FEWER Foreclosures!!!

iVillage Member
Registered: 09-01-2009
FEWER Foreclosures!!!
24
Fri, 02-19-2010 - 12:55pm

For some reason, I couldn't get my post to work to "green police" on the "foreclosure" issue in the "Clinton" thread, but here's a different take dated today and not February the 2nd.


Fewer people falling behind on home loans
Decline also notable because delinquencies usually rise this time of year





updated 36 minutes ago


WASHINGTON - The number of borrowers falling behind on their mortgage payments dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb.


The Mortgage Bankers Association said Friday that the percentage of borrowers who missed just one payment on their home loans fell to 3.6 percent in the October to December quarter, down from 3.8 percent in the third quarter. The decline was even more surprising because delinquencies usually rise at that time of year due to higher heating bills and holiday spending.


The new trend in late payments is significant because it means the number of people going into foreclosure will continue to decline this year. And that is important for all homeowners in areas where cheaply priced foreclosures are bringing down neighboring values.


"Taxes are the price we pay for a civilized society."


       Justice Oliver Wendell Holmes

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iVillage Member
Registered: 02-14-2010
Fri, 02-19-2010 - 2:00pm

More of the article:


"Still, more than 15 percent of homeowners with a mortgage have missed at least one payment or are in foreclosure, a record for the 10th straight quarter.


"The bad news is that we still have a big problem," Brinkmann said. "The good news is it looks like it may not get much bigger."


There will be, however, more short-term pain. Nearly half of all delinquent borrowers were at least three months behind on their payments, up from a typical level of under 20 percent."


iVillage Member
Registered: 04-11-2009
Fri, 02-19-2010 - 5:28pm

That is probably good, but we've got more new foreclosure problems on the horizon:

http://www.washingtonpost.com/wp-dyn/content/article/2010/02/18/AR2010021805904.html

In D.C., more evidence that commercial real estate headed for foreclosure crisis>>>>>>>>full article at the link above

 

iVillage Member
Registered: 10-28-2009
Fri, 02-19-2010 - 5:40pm
I wonder why they say D.C. has the biggest problem. Las Vegas is #1 in commercial and home foreclosures.
iVillage Member
Registered: 04-11-2009
Fri, 02-19-2010 - 6:16pm
I have the feeling it was due to the overbuilding of office and retail space in the area but I'm not sure. There has been a big move to get people to put their savings (and checking) in community banks. I wonder if that is a good idea considering that so many of those community banks will be going under.

 

iVillage Member
Registered: 12-16-2008
Fri, 02-19-2010 - 6:34pm
"Fewer people falling behind on home loans"

Well yeah, Obama fixed it.

iVillage Member
Registered: 09-01-2009
Sat, 02-20-2010 - 5:10am

Nevertheless, the number of people missing payments declined, and that is a good thing, especially so since historically in "better" times at that point in the year, the number would usually increase.


So, without assigning credit or blame to any

"Taxes are the price we pay for a civilized society."


       Justice Oliver Wendell Holmes

iVillage Member
Registered: 03-02-2009
Sat, 02-20-2010 - 9:53am

It is good that foreclosures are dropping. I don't think it is really worthy of a big headline, but a good thing it is.


It's kind of funny, though, to say we can then get to doing green initiatives. Like, let's get the economy going again, so we can waste money on disabling the economy again and punishing the American people.

"Resist, we much. We must, and we much. About that, be committed."

iVillage Member
Registered: 09-01-2009
Sat, 02-20-2010 - 4:01pm

Yes, it is a good thing, and so is the search for and creation of alternative energy sources.

"Taxes are the price we pay for a civilized society."


       Justice Oliver Wendell Holmes

iVillage Member
Registered: 01-24-2009
Sat, 02-20-2010 - 5:46pm

I am in total agreement we need alternative solutions but my concern is the speculative market.

iVillage Member
Registered: 03-02-2009
Sun, 02-21-2010 - 2:49pm

I paid $2.45 a gallon today for gas. I'm just worried when we have a president that says stuff like...


"So, if somebody wants to build a coal plant, they can — it’s just that it will bankrupt them, because they are going to be charged a huge sum for all that greenhouse gas that’s being emitted."

"Resist, we much. We must, and we much. About that, be committed."

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