Dennis Norman
The foreclosure rate in the U.S. for the month of August,2009 was 2.86 percent,a 73.3 percent increase from August,2008 when the rate was 1.65 percent according to a report released yesterday by First American CoreLogic.
In addition,the report showed that the number of borrowers that are seriously delinquent on their mortgage,
that is 90 or more days past due,increased 69.9 percent in August from a year ago. The 90+ day delinquency rate in August 2009 was 7.10 percent,a year before it was 4.18 percent.
If you have been reading many of my posts about the housing market recently you have heard me voice my concerns about the market,particularly about those people out there that are saying we have seen the bottom of the market and even in a recovery. The data in this foreclosure and delinquency report is a large part of why I have those concerns. Foreclosures put significant downward pressure on home prices and it does not appear that foreclosure rates are going to ease for a while.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.