Foreclosure Starts Cut in Half

Foreclosure starts have fallen to half the level they were a year earlier, according to second quarter data recently released from the Office of the Comptroller of the Currency.

In the second quarter, there were 150,592 foreclosures started—down 50.8 percent from the second quarter of 2012. It’s the fewest number of foreclosure starts in any quarter since early 2008, according to the OCC, whose report reflects performance on first-lien residential mortgages.

The OCC attributes the drop to a strengthening economy, aggressive foreclosure prevention efforts, loan modifications, and regulatory actions.

By the end of the second quarter, 90.6 percent of all mortgages reflected in the OCC report were current and performing—compared to 88.7 percent a year earlier.

Source: “Foreclosure Starts Halved over 12 Months,” Mortgage News Daily (Sept. 26, 2013)