Monday, May 21, 2012

Delinquencies up again, REO bucket now makes up 1/3rd of total delinquency

Mark Herschmeyer reported over at CoStar on the increased delinquency rate. One notable excerpt is the average timeline of REOs in Judicial-only versus Power-of-Sale states:

For the current inventory of REO assets, it took an average 179 days to foreclose on properties in power-of-sale states, versus 323 days in judicial-only states. This suggests that the current REO inventory from judicial-only states represents older stock that is finally making its way through the system.
Nothing really new there, but it's always a stark reminder that geography matters. Here is a list of each state and their foreclosure law:

Group Description State Foreclosure
Alaska Power-of-Sale
Alabama Power-of-Sale
Arkansas Power-of-Sale
Arizona Power-of-Sale
California Power-of-Sale
Colorado Judicial
Connecticut Judicial
Washington DC Power-of-Sale
Delaware Judicial
Florida Judicial
Georgia Power-of-Sale
Hawaii Power-of-Sale
Iowa Power-of-Sale
Idaho Judicial
Illinois Judicial
Indiana Judicial
Kansas Judicial
Kentucky Judicial
Louisianna Judicial
Massachusetts Power-of-Sale
Maryland Power-of-Sale
Maine Judicial
Michigan Power-of-Sale
Minnesota Power-of-Sale
Missouri Power-of-Sale
Mississippi Power-of-Sale
Montana Power-of-Sale
North Carolina Power-of-Sale
North Dakota Judicial
Nebraska Power-of-Sale
New Hampshire Power-of-Sale
New Jersey Judicial
New Mexico Power-of-Sale
Nevada Power-of-Sale
New York Judicial
Ohio Judicial
Oklahoma Power-of-Sale
Oregon Power-of-Sale
Pennsylvania Judicial
Puerto Rico Power-of-Sale
Rhode Island Power-of-Sale
South Carolina Judicial
South Dakota Judicial
Tennessee Power-of-Sale
Texas Power-of-Sale
Utah Power-of-Sale
Virginia Power-of-Sale
Vermont Judicial
Washington Judicial
Wisconsin Judicial
West Virginia Power-of-Sale
Wyoming Power-of-Sale

Delinquency by Property Type:

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