Foreclosure Starts Up, Mortgage Originations Plunge To Lowest On Record

foreclosue starts

Foreclosure Starts Up, Mortgage Originations Plunge To Lowest On Record

New mortgage originations fell over 23% month-over-month and a stunning 47% year-to-date according to Black Knight (formerly LPS). As they show in their detailed presentation, with a 65% year-over-year drop, new mortgage originations are at their lowest since their records began and what is perhaps more concerning is prepayment speeds signal further declines are ahead and the ratio of serious deterioration to foreclosure (along with huge numbers of loan mods due to reset) suggest the housing market is anything but recovering fundamentally with the average loan in foreclosure now 2.6 years past due.

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7 Responses to “Foreclosure Starts Up, Mortgage Originations Plunge To Lowest On Record”
  1. Mystify says:

    Talk to tn you are so right! Florida is ruined and property being snatched up by foreigners and rents too high and wages so low the middle class is being squeezed big time. I don’t see any recovery in the near future

  2. dc says:

    Thats what they wanted and thats what they get, they want the majority to be poor and not able to sustain this sham thats being done to us all.Let em have it all and then what,their going to run this country,WRONG ,they can run scams but cant run a country as we know it.Greed will eventually catch up and bite them on the arse.

  3. lms53 says:

    so true tenneesee, that is happening in all towns, these stupid bankers, who do they think can afford their overpriced homes and rents. Watch the decay of all these homes that they have stole from people. I hope they all rot ( the homes and banker) as for us that have been mistreated by them, we will survive, their evil doings will tumble with them.

  4. talktotennessee says:

    The top will only topple when the foundation caves. The wealthy elevation is dependent on the consumer. As the consumer slips into poverty he is unable to sustain those that depend on his purchasing power. I was at oje of the local Goodwill outlets this weekend. Ite was filled to the brim with people. Not just poor, Hispanic and black but former middle class working poor that have been priced out of the discount retailers like Target and Walmart. Inventory is down in the real estate industry in most areas. Prices have risen but not a lot in former middle class affordable locations. As jobs increasingly pay less and morph into part-time with no benefits, even for the college grad consumers turn to thrift stores and even there limit their purchases. I never eat at my former preferred restaurants. I am coupon clipping even for fast food now. So enjoy the wealth 1%, it is a question of time I guess. Our economy is unsustainable because our government is bent on liming the pockets of the wealthy, and big business corporations. They can now buy elections for their Plutocracy but in the end, if the consumer continues to lose his unions, bargaining rights, jobs and housing,, they too will slip. I foresee the fall of the U.S. as a dominant power unable to sustain its military and clout in the world with its people mainly in poverty./ Those of us who earn little, pay little tax and the powers in Washington won’t tax the wealthy. Rents are high now in our poverty stricken town, Memphis, which is one of the worst in the U.S. that affordable homes are sold pennies on the dollar by banks who sell them in the global market as investment vehicles or package deals. Purchased, rehabbed with property managers where rents exceed the income of many who would or could live in them. They sit vacant or rent for a spell and then must be renovated again by the investor owner to rent again. This is creating a glut of vacant homes that cannot be sold to owner-occupants in the areas in which they are located. These are the former affordable homes that popped up in the bubble.
    It isn’t Obama’s fault unless you count his campaign promises to reform the banking and bankruptcy systems that were too big to fail and too big for his control.. His opponents are worse in their rape of the middle class but both parties are guilty of playing to the 1%.
    Our system is broken and the wealthy 1% will ride it into the ground before there is change, that possibility even exists.

    • GuyFawkesLives says:

      It isn’t Obama’s fault? Really? He has presided over the biggest crime spree and has instructed his DOJ to not prosecute. HE IS AT FAULT.

  5. Tim says:

    Yeah, Banker Greed !! But be it known that the people are making a come back and were going to put people in office that are going to make heads roll!!!! So, keep foreclosing because big bank scum will eventually need the extra dough for commissary, while in jail with all their new friends.

    • Glenn F. Russell, Jr. says:

      Fed shut off the spigot….and the fake rise of the past year is now revealed although most of us knew this all along)

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