I have broken out HAMP loan modification data for US, Oregon, AND for Oregon metro areas [Bend, Corvallis, Eugene, Medford, Portland, Salem) through October in tables I constructed HERE.
CONTINUED Observation: Pace of Monthly Loan Modifications Continues to Slow, Monthly Permanent Modification Graph Added for Oregon.
1. Oregon's inventory of active trial loan modifications continue to shrink to 1,669; that is down by 7,219 or 81% since the start of the year. (Nationally, the decline is 80% since the start of the year).
2. An active trial loan modification inventory reduction of 160 in October is at a FAR slower pace than ALL proceeding months during the year. At the slower October pace Oregon would run out of trial loan modifications that could be converted to permanent mods but it would now take 10 months, a much longer period than in earlier months.
CONTINUED Observation: Pace of Monthly Loan Modifications Continues to Slow, Monthly Permanent Modification Graph Added for Oregon.
1. Oregon's inventory of active trial loan modifications continue to shrink to 1,669; that is down by 7,219 or 81% since the start of the year. (Nationally, the decline is 80% since the start of the year).
2. An active trial loan modification inventory reduction of 160 in October is at a FAR slower pace than ALL proceeding months during the year. At the slower October pace Oregon would run out of trial loan modifications that could be converted to permanent mods but it would now take 10 months, a much longer period than in earlier months.
3. Oregon's inventory of active permanent loan modifications continues to increase, reaching 5,273, an increase of 503% (4,398) since the start of the year. The Oregon YTD 503% rate of increase is less than the national rate of permanent loan modification increase of 628%.
4. Oregon's permanent loan modification inventory increased by 120 during October but that number is down dramatically from the peak month increase of 741 in April, and a 594 increase in January 2010. I have added a new GRAPH HERE that shows the monthly decline in the rate of permanent modifications added in Oregon.
4. Oregon's permanent loan modification inventory increased by 120 during October but that number is down dramatically from the peak month increase of 741 in April, and a 594 increase in January 2010. I have added a new GRAPH HERE that shows the monthly decline in the rate of permanent modifications added in Oregon.
Illustrating the impact of the decline in the pace of permanent modifications at the metro level, Bend metro data show that only 4 permanent mods were added to the inventory during October. This is down from 9 added during September and as many as 68 added during January 2010.
The HUD National Housing Scorecard is available HERE.
The national HAMP report I used to construct my tables for October IS HERE.
The national HAMP report I used to construct my tables for October IS HERE.
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