.87% Washington: -8.70% Florida: -7.52% Colorado: -7.40%   Top 5 States by 6-Month Deterioration in Non-Current* Percentage   Arizona: 3.18% Texas: 2.92% California: 1.54% Louisiana: 1.46% West Virginia: 1.34%   *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by Feb. 1, 2016. About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc., a Fidelity National Financial company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
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Black Knight's November Mortgage Monitor: Refinanceable Population Shrinks While Tappable Equity Rises; HELOC Originations Continue to Climb
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30-Year Fixed Mortgage Rates Fall Slightly; Rate Was 3.74% on Monday, According to Zillow Mortgage Rate Ticker
  SEATTLE, January 05, 2016 — The 30-year fixed mortgage rate on Zillow® Mortgages was 3.74 percent according to the latest data released on Mondayi, down seven basis points from the same time last week. The 30-year fixed mortgage fell to 3.82 percent on Wednesday, then hovered there before dropping to the current rate on Monday. "Mortgage rates fell early this week as financial markets returned from the New Year's holiday to a collapse in Asian equities, which pushed capital flows to safe assets including US mortgage bonds," said Erin Lantz, vice president of mortgages at Zillow. "We expect continued volatility this week leading up to Wednesday's publication of the December Federal Open Market Committee meeting minutes and Friday's all-important jobs report." Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey. The rate for a 15-year fixed home loan is currently 2.96 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.97 percent. Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates. State 30-YearFixed Rate(1/4/16) Last Week's30-YearFixed Rate(12/29/15) Change inBasisPoints California Mortgage Rates 3.74% 3.80 % -6 Colorado Mortgage Rates 3.74% 3.82 % -8 Florida Mortgage Rates 3.77 % 3.83 % -6 Illinois Mortgage Rates 3.77 % 3.86 % -9 Massachusetts Mortgage Rates 3.76 % 3.84 % -8 New Jersey Mortgage Rates 3.74 % 3.81 % -7 New York Mortgage Rates 3.79 % 3.93 % -14 Pennsylvania Mortgage Rates 3.74 % 3.80 % -6 Texas Mortgage Rates 3.75 % 3.82 % -7 Washington Mortgage Rates 3.77 % 3.83 % -6 About Zillow Mortgages Zillow Mortgages, operated by Zillow, Inc., is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgages also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories. Zillow is a registered trademark of Zillow, Inc. i Due to a data outage, rates from Tuesday, January 5th were excluded from this release.
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Black Knight Financial Services' First Look at November Mortgage Data: Foreclosure Starts Hit Nine-Year Low; Fewer than 700,000 Active Foreclosures Remain
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Despite Interest Rate Hike by U.S. Federal Reserve, Majority of Current Home Shoppers Still Plan to Purchase
  SEATTLE, Dec. 15, 2015 -- This week the Federal Reserve is expected to raise interest rates for the first time in nine years, but the impact on potential home buyers' behavior will be minimal, according to a new Zillow® surveyi. Most people (70 percent) who say they are currently searching for a home or plan to buy within the next year will continue with their home buying plans even if rates rise to 4.5% -- roughly where economists expect they will be by mid-2016. That said, while plans to purchase will remain intact, almost half (45 percent) of current home shoppers claim they would reconsider the type of home they are searching for, such as looking for a smaller home or less expensive community, should this 50 basis point increase in mortgage rates occur. The impact on home buyers from an affordability standpoint will be also minimal, at least initially, and buying a home continues to be more affordable than it has been in the past. In 19 percent of the country's top 500 metros, the monthly mortgage payment on the median home would increase by less than $25 per month as mortgage rates rise from 4 percent to 4.5 percentii. The homeowners that will be hit the hardest by a rate increase will be those living in U.S. metros where housing is expensive and affordability is already an issue. In markets like San Francisco or San Jose, monthly mortgage payments could increase by $175 or more with a 50 basis point jumpiii. "If the Fed does decide to raise rates this week, as we expect them to, there is no need for future homebuyers to feel that they've missed the ideal window of time to purchase a home," said Erin Lantz, vice president of mortgages for Zillow Group. "It's important to remember that while a hike would result in higher rates than we have been accustomed, they are still historically low. Mortgage rates are an important factor to consider during the home buying process, but personal considerations about the home type and location should trump concerns about moderate rate changes." According to the survey, rising interest rates rank relatively low among the top concerns of homebuyers. Respondents who are currently in the process of searching for or buying a home claimed they were most concerned