Sam Gendusa February 11, 2015

Newsletter - February 2015

The housing market stumbled a bit at the finish line of 2014, according to a recently released RealtyTrac foreclosure report and Black Knight Financial’s November Mortgage Monitor report.

According to RealtyTrac, foreclosure starts in December 2014 increased 6% over the previous month and 14% over December 2013. However, notices, auctions, and repossessions continued to decline, leading RealtyTrac VP Daren Blomquist to believe this is nothing more than a case of deferred distress "spring cleaning" for lenders.

Meanwhile, Black Knight's report highlights a curious fact: HAMP loan modifications re-defaulted at a higher level last year than they did in 2012 and 2013. The cause appears to be a decline in the total payment reduction achieved by the remods in 2014. Homeowners aren’t seeing as much relief and it is showing up in the numbers. Total delinquencies in November were also up 11% over the previous month.

So what does this mean? Are we dealing with typical market fluctuation, or are there signs of a real problem beneath the surface? My opinion, and the analysis of experts I’ve read, leans towards the former. There are logical explanations for the surge in foreclosures and re-defaults, and many key metrics are still heading in the right direction.

What does this mean for YOU?

Bottom line: This uptick in foreclosures is most likely a blip on the radar, but you need to ensure your collateral files are up to date, and continued due diligence is still required. If you need a helping hand with your document retrieval/compliance systems, Blue Streak Docs can help you with any and all related tasks. Plus, if you haven't worked with us yet, you can try us out and get your 5th order FREE!

Employee Of The Month

Amanda Darity had the most commendations last month with five (5) total from clients, vendors and fellow employees. Amanda has always been a pleasure to work with. She is helpful, knowledgeable and her customer service is amazing. She is always certain to take the extra steps needed to get clients orders in on time.

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