Mortgage Delinquencies, Foreclosures Break Records WASHINGTON (AP) -- The number of

Discussion in 'Economy' started by Neubarth, May 19, 2010.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Mortgage Delinquencies, Foreclosures Break Records
    Mortgage delinquencies, foreclosures break records - Yahoo! Finance

    WASHINGTON (AP) -- The number of homeowners who missed at least one mortgage payment surged to a record in the first quarter of the year, a sign that the foreclosure crisis is far from over.
    More than 10 percent of homeowners had missed at least one mortgage payment in the January-March period, the Mortgage Bankers Association said Wednesday. That number was up from 9.5 percent in the fourth quarter of last year and 9.1 percent a year earlier.
    Those figures are adjusted for seasonal factors. For example, heating bills and holiday expenses tend to push up mortgage delinquencies near the end of the year. Many of those borrowers become current on their loans again by spring.
    Without adjusting for seasonal factors, the delinquency numbers dropped, as they normally do from the winter to spring.
    More than 4.6 percent of homeowners were in foreclosure, also a record. But that number, which is not adjusted for seasonal factors, was up only slightly from the end of last year.
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    740,240 homeowners turned away from federal mortgage modification program...
    :eek:
    Promised relief, many instead deeper in debt
    March 7, 2011 - Davidson O. Calfee thought a temporary mortgage loan modification was the break he needed to keep his home. It allowed the Sandwich insurance agent to start saving $500 a month in 2009, when his income was down because of the recession.

     
  3. B. Kidd
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    B. Kidd Gold Member

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    This trend will climb upwards as the year progresses with ballooning gas prices as some of these homeowners are living on the margin as it is.
     
  4. william the wie
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    william the wie Gold Member

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    There are other factors that are kicking in as well:

    Generally the states with the lowest income tax are picking up jobs in this downturn.

    There is also an amenities ratio in house prices that has been operating against NY and California for about 50 years for NY and about 20 for CA and in favor of NH, NC, WA, OR, FL, TX, VT and surprisingly to me AK. A lot of that has to do with the fact that the scenery and/or beaches are comparable or better while housing prices are lower in the receiving states. Since the crash that amenities ratio has started to work against the receiving states and is causing secondary crashes in Seattle, Tampa and other receiving areas.

    The sinking of gas prices after the current crisis blows over and/or new US oil fields come on line (The Balkin[?] field in the Dakotas) will also cause retooling layoffs in the industrial midwest and less employment in the oil patches will cause another secondary peak in foreclosures.
     
  5. waltky
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    waltky Wise ol' monkey Supporting Member

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    Mortgages gettin' tougher to get...
    :eusa_eh:
    Mortgage denied: Sometimes, for no good reason
    April 19, 2011: Getting a mortgage just keeps getting tougher, and many homebuyers are getting rejected for loans they could easily afford. The issue: Tighter standards from Fannie Mae and Freddie Mac, the government entities that back mortgages made by banks.

     
  6. william the wie
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    william the wie Gold Member

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    The market has no dependable bottom and there is a risk of hyperinflation.
     
  7. waltky
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    waltky Wise ol' monkey Supporting Member

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    Shoulda been doin' dat a-fore the subprime bubble burst...
    :cool:
    Fed unveils proposal on U.S. mortgage standards
    4/19/2011 WASHINGTON — Lenders required to make sure borrowers have the ability to repay a home loan
     
  8. expat_panama
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    expat_panama Silver Member

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    From the article: The mortgage crisis is dragging on... ...Economic woes, such as unemployment or reduced income..."

    So much doom'n'gloom demands perspective. Here're the latest numbers from the Fed on past mortgage rates along with other loans--

    [​IMG]
     

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