about finding an affordable home amidst low inventory (29 percent), followed by saving for down payment (19 percent). Rising mortgage rates ranked low among the concerns of potential home buyers, and were cited as a top concern for only 14 percent of Americans. Millennials, or survey respondents age 25 to 34, also claimed that qualifying for a loan with their credit score was a larger concern than rising mortgage rates. "The larger concern for future homebuyers is the Fed's commitment to a path of rate hikes in the months ahead," continued Lantz. "If the Fed continues to raise rates on a monthly or even quarterly basis, then it is more likely that we will eventually see the end of the era of incredibly low mortgage rates and corresponding high affordability." About Zillow Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition to Zillow.com®, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group and headquartered in Seattle. Zillow and Zillow.com are registered trademarks of Zillow, Inc. i This survey was conducted from Nov. 30, 2015 through Dec 2, 2015 of 1,010 adults by ORC International on behalf of Zillow, Inc. ii Effect of a 50 basis point increase in mortgage rates on median home value in each metro, assuming 30-year fixed rate increases from 4% to 4.5% with a 20% down payment. iii Effect of a 50 basis point increase in mortgage rates on median home values in San Francisco and San Jose, assuming 30-year fixed rate increases from 4% to 4.5% with a 20% down payment.
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30-Year Fixed Mortgage Rates Rise Slightly; Current Rate is 3.75%, According to Zillow Mortgage Rate Ticker
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U.S. Foreclosure Starts at Lowest Level in More Than 10 Years According to RealtyTrac November Foreclosure Report
IRVINE, CA (December 10, 2015) - RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for November 2015, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 104,111 U.S. properties in November, a decrease of nearly 10 percent from the previous month and down more than 7 percent from a year ago. The report also shows one in every 1,268 U.S. housing units with a foreclosure filing during the month. The 10 percent monthly decrease in overall foreclosure activity was caused largely by a 15 percent monthly drop in foreclosure starts, with 41,208 properties starting the foreclosure process for the first time in November, the lowest monthly total since May 2005. Foreclosure starts have decreased on a monthly basis for seven of the last eight months -- with the exception of a monthly increase in October -- and November was the fifth consecutive month where national foreclosure starts decreased on a year-over-year basis. "Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term even as foreclosure starts drop to new lows," said Daren Blomquist. "This also means the share of active foreclosures tied to bubble-era loans is shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008. While that is still a disproportionate share of active foreclosures, it continues to decrease from 61 percent earlier this year and 75 percent two years ago." Bucking the national trend, there were nine states where foreclosure starts increased from a year ago, including Oklahoma (up 246 percent), Arkansas (up 180 percent), Virginia (up 39 percent), Maine (up 5 percent), and Massachusetts (up 14 percent). Bank repossessions up 35 percent year-to-date There were a total of 40,329 properties repossessed by lenders (REOs) in November, up 10 percent from the previous month and up 60 percent from a year ago -- the ninth consecutive month with a year-over-year increase in REOs. Through the first 11 months of 2015 there have been 410,249 completed foreclosures, up 35 percent from 303,064 REOs during the same time period in 2014. REOs increased from a year ago in 41 states, led by Tennessee (up 608 percent), Mississippi (up 341 percent), Texas (298 percent), Nebraska (up 295 percent), New York (up 270 percent) and New Jersey (up 205 percent). Those states that saw the most completed foreclosures for the month included Florida (6,435 REOs), Texas (3,107 REOs), California (2,567 REOs), Illinois (2,338 REOs), and Georgia (2,302 REOs). Scheduled foreclosure auctions at lowest level since December 2005 A total of 36,409 U.S. properties were scheduled for foreclosure auction during the month, down 22 percent from the previous month and down 27 percent from a year ago. Scheduled foreclosure auctions -- which can be foreclosure starts in some states -- decreased from a year ago in 31 states, including Hawaii (down 87 percent), Florida (down 58 percent), Georgia (down 48 percent), Texas (down 46 percent), Oregon (down 39 percent), Colorado (down 34 percent), and Washington (down 33 percent). "Seattle can best be described as a market in full recovery mode," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "Sales are strong and prices continue to climb. As such, the drop in foreclosure activity is not a surprise and I certainly do not see it increasing any time soon. What we can expect is for foreclosures to continue falling as banks clear through their backlog of inventory." There were 10 states where scheduled