Foreclosure Mitigation Toolkit for Communities  

 

Step One: Assess the Foreclosure Situation


Data and Maps
National Delinquency Survey
Regional and Local Data Sources
Foreclosure Laws

The first step to any community effort is assessing the foreclosure situation in your community. This will enable you to target foreclosure hotspots.

Data and Maps

The Federal Reserve System maintains a website with dynamic maps and data showing subprime and alt-A mortgage loan conditions in the U.S.
  • The maps may assist community groups to mobilize efforts to bring financial counseling and other resources to at-risk homeowners.
  • These mapsoffsite, maintained by the New York Fed, display regional variation in the condition of subprime loans.
  • Policymakers can also use the maps and data to develop plans to lessen the direct and spillover impacts that delinquencies and foreclosures may have on local economies.
  • Local governments may use the data and maps to prioritize the expenditure of their resources for these efforts.
The twelve Federal Reserve Banks each provide additional mapping and information on local and regional foreclosure trends and hotspots. Visit the Federal Reserve Bank of Kansas City's Foreclosure Resource Center for research reports, data, and practical information, and/or contact your Bank’s Community Affairs Office with specific requests.

National Delinquency Survey

The Mortgage Bankers Association (MBA) provides quarterly reports on delinquency and foreclosure rates of loans at the national, regional, and state levels. The MBA’s National Delinquency Surveyoffsite, conducted since 1953, covers about half of all first-lien residential mortgage loans outstanding in the United States. Delinquency and foreclosure measures are broken out into various loan types (prime, subprime, VA and FHA) and fixed- and adjustable-rate products.

Regional and Local Data Sources

State laws require that notices of intent to foreclose real estate be posted for public view although the exact posting process varies from state to state. These pre-foreclosure notices, along with actual foreclosure sales data, are compiled regularly by various companies who make the information available for sale. Some counties publish maps and lists of properties that are posted for sale at the following month’s foreclosure sale Contact a local title company in your community to get more information on the best local sources for pre-foreclosure and foreclosure sales reports.

Foreclosure Laws

Foreclosure laws and regulations are important to consider and can vary significantly across states. In some states with a judicial foreclosure process, the lender must take the borrower to court in order to seize the property. In other states, a nonjudicial foreclosure process requires no court action.

Sources for state laws on foreclosure include:
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