Follow Me on Twitter

Foreclosures UP...Mortgage Delinquencies UP...No end in site

Dennis Norman

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, firstamerican corelogicthat 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.

Post to Twitter Tweet This Post

Related posts:

  1. Mortgage delinquencies set new record in third quarter Unemployment Remains Main Cause of Delinquencies The second quarter of...
  2. Mortgage Delinquencies Jump Over 10 Percent Dennis NormanDeceleration in Rise of Mortgage Delinquencies Short Lived Back...
  3. Not Out Of The Woods Yet; Mortgage Delinquences and Foreclosures On The Rise 1st Quarter Delinquencies; Up? Down? He said – She Said…...
  4. Mortgage Delinquencies Fall in 1st Quarter; First Decline Since 2006 Dennis Norman Consistent with the report on mortgage delinquencies from...

Related posts brought to you by Yet Another Related Posts Plugin.

Leave a Reply

 

 

 

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>