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In Reply to: RE: Still curious where this data comes from . . . posted by JoshT on March 10, 2008 at 06:03:56
I can't help you with this specific number but I linked to the Mortgage Banker's Association site which indicates that for the fourth quarter of 2007 nationally almost 6% of mortgages were delinquent and another roughly 2% were in foreclosure. I would expect that in some of the worst hit areas the numbers are substantially worse and I also would anticipate rising numbers for the next two quarters as more ARMs reset.
There is an interesting N Y Times article here:
http://www.nytimes.com/2008/02/12/business/12credit.html?_r=1&hp&oref=slogin
Follow Ups:
They are bad, but a far cry from a 9% foreclosure rate. I think perhaps the 9% is a combination of foreclosure and delinquent payments, which may or may not lead to foreclosure.
I agree - it's bad and going to get worse. But we have to be careful with the facts we post here. 9% of mortgages are not in foreclosure.
The attached shows the worst hit areas by zipcode in raw numbers as of last December. It looks like California, Nevada, Florida and Michigan are really bearing the brunt of this.
Since 16 of the top 20 are from there...
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