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Nearly 8% of U.S. mortgages were at least 30 days past due in April but not yet in foreclosure. That was slightly higher than in March, but 16% more than last year, LPS Applied Analytics, which tracks the mortgage market.

Seriously delinquent loans - more than 90 days past due or already in foreclosure - also represented nearly 8% of loans in April. That was down slightly from March and up 11% from a year ago, LPS says.

 Less delinquency eventually set new housing market recovery, but that's far away. About 4.2 million loans are seriously delinquent or in foreclosure. At current sales rates, which will take four years to absorb the inventory, LPS says.

"There is still much water in the boat, but at least we have connected some of the leaks," says Herb Blecher, senior vice president LPS. "Now we can rescue the company out."

Almost 4 million homes have been repossessed by lenders as the housing market began to tank in 2006.

Falling house prices are more likely to drive late payment. "There are a lot of incentive for people to leave their homes," says IHS Global Insight economist Patrick Newport.

However, other factors may slow the arrears, including:

 • Fewer new problem loans. For every 100 loans that were current in November, 1.28% due 60 days in April, data show LPS. That's the lowest percentage in at least three years below the peak of almost 3% in January 2009. Rates for new problem loans are the highest in Nevada, Arizona and Florida.

 • Loan modifications. In April, 22.5% of loans were more than 90 days in arrears one year had become current. That figure was 12.6% in April 2010, LPS, said. Last year, nearly 1.8 million homeowners received a loan modification, 42% from 2009, says the hope and the alliance of mortgage servicers, investors and others. loan modifications often include lower interest rates or longer loan terms.

 • Improved quality of loans. Lenders have tightened lending standards for borrowers who receive loans are less likely to default.

 In April, less than 2% of loans in 2010 was delayed after 12 payments. At the same age, over 6% of loans in 2007 and 2008, there were criminals, the data indicate LPS.

SOURCE: USA Today

The foreclosure process is taking longer than ever, which is slowing the foreclosures from coming to market.

 Recently there is an average 400 day period from the default notice until the day the bank reclaims the property. "That's up from 340 days a year ago and more than double the average 151 days it took to foreclose in the first quarter of 2007, at the start of the nation's foreclosure crisis.", says USA Today.

Experts say the the added delays although increase the homeowners time without monthly payments, the bank and loan-owner's losses become greater.

"April foreclosure activity hit a 40-month low, mainly because of processing delays, RealtyTrac CEO James Saccacio says. Default notices, scheduled auctions and bank repossessions were reported on 219,258 properties in April, down 34% from a year ago."

"In some cases, lenders are taking longer to begin foreclosing on loans more than 90 days delinquent because they're waiting longer to allow for modifications or short sales — when lenders take less for a house than what's owed — or other alternatives, Saccacio says."

Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like any information regarding the subject of foreclosures.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

Resources: USA TODAY,

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending April 21, 2011, down from last week when it averaged 4.91 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.  

• 15-year FRM this week averaged 4.02 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.  

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.61 percent this week, with an average 0.6 point, down from last week when it averaged 3.78 percent. A year ago, the 5-year ARM averaged 4.03 percent.

• 1-year Treasury-indexed ARM averaged 3.16 percent this week with an average 0.6 point, down from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.22 percent.  

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

• "Low inflation is keeping mortgage rates at bay. The core consumer price index rose just 0.1 percent in March, below the market consensus forecast. The 12-month growth rate in core prices was 1.2 percent, which is also rather low by historical standards.

• "The housing market continues to struggle. Although housing starts and existing home sales in March were stronger than the market consensus, they were still at low levels. Moreover, homebuilders became more pessimistic in April about the near-term according to the NAHB/Wells Fargo Housing Market Index."

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter:  @FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

Find more information about Freddie Mac at http://www.freddiemac.com

SOURCE Freddie Mac

"Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance."

All Fannie Mae-owned HomePath properties are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information, and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

Fannie Mae and Freddie Mac now own about 25% of all foreclosures in the United States. It is being reported their maintenance and and carrying costs are now over $2 billion (aka $2,000,000,000.00) annually!

"Fannie and Freddie, which buy mortgages from lenders and package them into securities to sell to investors, own or guarantee half of all U.S. mortgages. Together, they have more than twice as many foreclosed homes now as they did this time last year, with a combined value of $24 billion."

