Not too much new here, but I’d thought I’d post it anyway. The only part that I’m not so sure about is whether the worst is over. If you’ve been reading older post, you’ll see that I believe we have further downside yet; primarily driven by all the foreclosures that have yet to work there way through the system.
Your comments are always welcome,
TRD
Daily Real Estate News | November 20, 2009 |
Almost 10 percent of all mortgages on one- to four-unit properties are in some stage of foreclosure, up from 2.65 percent a year ago on a seasonally adjusted basis, according to the Mortgage Bankers Association’s National Delinquency Survey released Thursday.
The combined percentage of loans in foreclosure or at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever recorded in an MBA delinquency survey.
The bankers blamed the high foreclosure levels on unemployment. “Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07 percent to 1.42 percent,” says Jay Brinkmann, MBA’s chief economist.
