O.C. foreclosure rates still dropping

Some experts are predicting a rise in foreclosure rates, but numbers show that they keep dropping. Orange County’s foreclosure rates fell from year-ago levels for a sixth consecutive month, according to new figures from Santa Ana-based data giant CoreLogic.

As of April, 2.04 percent of all O.C. mortgages were in the foreclosure process. Although that’s down, the change is miniscule: A decline of just 0.1 of a percentage point from April 2011, when 2.14 percent of all mortgages were being readied for foreclosure.
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HUD to expand sale of troubled mortgages

Thousands of borrowers severely delinquent on loans insured by the Federal Housing Administration (FHA) will have help from a new servicer to explore affordable mortgage solutions or achieve a favorable resolution under an enhanced government note sale program announced today. In a press conference held at the 2012 Clinton Global Initiative America Meeting, U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan and Acting FHA Commissioner Carol Galante launched the Distressed Asset Stabilization Program, an expansion of an FHA pilot program that allows private investors to purchase pools of mortgages headed for foreclosure and charges them with helping to bring the loan out of default.

“While our housing market has momentum we haven’t seen since before the crisis, there are still thousands of FHA borrowers who are severely delinquent today – who have exhausted their options and could lose their homes in a matter of months,” said HUD Secretary Shaun Donovan. “With this program, we will increase by as much as ten times the number of loans available for purchase while making it easier for borrowers to avoid foreclosure. Finding ways to bring these loans out of default not only helps the borrower, but helps the entire neighborhood avoid the disinvestment and decline in value that accompanies a distressed property.”
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Homes Facing Foreclosure Picked Up in May

Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales in Orange County, California – scenarios that could further weigh down home values in coming months.

Default or scheduled-home-auction notices were filed for the first time against 109,051 homes last month. That’s an increase of 12 percent from April and up 16 percent versus May last year, foreclosure listing firm RealtyTrac Inc. said Thursday.

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