Delinquencies, foreclosures break record ( 14.41% of mortgages delinquent or in foreclosure in Q3)

[Roland99]

Source: MarketWatch

Job losses caused more Americans to fall behind on their mortgage payments in the third quarter, leading to a record 14.41% of loans either in foreclosure or with at least one payment past due, the Mortgage Bankers Association's chief economist said Thursday.

"Despite the recession ending in mid-summer, the decline in mortgage performance continues. Job losses continue to increase and drive up delinquencies and foreclosures because mortgages are paid with paychecks, not percentage point increases in GDP," said Jay Brinkmann, chief economist of the MBA, in a news release. "Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07% to 1.42%."

...

About 4 million mortgage loans are 90 days or more past due or in foreclosure, Brinkmann said. That compares with 3.9 million new and previously occupied homes now for sale, he said, adding that there is likely overlap between the numbers.

...

The delinquency rate for mortgage loans on one- to four-unit residential properties rose to a seasonally adjusted 9.64% of all loans outstanding at the end of the third quarter, up from 9.24% in the second quarter and 6.99% a year ago, according to the MBA's quarterly delinquency survey, released Thursday. That is the highest level of delinquencies on record, with data dating back to 1972.

Read more: http://www.marketwatch.com/story/delinquencies-foreclosures-break-record-mba-2009-11-19-10500

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1/3 of those mortgages in foreclosure or delinquent are *prime* mortgages.

And I'm not sure where this guy gets that the recession ended mid-summer.

[notadmblnd]

1. The ressession is over.....

for the rich.

Hell, no one gives a shit about the rest of us. I'm losing my home after struggling on my own for 6 years after the death of my husband. Plus, I get to move during the winter. Joy O Joy, my Christmas present I guess.:sarcasm:

[Demeter]

2. I am so sorry

I hope that this economy turns around and that you can see some sunshine soon.

[notadmblnd]

5. Oh, I'm totally over feeling bad about it

I feel bad for my son. It's the only home he's ever known. Other than that, I'm done crying about it.

[Demeter]

6. To lose Husband and Home Both

I wish you may find solid ground and comfort.

[notadmblnd]

7. yeah, well. I'm still angry at him for leaving me, yet somehow he's still here

and in a way I do have an emotional attachment to our home. I figure if I move, maybe I'll be able to let go of him and finally move on

[Demeter]

8. Been there, done that

Still not over it. Sigh. Life sucks.

[Roland99]

9. I lost spouse and home several years ago (although the former was via divorce)

so I know kinda how you feel. I totally understand about getting an emotional attachment to a house. It's been almost 7yrs since I had to sell it (was unemployed) and I still think back longingly for it (not so much for the spouse, though!)

Best of luck and good fortune to you!

[notadmblnd]

10. I liked my spouse. He was my best friend.

The house, I don't think I'll miss that much. I'll take the memories and what else I want with me, and leave the rest for the mortgage company to clean up.

The joke is on them though, they won't get half of what I owe them when they sell this old place. Oh well, that's what they get for not being willing to work with me.

[Roland99]

11. And that confounds me to this day. The banks held out way too long instead of being smart

and reworking peoples' mortgages 3-4 years ago when it all started collapsing.

[Craftsman]

3. Green shoots meet the weed wacker!!!!

[Beavker]

4. And the GOP though that we should just let the free market

take care of the mess. Corporate America, the large banks in mind, are keeping us from getting out of this mess. They have been given every tool needed to get their troubled loans under wraps, and keep people in their homes. They are not pulling their own weight, ever after causing a large portion of this debacle.