One In Seven U.S. Homes Past Due On Mortgage or in Foreclosure
And now we can blame the ballooning unemployment rate for getting people into default rather than sub-prime. This is why , even though we are seeing price stabilization in some parts of the country I am not calling it Miller Time just yet: despite record-low interest rates, mortgage applications have declined for six weeks. But here’s the tickler:
“Overall, 14.41% of all U.S. home loans were in foreclosure or at least 30 days past due at the end of the third quarter — 1 in 7 — and up from 13.16% in the second quarter.”
I have heard reports that by the end of 2010, one out of every two homeowners may be underwater on their mortgage. God help us: Barney Frank now thinks the government ought to make emergency loans to homeowners.
Oh, you say, we are not affected in Dallas, right? Our market is so strong and robust, particularly the lower end market. A group of Mississippi appraisers in town for a seminar recently remarked at how great our economy was because the restaurants here were busy — when folks in Mississippi have no money, they eat at home.
And as one prominent realtor told me off the record the other day: our market may be better than most, but the last time I looked, Dallas was still in the USA. The negativity around us still affects us.
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[Chill runs down spine and hairs raise on arms]
Hi, I should really thank you for this post, because what I have noticed is that it’s simple to read and easy to understand and this is what generally I look for. Thank you very much.
Okay, now you’re into those conservative politics again and you’re losing me. I don’t think we need to demonize Barney Frank for thinking about some way to help stem the tide of foreclosures and help people who are underwater and unemployed. Conservatives continue to shoot themselves in the foot by getting outraged at the wrong people–the very ones elected to fix things and who have in less than 9 months brought us back from the brink of a great depession. And not doing anything about those who caused this debacle.
When a Dre trying to consider out of the box ways to help your future clients, I for one am all for it.
Further, let me quote you from a blogger who responded to the article (link) you referenced. Makes good sense to me.
“Does anyone really believe that millions of people took out loans knowing that they would never be able to pay them back? Thats an absurd concept. Borrowers were led like lambs to the slaughter house by a corrupt lending system that told borrowers not to worry. (And, I might add, you realtors told your clients too. ) They could always sell or borrow against their equity if they got in trouble. And for a number of years thats what people did. Ever watch the cable show “Flip that House”? Second, this concept of protecting the “innocent” investor. Hogwash. (An Oxmoron) The investors were sophisticated hedge funds, insurance companies and large investment pools run by extremely intelligent and educated people. Of all the entities, these are the very people who created the securatized mortgage investement concept that has brought on the foreclosure crisis. Of all parties involved these are the irresponsible ones. They were neither innocent or uninformed but they are the ones protected. Even though they invested into programs that were not insured or guaranteed these are the people who have been protected and were bailed out. Instead, the TARP funds should have purchased the subprime mortgages and refinanced them with low interst rates with 40 or even 50 year terms. Now, many of the ALT loans are in default. Will these people be accused of being irresponsible also? After all, they are either so upside down they are turning back their homes or they are losing their jobs. But we will continue to see the pore “innocent” investor protected rather than the evil homeowner who should have known a financial crisis was iminent. Hogwash!”
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