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The best mortgage deals may be a little harder to find in today’s housing market but for those with reasonably decent credit good deals are still around. Rates are still low compared to most periods over the past thirty years.
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The home mortgage foreclosure rate soars as reported by the Mortgage Bankers Association today.
The number of Americans who fell behind on their mortgage payments rose to a 20-year high in the third quarter reports the MBA. An incredibly bad 5.59% of all homes loans in the U.S. are at least 30 days late on one or more monthly payments, the worst delinquency rate since 1986.
Fully one in five subprime ARMs had a late payment during the quarter. The great American boom in housing prices and real estate speculative activity seems to be all set for one of the greatest real estate busts in history.
According to the same survey, new foreclosures hit yet another all-time high in the third quarter. 0.78% of all U.S. homes entered foreclosure from July-September.
Is there a solution to this dire situation? President Bush seems to think so but I do have my reservations about his socialistic plan.
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Home foreclosures reach record levels in the history of the Mortgage Bankers Association’s quarterly delinquency survey, the group reported on Thursday.
According to MBA statistics the rate of loans entering foreclosure was a seasonally adjusted 0.78% of all loans on one- to four-unit residential properties, up from 0.65% in the second quarter. The rate is up from 0.46% a year ago.
The percentage of loans at some point in the foreclosure process was 1.69% of all loans outstanding, up from 1.40% in the second quarter. A year ago, the percentage of loans in the foreclosure process was 1.05%.
The delinquency rate on mortgage loans was 5.59% in the third quarter, up from 5.12% in the second quarter — moving the rate up to its highest level in the survey since 1986. The rate of delinquency was 4.67% a year ago.
The survey covers 45 million mortgages on one- to four-unit residential properties, representing more than 80% of all outstanding U.S. first-lien mortgage loans, according to the MBA. It has been conducted quarterly since 1972.
“We said they would be getting worse and we anticipate they will be getting worse… at least two more quarters,” said Jay Brinkmann, the MBA’s vice president of research and economics, in a telephone interview.
Overall, the MBA is projecting a total of 1.5 million foreclosure starts for all of 2007, up from 960,000 in 2006 and 704,000 in 2005, Doug Duncan, MBA chief economist, said during a conference call with reporters.
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