{"id":25746,"date":"2017-09-17T08:50:26","date_gmt":"2017-09-17T13:50:26","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25746"},"modified":"2017-09-17T08:50:26","modified_gmt":"2017-09-17T13:50:26","slug":"long-term-mortgage-delinquencies-seriously-under-reported","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25746","title":{"rendered":"Long-Term Mortgage Delinquencies Seriously\u00a0Under-Reported"},"content":{"rendered":"
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Long-Term Mortgage Delinquencies Seriously\u00a0Under-Reported<\/a><\/h3>\n<\/header>\n
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Keith Jurow, a real estate analyst and author of the\u00a0Capital Preservation Real Estate Report<\/em>, pinged me a few days ago with his analysis that suggests long-term mortgage delinquencies are seriously under-reported.
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Hi Mish,<\/p>\n

I thought you might be interested in the important clarification I just received from my contact at the NY\u00a0State Dept. of Financial Services.<\/p>\n

A few weeks ago, I sent you the latest update (attached again) of pre-foreclosure notices sent to delinquent homeowners in NYC and LI. I had noticed that 80% were listed as delinquent for less than 60 days. I asked my contact why that percentage was so high when he had been telling me for several years that over 40% of these notices were repeat notices \u2013 sent to long-term delinquents.<\/p>\n

His response was that for repeat notices, the mortgage servicers often provided the same information as on the original notice. For example, if a repeat notice was sent two years after the initial one, the length of delinquency was not changed from that first one. That was why a second notice where the borrower might be three years delinquent could show a delinquency of 60 days.<\/p>\n

This clarification confirmed my belief that many \u2013 if not most \u2013 of the borrowers were now delinquent for several years.<\/p>\n

Keith Jurow<\/p><\/blockquote>\n

New York Loan Delinquencies<\/strong><\/p>\n

\"\"<\/a><\/p>\n

Out of 65,523 loans, a whopping 52,218 supposedly fall into the 60-days or less delinquent bucket.<\/p>\n

90-Day Pre-foreclosure Notices Filed with the NY Department of Financial Services<\/strong><\/p>\n

\"\"<\/a><\/p>\n

100% of those 65,523 delinquencies generated a 90-day pre-foreclosure notice.<\/p>\n

Case closed.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Long-Term Mortgage Delinquencies Seriously\u00a0Under-Reported Keith Jurow, a real estate analyst and author of the\u00a0Capital Preservation Real Estate Report, pinged me a few days ago with his analysis that suggests long-term mortgage delinquencies are seriously under-reported. Hi Mish, I thought you might be interested in the important clarification I just received from my contact at the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[16030,14648,13390,16031,16032],"class_list":["post-25746","post","type-post","status-publish","format-standard","hentry","category-economics","tag-keith-jurow","tag-michael-shedlock","tag-mishtalk","tag-mortgage-delinquencies","tag-underreporting"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25746"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25746\/revisions"}],"predecessor-version":[{"id":25747,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25746\/revisions\/25747"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}