by Bill McBride on 8/31/2009 10:48:00 PM
Monday, August 31, 2009
Hope Now released the July Mortgage Loss Mitigation Statistics.
Most of the data concerns modifications - and those are not encouraging - but here are couple of graphs on delinquencies and foreclosures.
Click on graph for larger image in new window.
There are now more than 3 million mortgage loans 60+ delinquent based on the Hope Now statistics.
The Hope Now program covers approximately 73% of the total industry, so the total delinquent is probably over 4 million now.
The second graph shows delinquent loans, and foreclosure starts and completions.
Foreclosure starts were above 283 thousand in July, and completions only 89 thousand. There is a lag between start and completion, and a number of loans cure or are modified.
But foreclosures are dwarfed by 60+ day delinquencies. Although there will probably be a surge in foreclosure sales later this year (based on the increase in foreclosure starts), the real question is how many of those delinquent loans will become foreclosures?