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A record 13.16 percent of mortgage loans on one- to four-unit homes were delinquent or in the foreclosure process at the end of June
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23 Nov 09
Underwater Borrowers with Good Credit are Likely to walk out from Underwater Mortgage
Borrowers with Good Credit are more likely to walk of a home that is underwater, even though it will wreck their credit.
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The Experian report looked at 24 million U.S. credit records and found that borrowers with the highest credit ratings are 50 percent likelier to strategically default than lower-rated homeowners. The defaultees often have no adverse credit history, going from a record of perfect payments to no mortgage payments at all.
One in 7 U.S. mortgages foreclosing or delinquent | Reuters
Nationwide Foreclosures are at their highest rate EVER, and this isn't expected to peak until the middle of next year. The bulk of new homes in default is of conservative conventional loans, and is primarily a result of the high rates of unemployment.
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A record one in seven U.S.
mortgages were in foreclosure or at least one payment past due
in the third quarter -
U.S. mortgage delinquency rates and the percentage of loans
that entered the foreclosure process also jumped to records
from July to September, the Mortgage Bankers Association said
on Thursday. - 7 more annotations...
19 Oct 09
The Associated Press: MBA: Foreclosures, unemployment to peak next year
Foreclosures will likely continue to rise up through next year as unemployment continues.
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Foreclosures will peak by the end of next year and unemployment will climb above 10 percent as the housing market and U.S. economy grapple with the aftermath of the recession, the Mortgage Bankers Association's chief economist said Tuesday.
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fixed mortgage interest rates remaining below 6 percent.
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15 Oct 09
Foreclosures rise 5 percent from summer to fall
Unemployment is the main reason US foreclosures continue to rise.
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The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall
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The foreclosure crisis affected nearly 938,000 properties in the July-September quarter
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12 Oct 09
Foreclosure rate inching upward in Cache Valley
The number of short sales and the rate of foreclosures are increasing in Cache Valley. The Herald Journal interviews Ty Haguewood of Cornerstone Real Estate Professionals.
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Foreclosure rate inching upward in Cache Valley
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With the economy still struggling and layoffs on the rise, the risk of foreclosures is rising. - 2 more annotations...
18 Sep 09
Utah Ranks 7th Nationally for Foreclosures in August
Utah foreclosures were double what they were a year ago. Utah Ranks 7th Nationally for Foreclosures.
No relief from foreclosure heat in August
Bank Repossessions were down, but defaults keep increasing.
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month-over-month and year-over-year decrease in bank repossessions (REOs)
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total foreclosure activity in August remained close to the record high set in July
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How to Spot Foreclosure-Prevention Scammers
If foreclosure prevention companies ask for money upfront, guarantee success, and ask you to send money too them, they are a foreclosure scam.
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- Here are some red flags that should make a home owner run in the opposite direction:
- If the company guarantees success. Nobody can guarantee a lender won’t foreclose or will modify a loan.
- If the company wants money upfront. "We can't say all advance fees are illegal," Kirtz says, “But in most cases they're probably bogus."
- If the company wants the home owner to send mortgage checks directly to the modification firm. The only certainty there is that the company will cash the checks.
- If the company guarantees success. Nobody can guarantee a lender won’t foreclose or will modify a loan.
25 Aug 09
Foreclosure starts level out | Real Estate and Technology News for Agents, Brokers and Investors | Inman News
The good news is that the number of subprime mortgage loan foreclosures are declining, the bad news is that 30 year fixed loans rate of default is rising. MBA Cheif Economist Jay Brinkman doesn't think this will change until employment goes up.
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In Florida, 22.8 percent of mortgages were at least one payment behind
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14 Aug 09
Underwater Mortgages to Skyrocket by 2011
Nearly half of all US households with mortgages could owe more than their homes are worth by 2011 according to the Deutsche Bank.
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Underwater Mortgages to Skyrocket by 2011
A new report by Deutsche Bank estimates that by 2011 nearly 50 percent of U.S. home owners with mortgages will owe more than their homes are worth.
This estimate of 25 million borrowers is significantly higher than similar calculations by other economic and real estate analysts. For instance, Moody’s Economy.com projected that 17.5 million will be underwater by early 2010.
Currently, about 26 percent of home owners choose to walk away from their mortgages because their equity falls short of what they owe, according to a report by Paola Sapienza, a finance professor with Northwestern University -
Not everybody agrees with Deutsche Bank’s analysis.
Tom Lawler, a well-respected independent housing economist, wrote that given the recent increase in home sales in many areas, “there is absolute[ly] no doubt that the DB ‘model’ forecast will show a huge miss to the down side on home prices.”
11 Aug 09
23% of US Homes Underwater
23% of US Single Family Homes are Under Water According to Zillow. Median home values is down 22% since its peak. Home value declines have slowed down though.
