From National Mortgage Professional:
Mortgage Delinquencies Dropped to 10-Year Low
CoreLogic’s Loan Performance Insights Report shows that in March, nationally, 4.4 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure), a 0.8 percentage point decline in the overall delinquency rate compared with March 2016 when it was 5.2 percent. As of March 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with one percent in March 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.1 percent, down from 2.7 percent in March 2016.
Early-stage delinquencies, defined as 30-59 days past due, fell to 1.7 percent in March 2017, down from 1.9 percent in March 2016 and the lowest level since January 2000. The share of mortgages that were 60-89 days past due in March 2017 was 0.59 percent, down slightly from 0.63 percent in March 2016.
“Early-stage mortgage performance continues to improve at a steady pace, especially for 30-59-day delinquencies which fell to 1.7 percent, the lowest rate for any month since January 2000,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Late-stage serious delinquency rates continue to decline, falling to their lowest levels since November 2007.”
…
“Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation and home price gains,” said Frank Martell, president and CEO of CoreLogic. “Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets.”
I’ve been talking about NY taking over the #1 delinquency and foreclosure position for a while now, and we are really getting close now. All from the Corelogic release highlighted in the post.
From an overall >30d delinquency perspective, NJ is sitting at 7.2%, compared to NY at 7.0%. NJ improved from 9.3% at this time last year, vs NY showing a shallower drop from 8.2%. NJ resolving at a much faster pace, and with only 0.2% on the big delinquency number, it’s going to be any month now. NJ’s delinquency resolution pace is clearly accelerating.
Serious delinquencies are sitting at NJ – 4.4% and NY – 4.2%, the same 0.2% difference. Again, same story, a year ago NJ was at 6.6% and NY was at 5.5%
Foreclosure rate is now tied, per Corelogic, at 2.4% for both NY and NJ. TIED! A year ago we were at NJ – 3.9% and NY – 3.1%.
Should be interesting to see NY taking the #1 position and how that will impact the news flow.
Welcome to summer vacation.
Is it open season on Republicans?
Fast Eddie and clot, still waiting for that crash?
Michael says:
November 9, 2013 at 10:00 am
21- all I’m saying is that your negativity is blocking you from separating reality with fantasy. The market crashed already. Switch your mindset from negative to positive. Then and only then will you see that this is a great time to buy. If you think it’s expensive now, what do you think it will be in 7 years? Keep on waiting for the prices to fall to levels that you think are acceptable.
Michael says:
November 9, 2013 at 10:08 am
Fast Eddie and spine- go rent if you think pricing is going to fall and the market is one big scam. Sell high on your real estate and go rent.
Waiting. Still waiting. Yes, didn’t think so. Didn’t think you actually believed the sh*t you were pushing.
This is what happens when your two party system uses divisive tactics to win elections. Turns our country against each other. These current political leaders should be ashamed of themselves.
Juice Box says:
June 14, 2017 at 8:22 am
Is it open season on Republicans?
Are we still the “United” States of America?
Politicians need less protection, then possibly you’ll see moderation in speech, position, and behavior.
“Stand your ground. Don’t fire unless fired upon. But if they mean to have a war, let it begin here.”
~ Captain John Parker to his Minute Men on Lexington Green, April 19, 1775
7 handle open houses made me see terrible pattern, flow, design, really hard to believe the thoughtlessly approach to interior design with 4 walls connecting to another 4 walls lacking any charm or character at over million bucks with recently built houses that seem to be put together by a builder in mad rush. is it all resulting from trying to save a couple of grand on a million project?
then, would it be an overkill to engage architect AND designer for small project?
The gunman asked the group if they were Republicans or Democrats before opening fire
Read more: http://www.dailymail.co.uk/news/article-4603404/Steve-Scalise-aides-SHOT-baseball-practice.html#ixzz4jz36cpdl
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Moana. Why don’t you ask your question on Twitter?
The current politics breeds this extremism. Turns people into terrorists as their ability to think clearly becomes clouded by extremism. They need to stop this now before it spreads and takes down our country. We don’t want to see the “eye for an eye” play out.
