Author Topic: 12% Of Homeowners Behind On Mortgages  (Read 1896 times)

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Offline Wretched Excess

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12% Of Homeowners Behind On Mortgages
« on: March 09, 2009, 11:06:12 PM »
the situation has become much, MUCH worse since the end of 2007.  and no amount of universal health care, stem cell research, or wind mill farms is going to help.

Quote
12% Of Homeowners Behind On Mortgages
Numbers Also Include 48 Percent Of Subprime Mortgage Holders; Reflect Spreading Recession

(CBS/AP)  Twelve perecent of all U.S. homeowners are behind in their mortgage payments are in forclosure, including a stunning 48 percent of those with subprime adjustable-rate mortgages, new data showed Thursday.

The reckless lending practices in states like Florida, California and Nevada that were the epicenter of the housing crisis are no longer driving up the nation's delinquency rate. Instead, the foreclosure crisis now is being fueled by a spike in defaults in states like Louisiana, New York, Georgia and Texas, where the economies are rapidly deteriorating and thousands are losing their jobs.

A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year, the Mortgage Bankers Association reported. That's up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007.

Prime and subprime fixed-rate loans saw sharp increases in the fourth quarter, a sign that the problem is now the economy.

"We're seeing increases in fixed-rate categories and that's where the problems are coming from," said Jay Brinkmann, the group's chief economist. "The foreclosure picture is more clearly driven by the jobs market."

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Offline ironhorsedriver

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Re: 12% Of Homeowners Behind On Mortgages
« Reply #1 on: March 10, 2009, 05:41:40 AM »
Not me. And I actually pay my own bills and buy my own food. I own firearms and hunt. I grow vegetables too. I bet the Dems hate me.

Offline NHSparky

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Re: 12% Of Homeowners Behind On Mortgages
« Reply #2 on: March 10, 2009, 08:29:48 AM »
48 percent of all subprimes?  Who knew?  And how much you want to bet these make up a significant percentage of the overall delinquencies?
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford

Offline Strider

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Re: 12% Of Homeowners Behind On Mortgages
« Reply #3 on: March 10, 2009, 08:59:04 AM »
well...I wonder how many are in arrears because they are being encouraged to let the gov. pay the mortgage....

Offline Lord Undies

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Re: 12% Of Homeowners Behind On Mortgages
« Reply #4 on: March 10, 2009, 09:02:24 AM »
"88% Of Mortgage Holders Doing Just Fine"

"50% Of 12% Of Mortgage Defaults Are Subprime Loans"

(alternate headlines)

Offline docstew

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Re: 12% Of Homeowners Behind On Mortgages
« Reply #5 on: March 10, 2009, 10:10:34 AM »
"1 out of every 2 government-forced, sub-prime mortgages toxic"

Offline Wretched Excess

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Re: 12% Of Homeowners Behind On Mortgages
« Reply #6 on: March 10, 2009, 10:15:46 AM »
I was struck by home dramatically worse the default rates have gotten since the end of 2007.  our stem cells, wind mills, and socialized medicine are all fixed up though.

thank heavens that The BarackStar! knows how to prioritize.

Offline debk

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Re: 12% Of Homeowners Behind On Mortgages
« Reply #7 on: March 10, 2009, 10:41:27 AM »
People can't make their mortgage payments if they don't have a job.

We are having job layoffs by the 100's right and left here in E TN. Many of these people will not find replacement jobs in this area and they were in "executive" positions. Engineers, retail buyers, University positions, etc. Responsible individuals who went in to mid to upper range homes ...they could afford.

When over 3500 jobs are laid off in the space of 6 weeks, it's causing the rest of the local economy to become shaky.

M had to drive me to the other side of town yesterday (I scratched a cornea, and the sunlight is a problem) and we were shocked at how many business were closed...that prior to Christmas were open.
Just hand over the chocolate...back away slowly...far away....and you won't get hurt....

Save the Earth... it's the only planet with chocolate.

"My therapist told me the way to achieve true inner peace is to finish what I start. So far I've finished two bags of M&M's and a chocolate cake. I feel better already." – Dave Barry

A balanced diet is chocolate in both hands.