I have broken out HAMP loan modification data for US, Oregon, AND for Oregon metro areas [Bend, Corvallis, Eugene, Medford, Portland, Salem) through November in tables I constructed HERE.
Observations: Pace of Permanent Monthly Loan Modifications Had an Uptick in November, Monthly Permanent Modification Graph Updated for Oregon.
1. Oregon's inventory of active trial loan modifications continue to shrink to 1,586; that is down by 7,302 or 82% since the start of the year. (Nationally, the decline is 81% since the start of the year).
2. An active trial loan modification inventory reduction of 83 in November is at a FAR slower pace than ALL proceeding months during the year. At the slower November pace Oregon would run out of trial loan modifications that could be converted to permanent mods but it would now take 19 months, a much longer period than in earlier months.
Observations: Pace of Permanent Monthly Loan Modifications Had an Uptick in November, Monthly Permanent Modification Graph Updated for Oregon.
1. Oregon's inventory of active trial loan modifications continue to shrink to 1,586; that is down by 7,302 or 82% since the start of the year. (Nationally, the decline is 81% since the start of the year).
2. An active trial loan modification inventory reduction of 83 in November is at a FAR slower pace than ALL proceeding months during the year. At the slower November pace Oregon would run out of trial loan modifications that could be converted to permanent mods but it would now take 19 months, a much longer period than in earlier months.
3. Oregon's inventory of active permanent loan modifications continues to increase, reaching 5,478, an increase of 526% (4,603) since the start of the year. The Oregon YTD 526% rate of increase is less than the national rate of permanent loan modification increase of 666%.
4. Oregon's permanent loan modification inventory increased by 205 during November, up significantly from the 129 added in October. However the November increase is still down dramatically from the peak month increase of 741 in April, and a 594 increase in January 2010. I have added updated a 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 205 during November, up significantly from the 129 added in October. However the November increase is still down dramatically from the peak month increase of 741 in April, and a 594 increase in January 2010. I have added updated a GRAPH HERE that shows the monthly decline in the rate of permanent modifications added in Oregon.
HUD has published the DECEMBER Housing Scorecard HERE.
The November national HAMP report can be found HERE.(In a note HUD has said that the NEXT HAMP report will not be issued until Feb 1st, so reporting can align with the HUD Housing Scorecard).
Originally created and posted on the Oregon Housing Blog.
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