HOPE NOW August Data: Oregon Foreclosures During First 8 Months of 2008 Already Substantially Exceed 2007 Totals.

HOPE NOW Alliance report with August data is now available HERE.

Includes information on loan defaults, foreclosures, and loan mitigation measures taken,with state level data available.

I have prepared two graphs showing the number of foreclosure starts and completions during the two years HERE. Charts include totals, and a breakout by prime and subprime loan categories.

My analysis of Oregon HOPE NOW data found in the charts, comparing the FULL year 2007 with the first 8 months of 2008:

1. Foreclosure STARTS during full year 2007 were 3,701; for the first 8 months of 2008 foreclosure STARTS were 9,218--with 4 months left in the year, that's already an increase of 149%. The rate of increase was similar for both prime and subprime loans--141% vs. 155%. Subprime loans represent 60% of all foreclosure starts during first eight months of 2008.
   
2. Foreclosure COMPLETIONS during during full year 2007 were 1,220; for the first 8 months of 2008 foreclosure COMPLETIONS were 2,768--with 4 months left in the year, that's already an increase of 127%. The rate of increase for prime loans was much lower than the rate of subprime loan increase- 58% vs. 190%. Subprime loans represent 67% of all foreclosure completions during first 8 months of 2008.
   

(Note that these totals are reported data from HOPE NOW participating lenders. Since the firms reporting to HOPE NOW are not 100% of the universe of lenders, actual totals are HIGHER than these numbers).

Older Americans and the Mortgage Crisis.

Interesting new report from AARP Policy Institute HERE.

Report says that:

• More than 684,000 homeowners age 50 and over were delinquent, were in foreclosure, or lost their homes during the six months ending December 2007.
  

• Homeowners aged 50 and above with subprime loans were nearly 17 times more likely to be in foreclosure than those in this age group with prime loans.

New York Nears Approval of Sub Prime Mortgage Law.

Press release on passage of bill in the NY Senate is HERE. (Last week the NY Governor announced agreement to move bill forward, so it appears the bill will be soon signed into law).

I have extracted from NY legislative site this "Sponsors Memo " HERE highlighting key provisions of the bill (Bill number is S8143A).