OCC and OTS Mortgage Metrics Report
Third Quarter 2008
New Completed Foreclosures and Other Home Forfeiture Actions
Completed foreclosures and other home forfeiture actions—short sales and deed-in-lieu-of-foreclosure actions—require the borrower to give up the home. Both short sales and deed-in-lieu-of-foreclosure have less adverse impact on the borrower and their credit report than foreclosure.
The number of completed foreclosures and other home forfeiture actions increased by 11 percent from the second to the third quarter of 2008. The number of newly initiated home retention actions—loan modifications and payment plans—was more than twice the number of completed foreclosures and other home forfeiture actions.
| Completed Foreclosures and Other Home Forfeiture Actions |
| |
First Quarter
|
Second Quarter
|
Third Quarter
|
| New short sales |
5,834 |
8,222 |
13,254 |
| New deed-in-lieu-of-foreclosure actions |
1,074 |
807 |
843 |
| Completed foreclosures |
107,134 |
118,316 |
127,738 |
| Total |
114,042 |
127,345 |
141,835 |
Newly initiated home retention actions relative to completed
foreclosures and other home forfeiture actions |
183.92% |
199.16% |
202.88% |
|
