Delinquent mortgages, foreclosures outnumber distressed sales 50:1

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The number of properties delinquent 90 or more days or in foreclosure outnumber foreclosure sales 50 to 1, according to the Lender Processing Services’ mortgage monitor report for May.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation. based on a price of $27.37 per share, the average sales price for the registrant’s common shares of.

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Suggested citation: Whitaker, Stephan, and Thomas J. Fitzpatrick, 2011. "The Impact of Vacant, Tax-Delinquent, and Foreclosed Property on Sales Prices of Neighboring Homes" Federal Reserve Bank of Cleveland, Working Paper no. 11-23R2.

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There were 4,084,557 mortgages in the United States 90 or more days delinquent or in foreclosure as of the end of May, according to Lender Processing Services (LPS).

The document showed that together, Fannie and Freddie initiated foreclosure on 339,000 home mortgages during the July to September timeframe. Loan modifications completed in the quarter totaled 146,500. Foreclosure starts and completed foreclosure sales increased 23 percent compared to the previous quarter.

Short sales increase as banks start to shun foreclosures. as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months.

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Delinquent Loans Outnumber Foreclosure Sales 50:1. Nearly 4.1 million loans nationwide are 90 days delinquent or in foreclosure, according to Lender Processing Services’ May Mortgage Monitor report, National Mortgage News reported June 29. According to the report, foreclosure sales totaled 78,676 at the end of May.

YES x NO ¨ . Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s.

The rise in investor purchases and distressed sales appear to be driven by homeowners motivated to seek short sales as lenders have pressed ahead to clear out a backlog of delinquent mortgages created by the housing crash nearly five years ago. Short sales currently outnumber foreclosure sales by a 3-to-2 margin, according to RealtyTrac.