The following is an article that I read this morning about delinquencies in mortgage payments nationwide. The reason I say it is the Storm before the calm, is I have run statistics for sales of real estate for the last 12 years, and I am excited about the prospects for this coming year. I will be posting my results, and my analysis soon.
Delinquencies, Foreclosures Reach Record Highs
One in every 7.5 U.S. homeowners were either behind on their mortgage payments or in foreclosure in November, according to a report by Lender Processing Services, a mortgage performance data and analytics firm. Its December 2009 Mortgage Monitor report summarizes mortgage industry performance indicators based on data collected as of November 30, 2009.
Total delinquencies excluding foreclosures rose to a record high of 9.97 percent, which represents a 5.46 percent increase over the previous month and a 21.29 percent increase over a year ago. The report also finds that 5.01 percent of loans became more delinquent during the month, compared to 1.52 percent of loans that improved.
The November foreclosure rate rose to 3.19 percent, but foreclosure starts declined as a result of loss mitigation efforts. Fewer foreclosure starts, combined with the steady increase in delinquencies, is resulting in a growing shadow inventory of troubled properties, the report concludes. TUE, JAN 12, 201 from CRS Member Connect
If you are local and personally in this position, it benefits you to find a Southern Oregon Realtor who knows about loan modifications, short sales, and the foreclosure process. I am experienced in the process, so if you need to talk to someone about that, feel free to give me a call.