The most recent Federal Housing and Finance Agency (FHFA) Foreclosure Prevention and Refinance Report came out last week, and there was a wealth of statistical data contained in the reports, none of which paints a particularly pretty picture of the housing market. I am going to present some of the information in list form, because if there is anything I’ve learned from David Letterman (other than the G.E. handshake) it is that everything is better in list form. And if you’re thinking I was just looking for an excuse to link to the G.E. handshake video, you are absolutely correct. Without further adieu:
- Home Affordable Modification Program (HAMP) continues to perform poorly, as permanent mortgage modifications dropped 14.6 percent from April to May. FHFA claims that this is because of an increase in trial cancellations.
- There were 450,000 active permanent and trial modifications in May, down from 527,000 in April
- Fannie and Freddie have completed nearly 200,000 permanent HAMP modifications combined.
- About 200,000 HARP refinancings were done in May
- Only 1,900 of them were for homes with loan-to-value ratios (LTVs) between 105-125%, those who the program was specifically designed to help
- 172,000 of those refinancings were for borrowers with LTVs of lower than 80 percent.
- Short sales are up, the GSEs completed 10,000 short sales in May, compared to 9,000 in both April and March.
- Almost 8 percent of Fannie and Freddie loans are delinquent, with 5.5 percent of the loans being more than 60 days delinquent.
- Over the last 12 months, FHFA has taken almost 419,000 “foreclosure prevention actions” (short sales, deeds-in-lieu, modifications, forbearances, etc.)
There is obviously a lot more to the report, and if you have any interest in Fannie, Freddie, or the housing market I would recommend perusing it yourself.
*Your fun may vary.
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