Say goodbye to the huge volumes of low-fee mortgage inspections. Mortgage inspections are drying up FAST. Mortgage inspectors are chasing fewer mortgage inspections. The volume of mortgage inspections is on the decline. The industry really did NOT need the $2 and $3 mortgage inspections.
The percent of loans in the foreclosure process declined further in August and were down 34% over the last year. The percent of loans in the foreclosure process declined to 2.66% in August from 2.82% in July. The is the lowest level in 4 1/2 years.
The number of delinquent properties, but not in foreclosure, is down 306,000 properties year-over-year, and the number of properties in the foreclosure process is down 679,000 properties year-over-year.
The mortgage segment has been the home of 99% of all of the problems in the industry. Problems will get worse as the segment is dying fast.
Don’t be discouraged as the insurance and commercial inspection volumes are stable and that is the home of the higher quality firms with the higher fees. All is still well.
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