OCC and OTS Mortgage Metrics Report
Third Quarter 2008
Foreclosures in Process at the End of the Third Quarter
The number of foreclosures in process totaled 617,642 at the end of the third quarter, an 11 percent increase from the end of the second quarter. Subprime loans constituted 27 percent of all foreclosures in process, but only 9 percent of all loans.
At the end of the third quarter, more than 5.5 percent of all subprime loans were in process of foreclosure. Just more than 1 percent of all prime loans were in process of foreclosure.
Prime loans had the largest increase in foreclosures in process from the end of the second quarter to the end of the third quarter, increasing by more than 15 percent. Subprime and Alt-A loans both increased by about 10 percent.
| Foreclosures in Process |
| |
3Q08
|
% of Total Foreclosures in
Process
|
% of Loans in
Each Category9
|
% of Total Servicing
Portfolio10
|
| Prime |
250,195 |
41% |
1.08% |
67% |
| Alt-A |
130,178 |
21% |
3.64% |
10% |
| Subprime |
169,672 |
27% |
5.53% |
9% |
| Other |
67,597 |
11% |
1.37% |
14% |
| Total |
617,642 |
|
|
|
9 Column shows the percentage of foreclosures in process relative to the number of loans in that category. For example, 1.08 percent of prime loans were in the process of foreclosure at the end of the third quarter.
10 Column shows the percentage of each loan category relative to the total servicing portfolio. For example, prime loans make up 67 percent of the total portfolio.
|
