Distressed

While foreclosure moratoria keep the overall numbers down, zombie foreclosure rates jumped in the majority of states, according to Attom Data Solutions.

Servicers could be dealing with approximately 1.8 million distressed properties when the latest forbearance extension ends in June, Black Knight said.

While the Mortgage Bankers Association hailed the move, some experts say it could negatively impact housing inventory.

Gains in consumer financial stability helped to decrease the rates of distressed home loans, but job creation is needed to make recovery sustainable, a CoreLogic report found.

Meanwhile at Essent, more loans exited the inventory in January than in December.

However, the share of new impairments increased, likely as a result of the high concentration of these loans given to self-employed borrowers.

The CARES Act-related forbearances could be “lulling us into a false sense of security” as 12-month expirations approach, according to Black Knight.

The government-sponsored enterprises’ moratoria will now continue well past inauguration day, according to the Federal Housing Finance Agency.

While the annual total marks a 16-year low, the numbers are likely to change dramatically once government moratoria expire, according to Attom Data Solutions.

Fitch and Trepp reported that overall commercial mortgage-backed security delinquencies were down, while the MBA reported a slight increase.

With limited plan removals due to the holidays, mortgages in coronavirus-related forbearance rose by 15,000, according to Black Knight.

A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.

Recipients can’t charge penalties for, or engage in, evictions solely for nonpayment, must provide a written notice of tenant rights, flexibility in repayment and, where applicable, 30-day vacate notices.

The availability of financing hasn’t been an issue to date, but it still could be.

About 4,400 loans started the foreclosure process in November, alongside 176,000 mortgages in active foreclosure.

The company expects a good year ahead for mortgage insurers, assuming that rising employment, higher home prices and payment timing deferrals will help them to mitigate risk.

With infection rates rising and unemployment claims increasing since Thanksgiving, mortgages in coronavirus-related forbearance rose by 37,000 last week, according to Black Knight.

While 12,000 mortgages exited forbearance, the most borrowers entered forbearance protection in a week since early September, according to Black Knight.

The November foreclosure rate represented an 80% decline from the year before, according to Attom Data Solutions.

Lower cure rates and possible rises in foreclosures and claims could force these companies to raise capital next year, Fitch Ratings said.