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| March 3, 2010 |
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Foreclosure Update
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This issue includes the most recent information from the Mortgage Bankers Association's National Delinquency Survey, which includes figures on mortgage delinquency rates and foreclosure initiation rates for the fourth quarter of 2009.
New Hampshire Housing will keep you updated as we receive information about this continuing and important issue. In the meantime, we hope the data presented here will be of interest and use to you.
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Foreclosure Deeds
The 352 foreclosure deeds recorded in January 2010 set a new record for foreclosures in that month and was second only to October of last year in the number of foreclosures recorded in any one month. This level of foreclosure activity may reflect the possible deferral by lenders of foreclosure proceedings during the holiday period, and it certainly offers evidence of the continued economic distress of many New Hampshire home owners.
Foreclosure Auction Notices
Foreclosure auction notices provide an up to date indication of the number of households who have fallen seriously behind in their mortgage payments. January 2010 notices declined from the prior month by 4% to 753; but, were still about 7% above January 2009 notices.
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Mortgage Delinquency Rates
Based on the Mortgage Bankers Association's National Delinquency Survey, the fourth quarter delinquency rates for 2009 continued their upward climb, setting new record highs for the U.S., New England, and New Hampshire. The fourth quarter mortgage delinquency rate for New Hampshire at 9.03% is 179 basis points higher than the rate in the fourth quarter of 2008, and the U.S. rate at 10.44% is 181 basis points higher. On balance, New Hampshire's delinquency rate is 1.4 percentage points lower than the U.S. rate and similar to or slightly lower than four of the five other New England states. Only Vermont has a lower mortgage delinquency rate in New England.
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Foreclosure Initiation Rate
From the same source, the foreclosure initiation rate in New Hampshire in the fourth quarter of 2009 declined to 0.94%, a pattern repeated in the New England and U.S. numbers. These declines may reflect a slight strengthening in the real estate market as a result of the federal home buyer tax credit and historically low interest rates. It is, however, equally as likely that these declines are the result of continued efforts by lenders and mortgage servicers to find workable repayment solutions for qualified borrowers and to slow the increases in their own REO portfolios. The New Hampshire rate of foreclosure initiation is 0.26% below the U.S. rate and less than 0.1% above the rate for New England. The rate of foreclosure initiation in New Hampshire continues to be well below the rate in Rhode Island, above the rates in Vermont and Maine, and similar to the rates in Massachusetts, and Connecticut.
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| Foreclosure Update |
is a publication of the Policy, Planning and Communications Group of New Hampshire Housing Finance Authority
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New Hampshire Housing Finance Authority is a tax exempt public benefit corporation established by the state legislature. The Authority operates a broad range of programs designed to assist low and moderate income persons and families to obtain decent, safe and affordable housing.
Sincerely,
Jane Law
Director, Communications
New Hampshire Housing Finance Authority
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