We are so much stronger when we come together to solve our problems. Divisiveness solves nothing and only makes it worse. Just look at our state over the last 8 years. What the hell did all that divisiveness solve? Our economy could have been so much stronger than it currently is if “fat man” concentrated on positive ideas instead of playing divisive politics to appeal to the national republican base in his quest to become president. He really threw us under the bus with this bs. That’s why economic downturns are dangerous, they allow idiots like Christie to come to power on divisive politics. Always dangerous.
D-FENS says:
June 14, 2017 at 9:37 am
The gunman asked the group if they were Republicans or Democrats before opening fire
The Resistance?
Sounds like the shooter was a lousy shot.
Does not fit narrative…..this information must be suppressed…..
The gunman who opened fire at a GOP baseball practice in Virginia Wednesday morning has been identified as Illinois resident James T. Hodgkinson, according to a report.
Hodgkinson, 66, of Belleville, Ill., owns a home inspection business though his license expired in November 2016 and was not renewed, the Washington Post reported.
He was charged in April 2006 with battery and aiding damage to a car in Illinois — charges that were dismissed.
Hodgkinson allegedly used an M-4 assault rifle to squeeze off as many as 60 shots at lawmakers, according to CBS News.
A Facebook page belonging to a James T. Hodgkinson shows him as politically active, with several photos of former presidential candidate Bernie Sanders and Franklin D. Roosevelt on a Facebook.
On March 22, Hodgkinson wrote in a post, “Trump is a Traitor. Trump Has Destroyed Our Democracy. It’s Time to Destroy Trump & Co.” and linked to a petition calling for the removal of President Trump.
Authorities said Hodgkinson was transported to an area hospital, but could not yet give an update on his condition.
Ugh…Democrat Gov. Terry McAuliffe already saying “There are too many guns on the street”
They’re already fine tuning their talking points…blame the gun…not the “resistance” narrative or pictures, plays, music videos…etc. depicting assassination of Republicans.
When does the movie Purge III Washington DC come out?
Purge IV, I didn’t see III
Say your prayers…we’ll be all be dead in a matter of days at this rate…
McAuliffe Calls For Gun Control After Republican Shooting: “We Lose 93 Million People A Day”
https://www.realclearpolitics.com/video/2017/06/14/mcauliffe_calls_for_gun_control_after_republican_shooting_we_lose_93_million_people_a_day.html
just target practice
OK, I’m in love with Central A/C. Also wood frame houses have their advantages.
For the last 15 years we’ve lived in a 1926 condo, brick, of course. We use window air conditioners, but not every year. In fact, we just completed a record run of 3 consecutive years without AC. The first 12 years was more like 1 year off, 2 years on. We have a nice location, about 100 feet above a reservoir which is maybe 150 yards away. For a single solitary hot day, you cannot beat this. It can go up to 90+ degrees outside and you can open up all of your windows and never have it exceed 80 degrees inside. When we first bought our place I couldn’t be more amazed. 90 degrees outside, 80 degrees or less inside with only screens in windows separating the two environments. When you live in a brick building you essentially live in a brick oven. It takes a long to heat up and a long time to cool down. We never entertained the thought of dragging out the window AC units until it got to 3 or 4 hot days in a row as that’s how long it takes to really heat the building up. Also, you have the people in the above floors pumping heat out of the building (because they are weak). Now when it does get hot for a stretch, it stays hot for a stretch plus 3 days or so. That’s when you need the AC. Now you’re in the reverse position, 75 degrees outside, 85 degrees inside if you don’t have AC window units. Another interesting thing is the time lag of the heat on a daily basis. If you don’t have AC installed, 10-11PM is about the hottest time of day inside.
When we first moved to MA I thought we would have much different weather than NJ. Ironically, we don’t. We live near the coast and weather patterns seem to set up such that temps in Boston are pretty much the same as Northern NJ and because of the slant of storms as they come through, we tend to get the same weather at the same time, Nor’Easters excluded.
Living in a wood frame house reminds me of this same surprising (to me) phenomenon. Outside temperature is NJ, inside temperature is Boston, and they are both the same! The last time we lived in a wood frame structure was 1997 and I just simply forgot that, sans AC, inside and outside temps are the same.
