Mortgage Delinquency: “Signs of Emerging Stress in Some States”

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Mortgage Delinquency: “Signs of Emerging Stress in Some States” Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago CoreLogic found that as of June 2019, the foreclosure inventory rate fell 0.1 percentage points from June 2018 to 0.4%—tied with the past seven months as the lowest for any month since January 1999.Overall, the national share of mortgages that were in some stage of delinquency was 4% in June 2019—a 0.3 percentage point decline, compared to last year’s 4.3%. The share of mortgages that are delinquent more than 90 days fell from 1.2% to 0.9%, and the percentage of mortgages that were more than 120 days delinquent dropped to 1% from 1.4% in June 2018. “A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” said Frank Nothaft, Chief Economist at CoreLogic. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”1Mortgages delinquent between 30 and 59 days rose marginally from 2% last year to 2.1% in 2019. Of the metros studied, the New York-Newark-New Jersey metro had the highest serious delinquency rate of 2.6%. The metro also had the highest overall foreclosure rate at 1.3%.The next highest was Miami-Fort Lauderdale-West Palm Beach, Florida, at 2%. Denver-Aurora-Lakewood, Colorado, and San Francisco-Oakland-Hayward, California, had the lowest serious delinquency rate at 0.4%. According to PropertyShark, Manhattan foreclosure cases were up 118% year-over-year during Q3 2019, while Staten Island Island cases increased by 183%. Despite the large spike in Manhattan, the number of properties foreclosed only risen from 22 to 48 compared to the same period year. Meanwhile, foreclosure activity in the Bronx dropped by 51%, while Queens saw a 10% dip in unique cases year-over-year.Of the 48 cases this quarter in Manhattan, 25 of foreclosures were mortgage foreclosures. Only once in the past cycle has Manhattan had more foreclosures than in Q3 2019, and that was in Q4 2016. Additionally, pre-foreclosures increased 13% year-over-year in the borough.CoreLogic revealed the following states to seen an increase in delinquent activity: Vermont (0.7%); New Hampshire (0.3%); Nebraska (0.2%); and Minnesota (0.2%). Michigan, Iowa, Wisconsin, and Connecticut all posted marginal gains of 0.1%.  November 12, 2019 4,052 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. The Best Markets For Residential Property Investors 2 days ago About Author: Mike Albanese in Daily Dose, Featured, Foreclosure, News Home / Daily Dose / Mortgage Delinquency: “Signs of Emerging Stress in Some States” Share Savecenter_img Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Tagged with: Foreclosure Housing Market 2019 Serious Delinquent Mortgages The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Related Articles Foreclosure Housing Market 2019 Serious Delinquent Mortgages 2019-11-12 Mike Albanese Previous: Freddie Mac VP Discusses Communication in Servicing Next: Fannie Mae Closes 14th Reperforming Loan Sale Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Scott Rechler is raising $250M for a SPAC

first_img Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink RXR CEO Scott Rechler (Getty; Illustration by Kevin Rebong for The Real Deal)You can now count Scott Rechler among the real estate players who are embracing SPACs.RXR Realty, which controls 26 million square feet of office space in New York City, is raising $250 million for a blank-check company to take a proptech firm public, it said in a regulatory filing Friday. The special-purpose acquisition company, dubbed RXR Acquisition Corp., will target companies with a clear path to profitability and the potential to be a “category leader.”In addition to Rechler, RXR’s SPAC team includes Michael Maturo, CFO; Jason Barnett, general counsel; and Matthew Boras, who leads RXR Digital’s investing strategy. Its independent directors include Richard Florida, an urbanist and professor at the University of Toronto; Magalie Laguerre-Wilkinson, an executive at Nick News; Richard Saltzman, former CEO of Colony Capital; and Martin Luther King III, the oldest son of Martin Luther King Jr.Read moreThese blank check firms are courting proptech Tishman launches second SPAC Chera family goes SPAC shopping Email Address* Message* Beyond its bricks-and-mortar holdings, RXR has been one of several real estate players to invest in proptech in recent years.According to regulatory filings, RXR Digital has backed 10 proptech companies, including smart-lock maker Latch, which plans to go public via Tishman Speyer’s SPAC. It also invested in Metropolis, a parking startup; VTS, a lease management platform; Kitchen United, a ghost kitchen startup; and Eden, an office management firm which purchased Managed by Q from WeWork.Not all investments have panned out, though. RXR invested in Lyric, a short-term rental startup backed by Airbnb, that folded over the summer when Covid decimated the travel industry. (Tishman Speyer, Fifth Wall Ventures and Barry Sternlicht were also investors.)Nonetheless, RXR is bullish on proptech and adjacent industries, including financial services, logistics and infrastructure, it said in the prospectus. “We believe the real estate industry is undergoing a seismic shift whereby technology is fundamentally changing the way real estate is built, transacted, operated, utilized, and monetized,” it said.Last year, RXR also began raising a $1 billion fund to invest in sectors it thinks will thrive in the post-Covid world, such as logistics, telehealth and residential. The RXR Real Estate Market Dislocation & Mega-Trends Fund will also look to find “pockets of distress” and provide rescue financing.Rechler is the latest real estate player to pursue a SPAC deal.CBRE has a SPAC, and Tishman Speyer is on its second SPAC. Howard Lutnick’s Cantor Fitzgerald has five SPACs, including one that plans to take smart-glass maker View public. Meanwhile, the Chera family’s Crown PropTech Acquisitions recently upsized its offering to $240 million. Last week, Fifth Wall Ventures closed a $347 million SPAC IPO.Overall, 145 blank-check firms have gone public this year, raising $44.5 billion. That’s compared to 248 in all of 2020. Last year, SPAC IPOs raised $83 billion.Contact E.B. Solomont Full Name*last_img read more