Fannie Mae and Freddie Mac completed 46,378 foreclosure prevention actions during the second quarter, raising the total number of homeowners who have been helped to more than 7 million since the start of conservatorships in September 2008.
The Federal Housing Finance Agency’s (FHFA) second quarter 2024 Foreclosure Prevention and Refinance Report shows that 32% of loan modifications completed in the second quarter reduced borrowers’ monthly payments by more than 20%.
During the second quarter, the number of refinances increased to 89,571, up from 69,877 in the first quarter, the report shows.
The enterprises’ serious delinquency rate declined slightly to 0.49%, down from 0.51% at the end of the first quarter.
At the end of the quarter, there were 31,827 loans in forbearance, representing approximately 0.10% of the enterprises’ single-family conventional book of business, down from 34,348 or 0.11% at the end of the first quarter.
Approximately 1% of these loans have been on a forbearance plan for more than 12 months.
The 60+ day delinquency rate remained unchanged at 0.70% at the end of the second quarter.
The number of foreclosure starts fell 7.0% to 17,339, while third-party and foreclosure sales declined 7.4% to 2,944 in the second quarter.
The enterprises’ REO inventory decreased 9.2% from 10,404 in the first quarter to 9,450 in the second quarter, as property dispositions outpaced acquisitions.
The total number of property acquisitions decreased 14.2% to 1,200, while dispositions rose to 2,105 during the quarter.
Photo: Federico Burgalassi
