According to RealtyTrac®'s recently released U.S. Foreclosure Market Report™ for September and the third quarter of 2014, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 317,171 U.S. properties in the third quarter, down 16 percent from a year ago but up 0.42 percent from the previous quarter — marking the first quarterly increase since the third quarter of 2011.

The quarterly increase in overall foreclosure activity was driven by a 2 percent increase in default notices (LIS, NOD) and a 7 percent quarterly increase in scheduled foreclosure auctions (NFS, NTS). Meanwhile bank repossessions (REOs) decreased 12 percent from the previous quarter.

A total of 106,866 U.S. properties had foreclosure filings in September, down 9 percent from the previous month and down 19 percent from a year ago to the lowest level since July 2006 — a 98-month low. September marked the 48th consecutive month where U.S. foreclosure activity decreased on a year-over-year basis.

“September foreclosure activity was back to pre-housing bubble levels nationwide, in large part thanks to a continued slide in bank repossessions,” said Daren Blomquist, vice president at RealtyTrac. “However, a recent rise in scheduled foreclosure auctions in many markets across the country shows lenders are continuing to clean house of lingering delinquent loans. This rise in scheduled auctions foreshadows a corresponding rise in bank repossessions and auction sales to third party buyers in the coming months.”

When autumn arrives, many homeowners prepare their homes for cooler weather by hiring specialists to clean and make repairs. Be mindful of cons during this time of year – scammers use this opportunity to swindle homeowners out of thousands of dollars for unnecessary work. Be wary of these four scams typically advertised during the fall season.

Chimney repairs – Scammers disguised as chimney sweeps will tell you your chimney needs to be inspected, and then use hard sales tactics to get you to make expensive, unfounded repairs. Don’t fall for it.

Gutter cleaning – Fraudulent gutter cleaners tend to prey on the elderly or those who cannot clean their gutters easily. They will assure you that they’ve worked in the neighborhood before, and quote you a very low estimate in return for shoddy, incomplete work.

A: Also called a fixed-period ARM, these crossbreed loans combine features of fixed-rate and adjustable-rate mortgages.

They start out with a fixed interest rate for a number of years – usually 3, 5, 7 or 10 years – and then convert to an ARM.

Initially, the interest rate for the fixed period of the loan is much lower than the rate on a fixed-rate, 30-year mortgage by about 1.5 percentage points. As a result, the hybrid allows borrowers to buy a lot more home than they can afford – but at greater risk.

The terms and fees for these loans vary widely and when the fixed-rate period expires, homeowners could end up paying considerably more than the current rate of interest.

Before considering a hybrid, pay close attention to the terms, fees, and prepayment penalties.

Americans’ attitudes toward the housing market continued to soften in August and suggest that housing activity may resume its modest recovery in 2015 after some pullback this year, according to results from Fannie Mae’s August 2014 National Housing Survey. Despite ongoing improvements in the labor market this year, consumers’ view on their income trend during the past 12 months appears to be more bearish. In addition, the share of consumers who say now is a good time to buy a home dipped for the second consecutive month, falling six percentage points since June to 64 percent—tying the all-time survey low.

"The August National Housing Survey results lend support to our forecast that 2015 will likely not be a breakout year for housing," says Doug Duncan, senior vice president and chief economist at Fannie Mae. "The deterioration in consumer attitudes about the current home buying environment reflects a shift away from record home purchase affordability without enough momentum in consumer personal financial sentiment to compensate for it. To date, this year’s labor market strength has not translated into sufficient income gains to inspire confidence among consumers to purchase a home, even in the current favorable interest rate environment. Our third quarter Mortgage Lender Sentiment Survey results, to be released later this month, are expected to show whether mortgage demand from the lender perspective is in line with consumer housing sentiment."

Homeownership and Renting
•The average 12-month home price change expectation fell to 2.1 percent.

Delinquency rates for commercial and multifamily mortgage loans continued to decline in the second quarter of 2014, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.

During the second quarter of 2014, the 30+ day delinquency rate for loans held in commercial mortgage-backed securities (CMBS) decreased 0.45 percentage points to 5.71 percent. The 60+ day delinquency rate for multifamily loans held or insured by Fannie Mae was unchanged at 0.10 percent. The 60+ day delinquency rate for multifamily loans held or insured by Freddie Mac decreased 0.02 percentage points to 0.02 percent. The 60+ day delinquency rate for commercial and multifamily mortgages held in life company portfolios increased 0.03 percentage points to 0.08 percent. The 90+ day delinquency rate for loans held by FDIC-insured banks and thrifts decreased 0.17 percentage points to 1.40 percent.

“Commercial and multifamily mortgage performance continues to strengthen,” says Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “Delinquency rates for loans held by life companies, Fannie Mae and Freddie Mac all remain low, and delinquency rates for CMBS loans continue to decline. Among loans held on bank balance sheets, the 30-90 day delinquency rate is now the lowest in the series history, going back to 1993.”