My Real Estate Blog

June 16th, 2009 5:57 AM
Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report.
 
The National Delinquency Survey released recently by the Mortgage Bankers Association (MBA), reported the largest quarter-over-quarter increase in foreclosure starts since it began keeping records in 1972. Lenders initiated foreclosures on 1.37 percent of all first mortgages during the quarter, a 27 percent increase from the 1.08 percent rate during the last three months of 2008 and a 36 percent rise from the first quarter of 2008. All told, more than 616,000 mortgages were hit with foreclosure actions.
 
..."Lenders are not proceeding against any foreclosures they think can be saved," said Brinkmann, "only against vacant properties and others they think have no chance of succeeding."
 
...Regionally, the biggest contributors to the record foreclosure rates are the so-called "sand states," California, Florida, Arizona and Nevada. These four, which represent less than 18 percent of the nation's population, account for 46 percent of foreclosure starts. More than 10 percent of all mortgages in Florida are in foreclosure.
 
Those states had much higher rates of subprime lending than average. California, for example, which accounts for 13 percent of U.S. mortgages, had 18 percent of all subprime ARMs outstanding during the first quarter. These states also endured severe home price declines, forcing more homeowners into delinquency.
Posted by Jim McCowan on June 16th, 2009 5:57 AMPost a Comment (0)
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