RealtyTrac, an online marketplace for US foreclosure properties, reported on Thursday that its September 2007 US Foreclosure Market Report, shows a total of 223,538 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 8% from the 32-month high in the previous month, but still up 99% from the number reported in September 2006. The national foreclosure rate for the month was one foreclosure filing for every 557 households.
Home builder Beazer reported that 68% of its prospective home buyers cancelled their orders in the company's fiscal fourth quarter, which ended Sept. 30th. The cancellation rate was almost double the 36% of customers who cancelled orders and gave up deposits in the prior quarter.
Beazer, which had 2006 revenue of $5.46 billion and is one of the 10 biggest US home builders by sales, is one of the first to provide results from September.
Countrywide Financial Corporation, America's biggest home loans lender, released operational data for the month ended September 30, 2007. Key operational results included the following:
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Mortgage loan fundings for the month of September 2007 totaled $21 billion, a 44% decline from September 2006.
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Average daily mortgage loan application activity for September 2007 was $1.7 billion, a 39% decrease from September 2006. The mortgage loan pipeline was $42 billion at September 30, 2007, as compared to $65 billion for the same period last year.
- The mortgage loan servicing portfolio continued to grow, reaching $1.46 trillion at September 30, 2007. This is an increase of $215 billion, or 17%, from September 30, 2006.
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Commercial real estate funding volume for the month of September 2007 was $242 million, which compares to $646 million in September 2006.
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Banking Operations' assets were $101 billion at September 30, 2007, which compares to $88 billion at September 30, 2006.
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Securities trading volume in the Capital Markets segment of $272 billion for September 2007 was 10% lower when compared to the same month last year.
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Net earned premiums from the Insurance segment were $131 million in September 2007, up 37% from September 2006.
