Home foreclosures falling – but more slowly than before
Home foreclosures are becoming less common, but the rate of decline is slowing, according to new data from Fannie Mae.
Home foreclosures are still much higher than historically, but the rate of new foreclosures has been declining since February. The shallowing of the curve between September and October may point to a slowing rate of decline.
SoldAtTheTop / The Paper Economy
The Latest release of the Fannie Mae Monthly Summary for October indicated that for data through October, total serious single family delinquency continued to declined though at a slower pace than in recent months.
Although this is a notable development particularly in light of the fact that Fannie Mae’s serious delinquency had been rising for over two years, more data is needed before any conclusions can be drawn as to the trend going forward.
In October, 3.43% of non-credit enhanced loans went seriously delinquent while the level was 10.58% of credit enhanced loans resulting in an overall total single family delinquency of 4.52%.
The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.
It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.
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