Last month we used the Central AC, but just for a day and a half or so, it was fine. This time I truly appreciated how great it is. As I mentioned in an earlier post, we are so used to warm temps we can’t even set the AC for “normal” temps, 76 degrees seems to suit us. With that warm a setting I was completely amazed that once the outside temperature drops below our set temp the AC doesn’t go on because outside equals inside.
The real kicker was last night when the rain came through and brought temps down to the low 70’s. The AC was done and I got the idea to just open every window in the place, which I did. Right now it is 76 outside and 75.2 inside. Perfect. In our condo we would be running the AC for the next two days or so.
So Democrats are now expanding their portfolio of terror tactics to shooting. Interesting.
Possible future campaign slogan:
Vote Democrat and we’ll not only stifle the speech of white men, we’ll kill them too.
I just watched the entire House of Representatives say the Pledge of Allegiance wrong (as do most people who actually know the words or have ever said them, probably an ever-growing minority).
There is no comma between one nation and under God.
Expat,
If there’s any humidity (moisture) still in the air at night, do not open the windows at night. AC will have to work overtime the next day.
During the recital, did they also pause briefly after the words Allegiance and Flag? There’s no commas there either.
The Original NJ ExPat says:
June 14, 2017 at 12:21 pm
I just watched the entire House of Representatives say the Pledge of Allegiance wrong (as do most people who actually know the words or have ever said them, probably an ever-growing minority).
There is no comma between one nation and under God.
Wonder how long before some ultra progressive Dem tries to replace Flag day with Fag day?
In other news, oil is just about free.
Buy TBT!
PFace – I considered that, but the humidity and temps were falling rapidly. I do appreciate the advice though. I’m actually home today with every single window open and it’s just great. I also checked the weather for a forecast of any future rain during the night as I have 21 windows on the first floor alone and have never had all of them open before.
Expat,
If there’s any humidity (moisture) still in the air at night, do not open the windows at night. AC will have to work overtime the next day.
Check that, 22 windows on the first floor (5 are on the 3 season porch). Truth be told, the smallest window in the house is in the walk-in pantry and is the only window not open (why tempt the wildlife?).
I didn’t notice because it was already started before my head swiveled from my computer. I can’t remember who in my childhood taught me the correct way to recite the pledge of allegiance, but it was likely she was aged and unmarried.
During the recital, did they also pause briefly after the words Allegiance and Flag? There’s no commas there either.
John, yes they are. These are the destructive forces at play that makes free market capitalism a pipe dream. They will take the whole market down with their greed if you don’t have checks and balances in place. Nothing good comes from short term profit seekers, only a path of destruction.
“John Mackey, the embattled chief executive officer at Whole Foods Market Inc., referred to activist investor Jana Partners as “greedy bastards” interested only in profiting from a forced sale of the grocer.
“We need to get better, and we’re doing that,” Mackey said in an interview with Texas Monthly. “But these guys just want to sell us, because they think they can make 40 or 50 percent in a short period of time.””
https://www.bloomberg.com/news/articles/2017-06-14/whole-foods-ceo-refers-to-investor-jana-as-greedy-bastards
Yup.
“The crisis has become a “morality play between conscious capitalism and greedy, short-term financial capitalism,” Mackey said in the interview.
“They’re greedy bastards,” he said. “And they’re putting a bunch of propaganda out there, trying to destroy my reputation and the reputation of Whole Foods, because it’s in their self-interest to do so.”
Mackey, 63, has made incendiary comments before. Though an advocate for “conscious capitalism,” he’s also a libertarian who has railed against Obamacare and minimum-wage laws. That’s put him at odds with some Whole Foods customers and employees.
As he faces what could be his biggest showdown, the CEO said he won’t go down without a fight.
“These people, they just want to sell Whole Foods Market and make hundreds of millions of dollars, and they have to know that I’m going to resist that,” Mackey said. “That’s my baby. I’m going to protect my kid, and they’ve got to knock Daddy out if they want to take it over.””
