default: NODs Up 20% in California - 03/26/10 07:32 AM
Despite the news from some quarters that delinquency rates may be starting to slow down, California is initiating more notices of default starting in February than in previous months. NODs jumped by 19.7% in February after a four month decline. While properties scheduled for foreclosure continued at a record pace, actual sales back to the bank or to third parties declined in February in California by 11.9%, according to a tracking site, ForeclosureRadar.
The editors of ForeclosureRadar blame government efforts to increase fairness and oversight of the process without really curing the problem of under water mortgages. ForeclosureRadar said that despite … (0 comments)

default: Jumbo Loan Default Rate Escalates - 03/16/10 10:42 PM
Serious delinquencies of jumbo loans ($417,000 in most areas and $729,750 in certain high-priced markets) were higher for the 32nd month as of January according to Fitch Ratings, a credit rating organization. These 60 day+ late loans jumped to 9.6% of the residential mortgage-backed securities market compared to 9.2% in December. This trend has been in place since 2007 and nearly tripled in 2009.
In California, which holds 44% of the jumbo loans, the delinquency rate was 11.3% in January and expected to climb. Jumbo prime loan delinquency rates also rose in Florida, New Jersey, New York and Virginia. Fitch officials … (0 comments)