Oregon Loan Mod Pace in December Was Double November, Reaching 72 Per Workday, 1,522 for the Month.

I have updated my report of loan modifications in Oregon which includes monthly changes as well as monthly tables with state totals and state share of all loan mods.

A two page summary I put together has monthly totals for November and December, YTD totals through Oct, Nov and December, and state shares of national totals for December and YTD December and can be downloaded HERE.

• Through December Oregon had a total of 9,763 loan mods, with 1,522 added during December. For the 21 workdays in December, that works out to 72 per workday.
• This compares to 8,241 mods through November, with 681 added during the month or about 36 per workday. Comparing totals loan mods approved in December and November, the December total was 123% higher than in November (1,522/681)-1=123% increase)
  
• For first time report breaks out PERMANENT mods vs trial mods; Through December Oregon had 875 permanent mods and 8,888 trial mods for a total of 9,763 mods. This compares to roughly 11,000 reported RealtyTrac REO properties for the entire year for Oregon, even though the loan mod program really didn't kick in until summer 2009. While RealtyTrac has not broken out December data, I am sure that 1,522 Loan Mod totals are HIGHER than REO RealtyTrac will report for December.
  
• California and Florida combined had 32% of the YTD totals through December and 31% of the December loan mods.
• Note: My total through December differs slightly from Treasury stated total of 853,696, however my total (853,583) is the sum of the state reported data. Similar minor discrepancies exist for permanent vs trial modification totals.
  

The full December national report from Treasury, which includes individual servicer totals, can be downloaded HERE.

Originally created and posted on the Oregon Housing Blog.