“aged and unmarried.”
Are you trying to temp Moana?
Tempt! Damnit!
The Pumpkin herpes have flared up again.
The author of this article needs to understand that oil is not as powerful/important in the economy as it once was(it’s important, but not at the level it once was). I would be careful to point to history in this case as a means to judge the future.
https://www.bloomberg.com/view/articles/2017-06-14/how-the-u-s-economy-will-enter-its-next-recession
Lib – I think it’s supposed to be “dammit”, but you might be posting from Europe in which case it’s OK;-)
American Dream $1.1 billion bond deal was supposed to price today but won’t. This one will be hard to sell on Wall Street, with so many Jersey residents on the investment committees deciding whether to buy the bonds.
Chicago finance, are you looking to pick up some of these bonds?
Fed raises. Market won’t stop. But when it does. Be sure to bring a second pair of BVDs with you to work.
https://www.bloomberg.com/view/articles/2017-06-13/the-old-are-eating-the-young
I just took my profit, anyone else? 1% in 90 minutes is pretty good move, $945 for me.
The Original NJ ExPat says:
June 14, 2017 at 1:04 pm
Buy TBT!
Bull markets don’t die of old age…the Fed kills them all.
FANG’s return to returning to mean.
Oh yeah…Forget to mention how unhinged that Bernie supporter was this morning. :P
NJ ex pat
If you think a/c is great, wait till you discover indoor plumbing
I commuted back and forth from Hoboken to Boston for 2 years………Boston is colder and receives way more precip…….if anything, I would describe Boston and a wetter and slightly warmer version of Chicago……the streetscape of Boston and Chicago is also incredibly similar, on certain streets, I would have a hard time telling the difference if someone just dropped there out of thin air…….
When we first moved to MA I thought we would have much different weather than NJ. Ironically, we don’t. We live near the coast and weather patterns seem to set up such that temps in Boston are pretty much the same as Northern NJ and because of the slant of storms as they come through, we tend to get the same weather at the same time, Nor’Easters excluded.
second paragraph is ex-pat’s post
I am not in the market for munis in this environment……that said, I am always hesitant for any type of high profile public project…….just remember the high profile does not create any credit protection benefit for you…..the investor in these bonds is more likely to “pay” for the profile in basis points….. the interest rate on the bonds is likely lower than peer rated and analogous credits…..
Yankee Stadium bonds, Citified, MetLife stadium……none of these bonds were good deals…..
Yo! says:
June 14, 2017 at 2:18 pm
American Dream $1.1 billion bond deal was supposed to price today but won’t. This one will be hard to sell on Wall Street, with so many Jersey residents on the investment committees deciding whether to buy the bonds.
Chicago finance, are you looking to pick up some of these bonds?
reiterating……it is a matter of basis points…..it is not going to be blatantly obvious that the investor is taking any kind of haircut…..
chifi – I agree but a lot of the added precip is from the aforementioned Nor’Easters, which are special storms, maybe 4 or 5 a year. Much less humid than Chicago, but Boston does have a Chicago type look and feel. If you’ve spent appreciable time in NYC you’ll find both Chicago and Boston are a cinch to figure out as they’re both just that much smaller and lower. I find Chicago to have more of a decaying vibe once you stray far from the Mag Mile and other ritzy areas, Boston not so much (probably because of all the tuition that makes it’s way here). Then there’s the murders…
I commuted back and forth from Hoboken to Boston for 2 years………Boston is colder and receives way more precip…….if anything, I would describe Boston and a wetter and slightly warmer version of Chicago……the streetscape of Boston and Chicago is also incredibly similar, on certain streets, I would have a hard time telling the difference if someone just dropped there out of thin air…….
^^^and you’re right, it is cooler/colder. When we go to NJ I am kind of taken aback in the by NJ’s heat in the Summer. Winter, not so much.
The main thing I didn’t expect is that the weather hits us about the same time.
Shooter used an old Soviet style SKS
https://www.thetruthaboutguns.com/2017/06/foghorn/breaking-congress-baseball-shooter-used-sks-9mm-handgun/amp/
Late-model devise
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