June 2010

Georgia Foreclosures Jump 31% in May,

Michael Bang

Thursday, June 10th, 2010 at 7:36am. 1917 Views, 0 Comments.

Georgia takes it's place as the sixth highest in foreclosure rates for the month of May.  This marks a jump of 31% over May 2009 and a 1.3% decline from April 2010.

Foreclosures are defined as default notices, scheduled auctions and bank repossessions.

There were 322,920 foreclosure filings, or one for every 400 households, in the United States in May. This was a 0.45 percent rise over May 2009 and a 3.3 percent drop from April 2010.

“The numbers in May continued and confirmed the trends we noticed in April -- overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” said James J. Saccacio, RealtyTrac CEO, in a statement. “Defaults and scheduled auctions…

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Atlanta Delinquencies Up - CoreLogic & ATL Business Chronicle

Michael Bang

Thursday, June 3rd, 2010 at 1:02pm. 454 Views, 0 Comments.

Metro Atlanta’s house foreclosure rates and mortgage delinquency rates went up from April 2009 to April 2010, but its foreclosure rate was lower than the national average, according to CoreLogic.
The area’s rate of foreclosures among outstanding mortgage loans was 3.06 percent in April, compared 2.09 percent in April 2009.
Foreclosure activity in Atlanta-Sandy Springs-Marietta is lower than the national foreclosure rate of 3.20 percent for April.
Also in metro Atlanta, the mortgage delinquency rate rose. CoreLogic data shows 11.4 percent of mortgage loans were 90 days or more delinquent, compared to 7.1 percent for the same period last year -an increase of 4.4 percentage points.
Georgia’s foreclosure rate from April 2009 to April 2010 rose…

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GSEs to Begin Accepting HAFA Short Sales

Michael Bang

Wednesday, June 2nd, 2010 at 7:57am. 273 Views, 0 Comments.

Fannie Mae and Freddie Mac both issued new guidelines to servicers Tuesday, which allow homeowners with GSE loans to pursue a short sale or deed-in-lieu of foreclosure if they are unable to secure a modification under the government’s foreclosure prevention program.

When the Treasury’s Home Affordable Foreclosure Alternatives (HAFA) program rolled out in early April, officials explained that the GSEs’ loans were not eligible – an interesting omission considering Fannie and Freddie are operating under full government control and have been positioned as the support columns of the administration’s response to the housing crisis.

The GSEs’ exclusion from HAFA was puzzling to a number of industry experts and a common query posed by our DSNews.com readers. In…

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