Thursday, September 13, 2007
Countrywide Foreclosures: August 2007
Today, Countrywide Financial (NYSE:CFC) released their August Operational Results showing again that delinquencies and foreclosures are continuing to worsen with delinquencies jumping 21.69% and foreclosures soaring 150% since August of 2006.
Prior to January 2007, Countrywide reported foreclosure data as a percentage of the total number of loans serviced which obviously lacked complete clarity.
Below, are charts of both measures; foreclosures by total number of loans serviced and foreclosures by percentage of unpaid loan principle (Click for larger versions).
Either way you slice it, Countrywide is looking at some significant increases in foreclosure activity but notice that for the “unpaid loan principle” method, things are really looking dire.
Be sure to check out the Countrywide Financial Foreclosures Blog’s Inventory Tracker for some more startling evidence that foreclosures are skyrocketing over at Countrywide Financial as well as some excellent REO tracking features.