OCC and OTS Mortgage Metrics Report
First Quarter 2009
Completed Foreclosures
Foreclosures are completed when ownership of the properties is transferred to the servicers or investors and the debts are extinguished. The foreclosure process varies by state and can take 15 months or more to complete. Many loans that start the foreclosure process never result in foreclosure of the properties.
Completed foreclosures fell by 10,698 from the prior quarter, a decrease of nearly 12 percent. This is the result of national, state, local, and servicer-imposed moratoria in effect for much of the first quarter of 2009 and the increasing number of new modifications being offered.
Number of Completed Foreclosures |
|
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
3/31/2009 |
1Q %Change |
1Y %Change |
Prime |
22,379 |
43,248 |
52,571 |
35,296 |
34,499 |
-2.3% |
54.2% |
Alt-A |
18,025 |
26,934 |
27,405 |
18,573 |
15,244 |
-17.9% |
-15.4% |
Subprime |
22,595 |
30,750 |
30,264 |
21,869 |
16,099 |
-26.4% |
-28.8% |
Other |
13,549 |
16,405 |
16,026 |
13,896 |
13,094 |
-5.8% |
-3.4% |
Total |
76,548 |
117,337 |
126,266 |
89,634 |
78,936 |
-11.9% |
3.1% |
Number of Completed Foreclosures Relative to Mortgages in that Category |
Prime |
0.1% |
0.2% |
0.2% |
0.2% |
0.2% |
-1.7% |
52.5% |
Alt-A |
0.5% |
0.8% |
0.8% |
0.5% |
0.4% |
-16.6% |
-14.1% |
Subprime |
0.7% |
1.0% |
1.0% |
0.7% |
0.6% |
-22.4% |
-23.1% |
Other |
0.3% |
0.3% |
0.3% |
0.3% |
0.3% |
-2.5% |
4.6% |
Total |
0.2% |
0.3% |
0.4% |
0.3% |
0.2% |
-10.6% |
4.4% |
|
