Monthly Pace of HAMP Loan Modifications in Oregon Continues to Decline.

I have broken out HAMP loan modification data for US, Oregon, AND for Oregon metro areas [Bend, Corvallis, Eugene, Medford, Portland, Salem) through September in tables I constructed HERE.

Main Observation: Pace of Monthly Loan Modifications Continues to Slow

   1. Oregon's inventory of active trial loan modifications continue to shrink to 1,829; that is down by 7,059 or 79% since the start of the year. (Nationally, the decline is 78% since the start of the year).
   2. An active trial loan modification inventory reduction of 357 in September is at a slower pace than all proceeding months during the year. At the slower September pace Oregon would run out of trial loan modifications that could be converted to permanent mods but it would take six months, a longer period than in earlier months.

  3. Oregon's inventory of active permanent loan modifications continues to increase, reaching 5,144, an increase of 488% (4,269) since the start of the year. The Oregon YTD 488% rate of increase is less than the national rate of permanent loan modification increase of 603%.
   4. Oregon's permanent loan modification inventory increased by 178 during September but that number is down considerably from monthly increases of 268 in August, 311 in July, 471 in June, 499 in May. and a 741 increase in April. 
At the metro level Bend data show for example that only 9 permanent mods were added during September, compared to as many as 68 added during January 2010.
The HUD National Housing Scorecard should be soon available HERE (website is currently down as of Tuesday afternoon).

The September national HAMP report I used to construct my tables IS HERE.

Originally created and posted on the Oregon Housing Blog.