The Mortgage Bankers Association have just reported first quarter foreclosures data. Their numbers make grim reading. Foreclosures are now at record levels. The rate of loans entering the foreclosure process was 0.58 percent on a seasonally adjusted basis, or more than one out of 200 loans. The delinquency rate for mortgage loans on one- to four-unit residential properties stands at just below 5 percent of all loans outstanding in the first quarter.
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2 comments:
Anonymous said...
A record number of homeowners entered the foreclosure process during the first quarter of 2007"
"... it appears stress was not confined to only high-risk subprime loans as other mortgages showed signed of weakening."
When will the HH's get it that things like 'market price' and 'rate of appreciation' during a down cycle are, and have always been,set by a small number of sellers who 'must sell'.
guess who those people who 'must sell' are, home owners going into deliquency or bank owned homes that have been foreclosed on. It only takes one home in your neighborhood to reset the comps significantly lower and wiping out your equity
Anonymous said...
haven't done a subprime loan in over 6 months. It's all been Fannie for me, because subprime is priced so far out of everyone's reach now. And really the My Community program is the answer to the subprime collape. I hear Fannie's even coming out with a "keep your home" program for pre-foreclosures or something to that effect. Honestly, though, I don't see this having too much of an effect on the housing market, because there are other avenues for subprime borrowers.