OCC and OTS Mortgage Metrics Report
January — June 2008
New Foreclosures
New foreclosures ranged from a low of 91,881 in March to a high of 99,350 in May, before declining to 96,110 in June. New foreclosures totaled 288,740 in the second quarter, 3.5 percent higher than the 278,857 reported in the first quarter.
During the second quarter, 42 percent of all new foreclosures were prime mortgages and 26 percent were subprime mortgages. Prime and subprime mortgages constitute 66 percent and 9 percent of the total portfolio, respectively.
New foreclosures as a percentage of loans in each category increased with the relative risk of each category. With the exception of subprime mortgages, the foreclosure rate has been relatively stable over the reporting period.
New Foreclosures |
Jan-08 |
Feb-08 |
Mar-08 |
Apr-08 |
May-08 |
Jun-08 |
Prime |
32,422 |
34,307 |
38,440 |
39,431 |
41,693 |
39,355 |
Alt-A |
20,306 |
20,783 |
19,806 |
19,706 |
20,862 |
19,564 |
Subprime |
28,452 |
26,444 |
22,243 |
23,126 |
25,954 |
25,634 |
Other |
11,995 |
12,267 |
11,392 |
11,017 |
10,841 |
11,557 |
Overall |
93,175 |
93,801 |
91,881 |
93,280 |
99,350 |
96,110 |
New Foreclosures
(% of total loans
in each category) |
Jan-08 |
Feb-08 |
Mar-08 |
Apr-08 |
May-08 |
Jun-08 |
Prime |
0.14%
| 0.15%
| 0.17%
| 0.17%
| 0.18%
| 0.17% |
Alt-A |
0.57% |
0.58% |
0.56% |
0.55% |
0.58% |
0.55% |
Subprime |
0.91% |
0.85% |
0.72% |
0.75% |
0.84% |
0.84% |
Other |
0.23% |
0.23% |
0.22% |
0.22% |
0.21% |
0.22% |
Overall |
0.27% |
0.27% |
0.27% |
0.27% |
0.29% |
0.28% |
|