foreclosure auctions increased annually, including New Jersey (up 82 percent), Maryland (up 6 percent), New York (up 3 percent), Massachusetts (up 39 percent), and New Mexico (up 109 percent). Maryland, New Jersey, Florida, Nevada and Illinois post highest state foreclosure rates A total of 4,631 Maryland properties had a foreclosure filing in November, down nearly 10 percent from the previous month, but still up 13 percent from a year ago -- making Maryland number one in the nation for foreclosures for the second month in a row. One in every 516 Maryland housing units had a foreclosure filing in November, more than twice the national average. Foreclosure starts increased 13 percent from a year ago after six consecutive months of year-over-year decreases. The state of New Jersey accounted for 6,448 properties receiving a foreclosure filing in November, a foreclosure rate of one in every 553 housing units -- second highest among the states. New Jersey foreclosure activity in November decreased 15 percent from the previous month, and was down 13 percent from a year ago -- the first annual decrease after eight consecutive months of increases. One in every 662 Florida housing units received a foreclosure filing in November, the nation's third highest state foreclosure rate. Florida's foreclosure rate has ranked in the Top 5 each month in 2015. Florida foreclosure activity decreased 13 percent from the previous month and was down 30 percent from a year ago. Florida foreclosure starts decreased annually by 36 percent, the fourth consecutive month of annual decreases. Scheduled foreclosure auctions in Florida decreased 58 percent from a year ago, the 12th consecutive month of decreases. Nevada foreclosure activity decreased 23 percent from the previous month, but increased 2 percent from a year ago, giving the state the nation's fourth highest state foreclosure rate: one in every 771 housing units with a foreclosure filing. Nevada foreclosure starts decreased 17 percent annually, the fifth consecutive month of decreases. Scheduled foreclosure auctions decreased 12 percent annually, the fourth consecutive month of decreases. Nevada bank repossessions increased 89 percent, the eighth consecutive month of increases. After two consecutive months of annual increases, Illinois foreclosure activity decreased 21 percent from the previous month in November, and the state posted the nation's fifth highest foreclosure rate: one in every 859 housing units with a foreclosure filing. Other states with foreclosure rates among the nation's 10 highest in November were South Carolina at No. 6 (one in every 873 housing units with a foreclosure filing); Ohio at No. 7 (one in every 1,014 housing units); Georgia at No. 8 (one in every 1,083 housing units); Indiana at No. 9 (one in every 1,089 housing units); and North Carolina at No. 10 (one in every 1,139 housing units). Atlantic City posts top metro foreclosure rate for fifth consecutive month The Atlantic City, New Jersey metro area remained in the No. 1 spot among metropolitan statistical areas with a population of 200,000 or more for the fifth consecutive month in November. One in every 307 Atlantic City housing units had a foreclosure filing in November, more than four times the national average. Atlantic City maintained the top spot even though overall activity was down 16 percent from the previous month and down 6 percent from a year ago. Bank repossessions in Atlantic City increased for the ninth consecutive month. Foreclosure activity in November increased 32 percent from a year ago in Trenton, New Jersey, and the metro area posted the nation's second highest foreclosure rate: one in every 346 housing units with a foreclosure filing. Scheduled foreclosure auctions increased annually in Trenton for the seventh consecutive month, and bank repossessions increased annually for the 10th consecutive month. Foreclosure activity increased 9 percent from a year ago in Ocala, Florida, and the metro area posted the nation's third highest metro foreclosure rate: one in every 449 housing units with a foreclosure filing. Other metro areas with foreclosure rates in the top 10 highest were Baltimore, Maryland at No. 4 (one in every 482 housing units with a foreclosure filing), Reading, Pennsylvania at No. 5 (one in every 502), Tampa, Florida at No. 6 (one in every 512), Columbia, South Carolina at No. 7 (one in every 523), Fayetteville, North Carolina at No. 8 (one in every 536), Jacksonville, Florida at No. 9 (one in every 552), and Daytona Beach, Florida at No. 10 (one in every 567). Report methodology The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month -- broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee's Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located. Report License The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report. Data Licensing and Custom Report Order Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. For more information please contact our Data Licensing Department at 800.462.5193 or [email protected]. About RealtyTrac RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 129 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
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