LPS Applied Analytics released their November Mortgage Performance data. According to LPS:
• The average number of days delinquent for loans in foreclosure is a record 499 days
• Over 4.3 million loans are 90 days or more delinquent or in foreclosure
• Delinquency rates are down across all products as more loans entered foreclosure and new delinquencies declined.
• Foreclosure inventory increases are being driven both by elevated levels of foreclosure starts as well as a very limited amount of foreclosure sale activity.
Click on graph for larger image in new window.
This graph provided by LPS Applied Analytics shows the percent delinquent, percent in foreclosure, and total non-current mortgages.
The percent in the foreclosure process is trending up because of the foreclosure moratoriums.
According to LPS, 9.02% of mortgages are delinquent (down from 9.29% in October), and another 4.08% are in the foreclosure process (up from 3.92% in October) for a total of 13.10%. It breaks down as:
• 2.61 million loans less than 90 days delinquent.
• 2.16 million loans 90+ days delinquent.
• 2.16 million loans in foreclosure process.
For a total of 6.92 million loans delinquent or in foreclosure.
Note: I've seen some people include these 7 million delinquent loans as "shadow inventory". This is not correct because 1) some of these loans will cure, and 2) some of these homes are already listed for sale (so they are included in the visible inventory).
Two key numbers to watch in 2011 are:
• New delinquencies. With falling house prices, delinquencies could start to increase again.
• Foreclosures. With the end of the foreclosure moratoriums, foreclosure sales should increase - and the number of homes in the foreclosure process should decline. However REOs (Real Estate Owned) will increase unless the homes are sold.
Per the order below (hat tip Matt Weidner) a judge in Broward County appears to have cancelled all foreclosure sales in one of the foreclosure division from December 20 to December 31:
Broward County Judicial Order Canceling Foreclosure Sales
One might think this has something to with the Fannie and Freddie foreclosure halts, with run from December 20 to January 3. But the GSEs have made similar suspensions before, indeed, sometimes from Thanksgiving to New Year, so this seems unlikely to be the trigger.
Moreover, this action, at least based on the account of Florida foreclosure procedures per Lisa Epstein of ForeclosureHamlet, could not impact evictions that were due to take place over the holidays. It turns out that there is usually a significant lapse between the foreclosure sale and the loss of possession. Via e-mail:
The sale doesn’t throw families out on the street, the certificate of title has to be issued (Palm Beach County is 4-6 weeks behind the sale dates at least) THEN a writ of possession must be obtained, then the sheriff has to execute the writ.
Even though the motivation for this order is not clear, it may nevertheless be significant. Many judges have taken the view that they have no latitude to act on behalf of defendants who do not contest their cases, and some have taken the unusual step of expressing concern that procedural abuses have risen to a level where they feel the need to take a more active role, yet are not certain whether they can do so. From the Palm Beach Post:
Palm Beach County Chief Judge Peter Blanc is trying to decide whether judges can take a more active role in examining foreclosure cases after a meltdown in Ally Financial’s foreclosure proceedings last week.
Blanc said Monday that there has been an increase in requests by lenders and loan servicers to cancel foreclosure sales and vacate judgments following the disclosure that Ally was freezing portions of its foreclosure operation in 23 states, including Florida.
While judges granted those requests, Blanc said he was concerned about cases in which defective foreclosure affidavits aren’t being brought to the court’s attention, possibly because the borrower has given up or walked away from the home.
Also, he’s unclear on whether the court should scrutinize past cases for flaws.
“It puts us in an untenable position because we can’t both investigate and decide,” Blanc said. “We are supposed to act on things brought to our attention, but if no one files anything, I’m not sure what will or should happen.”
Blanc said he was looking at case law regarding the duties and responsibilities of judges to see whether there is precedent for the current situation. But he said Florida’s foreclosure crisis has brought many unique challenges to the courts and there is likely little historical guidance.
In other words, judges are also struggling to figure out what to do with the mess created by rampant abuses in the securitization industry.
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