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September 6, 2007

Today's Housing Bubble Post - Foreclosures Set record

-- by Dave Johnson

New Mortgage Foreclosures Set Record,

The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages.

The Mortgage Bankers Association reported Thursday that mortgage-holders starting the foreclosure process in the April-June quarter reached 0.65 percent, marking the third consecutive quarter that this figure has set an all-time high.

The delinquency rate, which tracks the number of people who are behind in their payments but have not yet entered the foreclosure process, was also up sharply during the spring, rising to 5.12 percent of all loans, up nearly three-fourths of a percentage point from the same period a year ago.

And don't forget, NEXT year is when MOST adjustable mortgages reset upwards, greatly increasing monthly payments. This is just the very tip of what is coming.

Posted by Dave Johnson at September 6, 2007 9:09 AM

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I went to a meeting with law enforcement on the topic of mortgage fraud. HUD gave a fairly decent presentation, but when the Assistant US Attorney started talking she went off on abortion. It's all about agenda. They could care less about mortgage fraud.

Posted by: Zora [TypeKey Profile Page] at September 7, 2007 8:30 PM

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