Usually in a recovery economy delinquencies shouldn’t be increasing. I think is in a leading indicator that economy is not well and the housing market isn’t recovered.
LPS Releases June First-Look Delinquency Data
07/25/2012 By: Tory Barringer
Lender Processing Services (LPS) released Wednesday its “first look” month-end mortgage performance data for June, revealing that the loan delinquency rate fell year-over-year.
According to statistics from LPS’ loan-level database, loan delinquency fell from June 2011 by 7.3 percent. However, delinquency increased month-over-month, w
The total U.S. loan delinquency rate is an estimated 7.14 percent. These statistics include loans that are 30 or more days overdue but are not yet in foreclosure.
LPS’ data also revealed an estimated 3,602,000 properties are 30 or more days past due, while approximately 1,590,000 are 90 or more days past due. A total of 5,663,000 properties are 30 days or more overdue or in foreclosure, LPS reported.
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Proprietary OC Housing News home purchase analysis
365 North MAGNOLIA St Orange, CA 92866
$405,000 …….. Asking Price
$357,000 ………. Purchase Price
9/20/2011 ………. Purchase Date
$48,000 ………. Gross Gain (Loss)
($28,560) ………… Commissions and Costs at 8%
============================================
$19,440 ………. Net Gain (Loss)
============================================
13.4% ………. Gross Percent Change
5.4% ………. Net Percent Change
15.2% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$405,000 …….. Asking Price
$14,175 ………… 3.5% Down FHA Financing
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$390,825 …….. Mortgage
$103,759 ………. Income Requirement
$1,821 ………… Monthly Mortgage Payment
$351 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$101 ………… Homeowners Insurance at 0.3%
$407 ………… Private Mortgage Insurance
………… Homeowners Association Fees
============================================
$2,680 ………. Monthly Cash Outlays
($278) ………. Tax Savings
($583) ………. Equity Hidden in Payment
$18 ………….. Lost Income to Down Payment
$121 ………….. Maintenance and Replacement Reserves
============================================
$1,958 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$5,550 ………… Furnishing and Move In at 1% + $1,500
$5,550 ………… Closing Costs at 1% + $1,500
$3,908 ………… Interest Points
$14,175 ………… Down Payment
============================================
$29,183 ………. Total Cash Costs
$30,000 ………. Emergency Cash Reserves
============================================
$59,183 ………. Total Savings Needed
The property above is available for sale on the MLS.
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Cost of Ownership Analysis
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$499,900 363 North MAGNOLIA St |
0.02 miles 3 bd / 1.75 ba 1,550 Sq. Ft. |
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$599,000 393 North SHAFFER St |
0.47 miles 4 bd / 2 ba 1,651 Sq. Ft. |
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$519,900 343 South CAMBRIDGE St |
0.67 miles 4 bd / 1.75 ba 1,802 Sq. Ft. |
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$432,500 936 East COLLINS Ave |
0.69 miles 4 bd / 1.75 ba 1,718 Sq. Ft. |
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$649,900 132 East MAYFAIR Ave |
0.82 miles 4 bd / 1.5 ba 2,033 Sq. Ft. |
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$459,900 1345 East MONROE Ave |
0.85 miles 3 bd / 2.75 ba 1,825 Sq. Ft. |
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$1,295,000 205 East PALMYRA Ave |
0.87 miles 4 bd / 3.75 ba 2,045 Sq. Ft. |
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$569,000 805 North ORANGE St |
0.87 miles 4 bd / 2 ba 1,909 Sq. Ft. |
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$400,000 1422 East QUINCY Ave |
0.88 miles 4 bd / 2 ba 1,555 Sq. Ft. |
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$379,900 2126 East JACARANDA Ave |
0.89 miles 4 bd / 1.75 ba 1,615 Sq. Ft. |
Mortgage Rates Follow Treasury Yields to New Lows
Lingering worries about the European debt crisis continue to drive investors to U.S. government bonds, sending fixed mortgage rates down to another record low.
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 3.49 percent (0.7 point) for the week ending July 26, down from 3.53 percent the previous week. At the same time in 2011, the 30-year FRM averaged 4.55 percent.
The 15-year fixed averaged 2.80 percent (0.7 point), a drop from 2.83 the week before.
Adjustable rate mortgages (ARMs) actually saw a small boost, with the 5-year ARM averaging 2.74 percent (0.6 point), an increase from 2.69 percent the previous week. The 1-year ARM averaged 2.71 percent (0.5 point), up from 2.69 percent previously.
“Market concerns over the strength of the economic recovery brought long-term Treasury yields to new lows this week, allowing fixed mortgage rates to reach record levels,” said Frank Nothaft, Freddie Mac VP and chief economist. “The Conference Board Leading Economic Index showed the largest monthly decline in June since September 2011. Existing home sales fell to 4.36 million homes (annualized) in June and represented the slowest pace since October 2011. Similarly, new home sales fell in June to their lowest level since January of this year.”
Bankrate also posted record results for the fourth week in a row, with the 30-year fixed falling to 3.75 percent from 3.78 percent the previous week. The 15-year fixed fell to 3.00 percent from 3.04 percent.
According to Bankrate’s data, 5/1-year ARMs averaged 2.89 percent, the same as the week before.