Mortgage Defaults Slow -- Kind Of

Submitted by Rich Toscano on August 12, 2008 - 11:48am

While the number of homes entering the final stage of foreclosure hit another all-time record in July, the number of homes entering foreclosure actually declined.

This decrease may not be very meaningful, however.

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Submitted by gdcox on August 12, 2008 - 1:13pm.

But foreclosures surge with, I read, 91% conversion rate of NODs to NOTs (Mr M ).

Can someone answer a simple question. What is the finest grain foreclosure data: ie for which areas are data available?

Submitted by SD_Coastal on August 12, 2008 - 1:42pm.

Foreclosure Radar is attributing the drop in NOD's to the integration of Country Wide with BofA:

“Although the declines in Notices of Defaults seem promising, much of this can be explained by the actions of just one lender,” said Sean O'Toole, founder of ForeclosureRadar. “Ninety-one percent of the decline in Notices of Default since April can be attributed to Countrywide Financial. Unfortunately, this is more likely due to the challenges of integrating two companies the size of Countrywide Financial and Bank of America, than it is a fundamental shift in foreclosure activity.”

Submitted by biggoldbear on August 13, 2008 - 4:25pm.

Do we have the raw #'s here as well as have been shown in the most recent months... Is this also taking into account lower labor force #s?

Submitted by biggoldbear on August 13, 2008 - 4:27pm.

double post

Submitted by Fearful on August 13, 2008 - 8:56pm.

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