With so many homes in their foreclosure inventory to maintain, the costs buildup fast. Fannie Mae, for example, pays up to $400 for an initial cleaning of a foreclosed property and up to $125 to have the grass cut two times month. Frequently the homes have so much "trash" left behind from the previous owner, there are additional costs during the initial cleaning. Another cost included with almost all foreclosures is a locksmith to re-key the property.

Freddie Mac currently has 82% more homes in their inventory than last year and the numbers seem to be on the rise with many foreclosure companies. So more than likely Freddie and Fannie's holding costs will continue to increase for some time.

Currently we are seeing more than half our foreclosure inventory in the Pitt County area being put "on hold and unable to market status" until officials have investigated whether the foreclosure documents were properly executed.  This recent development is entering the second month, causing increasing losses from this inventory that is not selling. Mean while costs are adding up as all of these "on hold" homes still have utilities turned on and require normal maintenance.

"The longer foreclosed homes stay on their books, the larger taxpayers' expenses will be. "Taxpayers are covering their losses. We are the ultimate deep pocket," says Lawrence White, a New York University economics professor."

For more information about current real estate topics including foreclosures or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resources: usatoday.com and realtor.org

Over 19 million people are currently attending or enrolled at colleges and universities in the united states.  Many of these students attend schools away from home and need a place to live, which makes this investment niche thrive!  Experts say this market will flourish until at least 2018, when the last baby-boomer's children enter college.

Investors can look forward to rental incomes that are sometimes 10-20% greater than with normal tenants.  But on the other hand, time and money put into managing these kind of properties also increases by about 10%, according to an expert that owns over 50 rental homes across the United States.  In Greenville, NC the East Carolina University student properties are almost always occupied with renters, but these type of homes do have more turn over due to a young lifestyle and roommates that come and go.  Single-families stay at rental houses longer than students typically.

Pitt County and ECU offer a lot of opportunity for investors and landlords!  We enjoy a growing student population that will soon have a major increase with the new Dental School, which starts their first class in August of 2011.  "East Carolina University is the academic home to over 27,000 students and is a constituent member of The University of North Carolina", according to their website. There are always good potential rentals in our market for sale, including quite a few single family homes, duplexes and an apartment building from time-to-time.

Would you like more tips? Want a free list of potential university rental properties to look at?  Please call or email us, we are happy to help whether you are a seasoned or new investor!

Resources: Realtor.com & ECU.edu

1. 90% - Washer/Dryer in the Home
2. 84% - Storage Space
3. 81% - Windows that Open Easily
4. 73% - Garage Door Opener
5. 73% - Easy-to-use Thermostat
6. 71% - Master Bedroom on 1st Floor
7. 67% - Private Patio
8. 66% - Porch
9. 65% - Attached Garage
10. 64% - Bigger Bathrooms.

For more information about current real estate topics including selling your home or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resources: National Association of Home Builders

Not too long ago mortgage rates reached an all time low, and are still the best that any buyer could hope for.  But a new trend is emerging; 30-year fixed interest rates have increased for the second week in a row according to national averages with Freddie Mac.  This comes after around 10 weeks of decline.

We may have hit the bottom.  If you are "on the fence" waiting for the house buying market to get even sweeter, it may be time to make a move.

Of course rates are going to vary on a case-by-case basis depending on an individual’s credit history and what programs a lender can offer. Rates are negotiable and competitive.  Shop and compare a couple lenders' quotes to get the best rate and combination of fees. Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like some lender recommendations along with their phone numbers.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

Since the US mortgage crisis began banks and lenders have foreclosed on more homes this past August than ever. The rate of foreclosures has increased annually every month for the last nine months. 95,364 properties nationwide were taken-back in August, only 3% more than July, but that is a 25% increase from a year ago.

Experts say even though it seems there are more bank-owned listings for sale today, less than 33% of the current foreclosure inventory is listed for sale! "These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer's market with too much distressed inventory for fear of what it would do for house prices," says Realtytrac.com.

In August 338,836 properties have received a foreclosure-related warning. This translates into 1 out of every 381 US properties.

For more information about current real estate topics or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

 Homes lost to foreclosure up 25% from last August -USA Today

103 N Outerbridge St, Robersonville, NC

3086sqft, Covered porch, 2-Sunrooms, 1-Detached Garage/shop, 1-Attached Garage, Hardwoods, Home has somewhat been updated recently, but repairs are not complete and home does need work. Foreclosure, Fannie Mae Home. Purchase this prop for as little as 3 percent down! Home is approved for HomePath.com Mortgage Renovation Financing. Property to be re-keyed at buyers expense.

