Mortgage servicers approved approximately 30,000 permanent loan modifications in October – a decrease of 6% compared with 32,000 in September and a decrease of 23% compared with 39,000 in October 2014, according to HOPE NOW.
Of these modifications, about 22,000 were through proprietary programs and 7,780 were completed via the federal government's Home Affordable Modification Program.
Foreclosure starts increased for the month but were down dramatically compared with a year earlier. There were approximately 57,000 foreclosure starts in October – an increase of 6% compared with about 54,000 in September but a decrease of 13% compared with about 65,000 in October 2014.
Foreclosure sales, which are a strong indicator of completed foreclosures, were approximately 26,000 in October – an increase of 4% compared with about 25,000 in
September but a decrease of 33% compared with about 39,000 in October 2014.
About 1.67 million properties were seriously delinquent (90 days or more past due) in October, which is almost flat with 1.66 million in September but a decrease of 13% compared with approximately 1.91 million in October 2014.
There were about 6,600 short sales completed in October – an increase of 3% compared with about 6,400 in September but a decrease of 37% compared with about 10,400 in October 2014.
There were about 1,500 deeds-in-lieu completed in October – flat compared with September but a decrease of 35% compared with 2,300 in October 2014.
‘Our data has always been about finding significant trends so that our member and partners are best equipped to offer the right solution to the right borrower,’ says Eric Selk, executive director of HOPE NOW, in a statement. ‘Sustainability is the key as the market continues to improve across the nation. We are pleased to see that total solutions are still significantly outpacing foreclosure sales on a consistent basis. We are close to pre-crisis levels, and that is good news. By reviewing the data from a year ago, we are also happy to see double-digit decreases in foreclosure numbers and delinquency volume.’