Author Archives: Erkan Erturk

U.S. RMBS Credit Quality Rests On Several Key Housing Market Trends

Broad questions about the future of U.S. housing finance and the direction of the residential mortgage market continue to cloud the outlook for U.S. residential mortgage-backed securities (RMBS), in the view of Standard & Poor’s Ratings Services. While home prices and delinquencies generally seem to be stabilizing, the future performance of outstanding residential mortgage bonds […]

First-Quarter 2012 Shadow Inventory Update: National Liquidation Rates Moderate, While Regional Differences Widen

Standard & Poor’s Rating Services’ estimate for the time it will take to clear the supply of distressed homes, or the shadow inventory, on the U.S. market fell just one month to 46 months in the first quarter of 2012. While national residential mortgage liquidation rates appeared stable in the first quarter of 2012, these […]

April U.S. Home Prices Will Likely Turn Positive

Seasonally unadjusted home prices will likely increase during the spring and summer months, repeating the seasonal pattern of the past few years. Although March home price data will likely show declines, prices could turn positive in April when Standard & Poor’s reports April home price data (S&P/Case-Shiller) in late June. Overall, today’s home prices are […]

Live Webcast and Q&A: Is the U.S. Housing Market Bottoming Out?

We will be giving live updates to S&P’s Housing Webcast Q&A starting at 12:00PM EST today on HousingViews.com.  It is not too late to register for the event, just click here. Topics  include: U.S. not-for-profit housing, Corporate homebuilders and REITs, and Residential mortgage-backed securities. Stay tuned!    

Live Webcast and Q&A: Is the U.S. Housing Market Bottoming Out?

Please join our analysts for a live video Webcast and Q&A on Tuesday, March 13, 2012, at 12:00 p.m. ET as they discuss the economic factors influencing the U.S. housing market, and what may lie ahead for: U.S. not-for-profit housing, Corporate homebuilders and REITs, and Residential mortgage-backed securities. Please click here to register for the […]

Fourth-Quarter 2011 Shadow Inventory Update: Overall Declines Mask Big Regional Differences

Over the past year, two divergent pictures have developed as foreclosure timelines continued to widen in some states, while other states have been able to steadily work on clearing the shadow inventory. The large difference in liquidation rates between states grew during the fourth quarter of 2011. The increasing timelines are primarily due to extreme […]

U.S. Home Mortgage Delinquencies Fell In Fourth-Quarter 2011

U.S. residential mortgage delinquencies and new foreclosures started in fourth-quarter 2011 declined modestly from the previous quarter and from the levels of a year ago. The percent of mortgages in foreclosure remained elevated but nearly flat from the third quarter.  We expect a slight drop in delinquencies in first-quarter 2012. Click below to watch me […]

U.S. home mortgage delinquencies fell, but foreclosures remained flat in fourth-quarter 2011

The percentage of U.S. residential mortgage delinquencies and new foreclosures started in the fourth quarter of 2011 declined modestly from the previous quarter, as well as from the levels a year ago. At the same time, the overall percent of mortgages in foreclosure remained elevated but nearly flat from the third quarter, according to the […]

U.S. Private-Label RMBS Outlook

A U.S. private-label residential mortgage-backed securities market’s revival remains elusive since the overall economy, employment, and housing market are still struggling even though we aren’t officially in a recession.  Diminished political will to reform the mortgage market during the looming presidential election season further complicates matters. A recovery in private-label RMBS—transactions not issued by government-sponsored […]

U.S. Home Mortgage Delinquencies Declined, But New Foreclosures Increased In The Third Quarter

U.S. residential mortgage delinquencies declined this quarter following two back-to-back quarterly increases, while foreclosures started this quarter increased after declining for three straight periods, according to the Mortgage Bankers Association (MBA). We believe declining delinquencies represent a slightly positive trend for the underlying collateral performance of U.S. RMBS and the housing market. While serious delinquencies […]

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