Homes in foreclosure and homes entering the foreclosure process are up to levels not seen since 1979 reported the MBA today. Mortgage Bankers Association says more than One Million homes are up for foreclosure in USA as the housing market is in crisis.
For those that say we’re coming to the bottom, I say either you’re full of it or we’re picking up speed for a nasty crash landing in to the bottom - either way it ain’t go to be pretty.
The total percentage of mortgages in some form of delinquency (excluding foreclosure) is also at it’s highest point since 1979 - so it doesn’t look like making your mortgage payment has gotten any easier, no matter who you are.
From Market Watch:
"The percentage of loans in the foreclosure process at the end of the first quarter rose to 2.47% of all mortgages outstanding on one- to four-unit properties, up from 2.04% in the fourth quarter, according to the Mortgage Bankers Association’s National Delinquency Survey, released on Thursday. Loans entering the foreclosure process in the first quarter rose to a seasonally adjusted 0.99%, up from 0.83% in the fourth quarter.
"Both the rate of foreclosure starts and the percent of loans in the foreclosure process were the highest recorded since 1979, according to the group. The seasonally adjusted delinquency rate for mortgage loans also was the highest since 1979, with 6.35% of all loans at least one payment past due during the first quarter, up from 5.82% in the fourth quarter."
Source: By Blown Mortgage http://blownmortgage.com/
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