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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.

www.inman.com/...foreclosure-starts-level-out - Preview

foreclosures defaults foreclosure

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
In Florida, 22.8 percent of mortgages were at least one payment behind
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- The rate of new foreclosure starts was essentially unchanged from March
- drop in foreclosures on subprime adjustable-rate mortgage (ARM) loans
- increases on other types of loans, including prime fixed-rate loans
- MBA Chief Economist Jay Brinkmann said loan modification programs are holding foreclosure rates below where they would otherwise be
- "It is unlikely we will see meaningful reductions in the foreclosure and delinquency rates until the employment situation improves,"