Click here to view this listing via our team's website with additional photos.

671 Tabard Rd, Winterville, NC

Built by The Evans Company, this one-owner home is now available for sale as a foreclosure. Situated in Winterville’s Canterbury subdivision, on a tree-lined .24 acre lot with an open backyard, deck, covered front porch and attached 2-car garage makes this home great for family fun and relaxation! The floorplan features approximately 2,228 sq. ft., 3 bedrooms, 2.5 bathrooms, formal dining room, dine-in kitchen and laundry/mud room. Richly toned hardwood floors flow throughout the foyer and dining room. An oversized master suite awaits featuring 2-walk-in closets, private bathroom with tiled shower, oversized-whirlpool tub and double vanity. Other desirable features of this fantastic home include wood trim/ moldings throughout, all bedrooms have ceiling fans, many rooms have recessed lighting, finished bonus room, extra eve-storage as well as an attic. Don’t miss seeing this charming home in a great neighborhood and priced to sell—truly a rare  find!

Click here to view this listing via our team's website with additional photos.

2113 5th Street, Greenville, NC

Conveniently located near downtown Greenville and in the University Area this home sits across the street from Wahl Coates Lab Elementary School. Updated some, this home includes approximately 2,340sq. ft., 5 bedrooms and 3 bathrooms, and a spacious family room with fireplace.  Both cooking and dining  alike will be a pleasure within either the formal dining room, or eat-in kitchen which offers a gas range, and dishwasher. Lots of cabinetry and counter space offer ample, accessible storage solutions.  The fenced-in patio with big backyard is a wonderful area where seasons of outdoor fun and memorable family activities can be created!  Plus, the backyard patio is the perfect spot for both grilling and entertaining. This is a Fannie Mae HomePath property, it is pre-approved for HomePath Mortgage and Renovation Financing. The home may be purchased with as little as 3% down with HomePath. Call us today for a tour or to get more information on HomePath and Fannie Mae Foreclosures!

Click here to view this listing via our team's website with additional photos.

For more information about these foreclosure listings or for assistance searching for other real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Fannie Mae is taking steps to educate borrowers by highlighting the importance of working with servicers.  “Walking away from a mortgage is bad for borrowers and bad for communities, and our approach is meant to deter the disturbing trend toward strategic defaulting,” said Terence Edwards, executive vice president for credit portfolio management. “On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer will preserve the option to be considered for a future Fannie Mae loan in the shorter period of time,” noted Edwards.

Additionally, Fannie Mae will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.  Beginning July, Fannie Mae will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the deficiency judgments.

For more information about current real estate topics or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Friday, June 11, Senators Harry Reid of Nevada, Johnny Isaakson of Georgia, and Chris Dodd of Connecticut introduced an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 (H.R.4213) that, if passed, would extend that closing deadline to September 30, 2010.

This amendment would not extend the required April 30 deadline necessary to claim the tax credit. If passed, though, the amendment would extend the date required to close the transaction until September 30, 2010.  

The National Association of REALTORS® has reported that as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.  The Senate amendment would allow home buyers adequate time to complete their purchases in time to claim the credit.

For more information regarding the status of this amendment or to locate real estate in the Greenville, NC and Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

The D.M.D. and D.D.S. degrees are considered equivalent--offering the same education and accreditation standards, as well as requiring the same licensure examinations.  Both degrees are recognized by all national and state dental associations and state and specialty boards. The scope of practice allowed by law is also the same for both degrees.  Throughout the United States, the state of North Carolina, and the city of Greenville, there are dentists with both degrees.

For more information regarding East Carolina University or real estate in Greenville, NC and the Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. One year ago at this time, the 15-year FRM averaged 4.52 percent. The 15-year FRM has not been lower since the week ending December 3, 2009 when it averaged 4.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, down from last week when it averaged 3.97 percent. A year ago, the 5-year ARM averaged 4.82 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in January of 2005.

The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. At this time last year, the 1-year ARM averaged 4.71 percent. The 1-year ARM has not been lower since the week ending November 4, 2004, when it averaged 4.00 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, announced that interest rates on fixed-rate mortgage have declined for the 5th straight week.
The National Association of Realtors noted that the median house prices are recovering in more local areas in the latest quarter.

For the most current information on mortgage rates and real estate in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.