October 3, 2008
Foreclosure Update
The foreclosure issue in New Hampshire and the nation, although somewhat overshadowed in recent weeks by the national financial crisis, remains an important concern. Often, news about this issue is reported in a more "macro" generic scope rather than having a focus on what the situation is here in New Hampshire. That is why New Hampshire Housing is sending you this latest update of foreclosure data for the state. Our intent is to offer you these updates on a monthly basis. We hope this information will be of interest and use to you.
Foreclosure Initiations by Type  
 
The percent of New Hampshire mortgages that have had foreclosure initiated has increased only slightly from .69% in the first quarter of 2008 to .7% in the second quarter of 2008, but is up from .44% in the prior year's second quarter. Subprime adjustable mortgages continue to have the highest rate at 5.68%. 

 

Table showing foreclosure initiations


Foreclosure Deeds
 
There were 332 foreclosure deeds recorded in August 2008, up from 208 deeds in August of 2007. At the current rate, recorded foreclosure deeds will total more than 3,600 for 2008.

Chart showing projection of foreclosure deeds for 2008

Table showing foreclosure deed data

 
Indicator Rates
 
In the 2nd Quarter of 2008, the delinquency rate for the U.S. was 6.2% compared to New England's and New Hampshire's rate of 5.5%.  

chart showing delinquency rates in NH

 
The percent of delinquent mortgage loans in New Hampshire in each of the four conventional loan catagories edged upward again in the second quarter of 2008. Subprime adjustable rate mortgage loans continue to have the highest rate of delinquency.
 

Table showing the number of NH loans past due
 

Chart showing NH loans with installments past due

Foreclosure initiations for the 2nd quarter of 2008 were 1.08% for the U.S., 0.7% for New Hampshire, and 0.66% for New England. The decline in the foreclosure rate for New England was largely influenced by a moritorium on foreclosure initiation in Massachusetts during this period.

Chart showing foreclosure rates

 

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Foreclosure Update
is a publication of the Policy, Planning and Communications Group of New Hampshire Housing Finance Authority
New Hampshire Housing Finance Authority is a non-profit 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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