Mortgage Delinquencies & Foreclosure Rates Shatter Records
Record high delinquencies and foreclosures
This past quarter has been a record breaking time in American history as the Mortgage Bankers Association reports that 9.64% of residential loans are delinquent (meaning at least one payment is past due but does not include homes in the foreclosure process), breaking the record set last quarter as the highest delinquency rate since recording began 37 years ago.
Add to that the recent Lender Processing Services report that 3.12% of all homes in America are in the foreclosure process, you have 12.76% of all homeowners in hot water.
Mortgage Broker Justin McHood of VanDyk Mortgage said, “mortgage guidelines are going to continue to get tighter through 2010 (many lenders have recently moved to a 640 FICO score) but even though there is talk of a FHA bailout, there is the possibility that any number of things could happen to the FHA guidelines as the “smart guys” at FHA try to figure out what to do about it. It is my opinion that 2010 is going to be the year of “balancing”: meaning — if you are underwater on your house and you owe more than it is worth — 2010 is going to be the year that you either short-sell your house or buckle-down for the long term.”
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This article published on Monday, November 23rd, 2009 at 1:01 am | Contact the editor
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AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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- Top 10 real estate posts of the day for 11/23/2009 : Tempe real esatate and free home search:
[...] Mortgage delinquencies & foreclosure rates shatter records – Delinquencies are up, foreclosures are up, mortgages becoming harder to get, while the market [...]
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- Sales of New Single Family Homes Rises Over Six Percent:
[...] are tricky times and while some are cynical, others are optimistic yet guarded, but in rough times like these, most people whose own mortgages rely on the sale of real estate choose to cling to any glimmer of [...]
- Mortgage Delinquencies Up, Loan Applications Down, What Now?:
[...] loans are in trouble, as 9.64% are delinquent, Fannie Mae’s portfolio value declined 27.8%, and Freddie Mac’s portfolio value [...]
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
The numbers are inherently flawed though, since most people did not put a mortgage on their home just a few decades ago. Everyone bought their house with the money that they saved, and nobody borrowed from a bank to get a house until later in history. We should probably go back to the way it was.
-Tyler
I enjoyed your post, very informative. I?m learning a lot from your site.