Team Thayer Property Servicing

The percentage of residential mortgage borrowers who are delinquent (more than 60 days behind on their mortgage payments) was reported at 2.95 percent in Q1, the first time it has been below 3 percent in more than seven years, according to TransUnion's Quarterly Industry Insights Report released Monday. Q1 marked the 13th consecutive quarterly decline in mortgage delinquency rate. Q1's percentage of 2.95 was a drop from 3.29 percent in Q4 2014 and from 3.59 percent in Q1 2014. Before Q1, the mortgage delinquency rate had not been below 3 percent since Q3 2007 (immediately prior to the beginning of the recession), when it was reported at 2.61 percent. Subprime consumers had a delinquency rate of 27.23 percent in Q1, a decline of 9 percent year-over-year; it was reported at 29.7 percent for Q1 2014. The delinquency rate for both subprime consumers and all consumers peaked in Q1 2010 at 40.5 percent and 6.9 percent, respectively. "It's taken more than seven years,...

Existing homes sales this year are expected to hit levels not seen since just after the peak, in 2006, driven by strong job growth, low interest rates and a gradual loosening of lending standards, according to the National Association of Realtors. Lawrence Yun, chief economist at the realtor association, said in his mid-year forecast on Thursday that he expects home sales to end up around 5.3 million in 2015, a significant pick-up from 4.9 million sales in 2014. Last year, economists also anticipated robust growth in the home sales, but were disappointed when a spike in interest rates early in the year and poor wage growth dampened the market. Mr. Yun said that early results this year point to a pick-up in home sales, including sales in the first few months, foot traffic at homes on the market and strong job growth. Buyers who have been kept out of the market by low wages and strict lending standards are likely to start coming back. “There is sizeable pent-up demand,” h...

The Internet has changed the way buyers shop for homes.  Where once people drove around neighborhoods, they now do the majority of their browsing online. The popularity of the Internet has led not only to websites by Realtors and real estate companies such as  RE/MAX,  it has also lead to websites by third parties.  These websites garner a lot of traffic,  but the information they contain may not always be accurate.   This is especially true when searching for foreclosed homes and pre-foreclosures. What is a Pre-Foreclosure? A pre-foreclosure is home in which the owner is more than 90 days delinquent on payments.  The bank has begun the foreclosure process,  but these properties are not yet for sale.  Pre-foreclosures don’t always come onto the market.  Not everyone wants to sell.  Instead, homeowners might work out a deal with their bank or they might file for bankruptcy. Online real estate databases such as  Zillo...