Foreclosures & Delinquencies Declining Nashville Real Estate
Freddie Mac’s most recent monthly summary report shows its seriously delinquent rate to be 3.78 percent in February, compared to 3.82 percent in January. (Fannie’s delinquency stats lag sibling firm Freddie’s by one month.) A year earlier, Freddie’s 90-day delinquency rate was at 4.20 percent.
Both Fannie and Freddie have posted steady declines in their delinquency rates for three consecutive months.
The nation’s largest mortgage servicers foreclosed on 95,067 homes during the fourth quarter of 2010, a 49 percent drop from the number of completed foreclosures during the previous quarter, according to a new report from two regulatory agencies. The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS), which oversee large national banks and thrifts and subsequently their mortgage servicing businesses, attributed the sharp decline in foreclosures to the fact that the largest mortgage servicers slowed foreclosure actions during the fourth quarter to review their processes and procedures after robo-signing practices were exposed.
Newly initiated foreclosures also decreased but by a much smaller ratio. Foreclosure starts among the largest servicers totaled 352,318 during the last three months of 2010, a decline of 8 percent when compared to the previous quarter.