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29 percent of homes that changed hands in June sold for less than their owner originally paid
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At $186,500, the median home value was down 22.3 percent from its peak
16 Jul 09
Utah ranks 5th nationwide in foreclosures
Utah Ranks 5th in Foreclosures, one in every 69 Utah homes has a foreclosure filing.
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The midyear 2009 U.S. Foreclosure Market Report from online market research firm RealtyTrac shows one in every 69 households had a foreclosure filing. That rate is up close to 88 percent from the first six months of last year.
Related:
Foreclosures rise 15 percent in first half of 2009
The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more people lost their jobs and were unable to pay their monthly mortgage bills.
Utah also ranks fifth in the country for delinquency filings.
Zions Bank Economist Jeff Thredgold tells the Deseret News the intermountain region is certainly getting hit hard. He also says large families are contributing to Utah's woes, since they boast "larger-than-average" financial stresses.
02 Jul 09
More Owners Walk Away When Underwater
People will walk away from their homes if they have negative equity, even when they can afford the payments.
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A study of the Massachusetts housing market by researchers from Northwestern University and the University of Chicago concludes that a home owner’s propensity to default increases the further their loan goes under water.
The study found that home owners begin to walk away after declines of 15 percent or more. More than 17 percent of households would default, even if they can afford to pay their mortgage, when the equity shortfall reaches 50 percent of the value of the house.
29 Jun 09
Bank of America Gives Cities, States First Shot at REOs
This could be a good opportunity for Bank of America to get rid of foreclosure inventory and help cities restore slum areas at the same time. Probably won't fly, but it's worth a shot.
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Bank Gives Cities, States First Shot at REOs
Bank of America is making it easier for states and cities to buy foreclosures before investors purchase them.
The program is a result of the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program, which aims to encourage redevelopment of neighborhoods hit hardest by foreclosure and the resale of properties to home owners.
Bank of America will notify participating cities that properties are available before they are listed on multiple listing services. The company will set the prices with no haggling allowed.
22 Jun 09
Obama Mortgage Plan May Be Expanded - BusinessWeek
Making Home Affordable Progarm may Now Work for people with more negative equity.
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Bloomberg is reporting that Washington may change the terms somewhat. Presently a first mortgage has to be no more than 105% of the market value of the home to qualify for a modification. Now the loans being modified may be as high 125% of the home’s value and still qualify for a lower interest rate.
16 Jun 09
Provo Named one of the 10 Best Places to Buy Foreclosures
Provo is one of the 10 best places in the nation to purchase foreclosures.
Utah Ranks 5th Nationally for Foreclosure Filings
According to RealtyTrac.com, Foreclosure Filings in Utah are getting up there with states like Arizona, California, and Florida. During May, Utah Ranked 5th Nationally for foreclosure filings. Up 115% from May of 2008. One out of every 316 homes received some sort of foreclosure notice.
12 Jun 09
Foreclosures Won't End Soon, Analysts Predict foreclosures to peak in 2011
Foreclosures are unlikely to peak until 2011, says the chief economist of the National Association of Home Builders."><META NAME="title" CONTENT="Foreclosures Won't End Soon, Analysts Predict"><META NAME="area" CONTENT="News"><META NAME="publication_date" CONTENT="2009-06-12
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Foreclosures Won't End Soon, Analysts Predict
Rising unemployment and falling home prices is a treacherous combination that is dragging people with excellent credit into the foreclosure morass.
The jobless rate of 4.4 percent in April of people with bachelor’s degrees isn’t high compared with the overall unemployment rate, but it is more than double what it was a year ago.
Foreclosures are unlikely to peak until 2011, says David Crowe, chief economist of the National Association of Home Builders. He says foreclosures typically hit a high after unemployment does, and he believes the employment situation won’t turn around until late this year. Then rising employment will drive up interest rates, he fears, causing more resets of adjustable rate mortgages, leading to more foreclosures.
Credit Suisse echoes Crowe’s concerns, predicting that scheduled resets will hit a high in 2010 and rates will stay high until 2012.
Source: Business Week, Peter Coy (06/15/2009)
05 Jun 09
Subprime meltdown over; now comes the bad news
The leading cause of foreclosures is NEGATIVE EQUITY, and 25% of prime loans have negative equity, 45% of Alt A loans, 50% of subprime loans, and a staggering 73% of Option Arm Loans.
High rates of foreclosure look like they will continue for quite some time.
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So much has been made of the subprime mortgage meltdown that you would think it was almost totally responsible for the economic collapse, and that once the subprime problem was fixed then the worst would be over.
Unfortunately nothing could be further from the truth, despite hitting new highs in foreclosure listing. Instead it was the first round of a three part collapse, and we are on the edge of the second round.
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