Fascinating Mortgage & Housing Data Points
Foreclosure Details
- -There have been an average of 1.6 million nationwide foreclosure starts per year for the past five years.
- -Foreclosure starts nationwide increased on an annual basis after 27 consecutive months of year-over-year declines.
- -Bank repossessions are still down 18% year over year. Voluntary foreclosure freezes and increasing pre-foreclosure sales are the primary factors.
- -Distressed home sales, which include both foreclosures and short sales, had fallen substantially. They were down to 28% for April 2012 – significantly less than the 37% in April 2011. (but will be up in the near future)
- -Distressed sales tend to be about 20% less than non-distressed sales. (for now)
- 2.8 million Americans are 12 months or more behind on their mortgages.
- “Since 2007, 19% of all borrowers (~9 million borrowers) have gone >90 days delinquent on their mortgages, or have had their mortgage liquidated.
Full post here…
Recovery here we come!
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We may see foreclosure escalation after the election. It seems neither party wants to acknowledge the massive housing problem that still threatens recovery. Locally, I am seeing more small business failures too. Another fallout passed over in our modest “recovery.” Somehow, it sounds a lot like smoke and mirrors to me.
Anyone see the banking committee on the Hill pandering to Jamie Dimon- JP Morgan Chase- as if he was some tin God?
Hopeless! It would take riots to get Washington’s attention! Not sure that would do it. Too busy paying attention to rioting in Syria to worry about the locals!