OCC and OTS Mortgage Metrics Report
First Quarter 2009
Newly Initiated Foreclosures
The lifting of foreclosure moratoria during the quarter, continued economic weakness, and the migration of an increasing number of serious delinquencies into foreclosure resulted in a 10.8 percent increase, to 290,920, in newly initiated foreclosures. The number of newly initiated foreclosures dropped among subprime mortgages, but increased for prime and Alt-A loans. Prime mortgages saw the most significant increase, rising by 21.5 percent from the previous quarter, reflecting the increasing pressure on this largest group.
Number of Newly Initiated Foreclosures |
|
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
3/31/2009 |
1Q %Change |
1Y %Change |
Prime |
105,698 |
121,058 |
117,276 |
109,285 |
132,730 |
21.5% |
25.6% |
Alt-A |
61,187 |
60,427 |
57,651 |
53,914 |
56,948 |
5.6% |
-6.9% |
Subprime |
77,539 |
75,030 |
75,789 |
68,204 |
64,628 |
-5.2% |
-16.7% |
Other |
35,737 |
32,174 |
30,569 |
31,288 |
36,614 |
17.0% |
2.5% |
Total |
280,161 |
288,689 |
281,285 |
262,691 |
290,920 |
10.8% |
3.8% |
|
