Posted on 05/28/2009 8:04:13 AM PDT by Oldeconomybuyer
NEW YORK (Reuters) - One of eight U.S. households with a mortgage ended the first quarter late on loan payments or in the foreclosure process in a crisis that will persist for at least another year until unemployment peaks, the Mortgage Bankers Association said on Thursday.
"We clearly haven't hit the top yet in terms of delinquencies or the bottom of the housing market," Jay Brinkmann, the association's chief economist, said in an interview.
(Excerpt) Read more at reuters.com ...
A year from now it will probably be in 1 in 5 or even 1 in 4.
Let’s pay attention to what is happening as a result of the top-down push for affordable housing, because there’s a top down push for “affordable healthcare” gaining momentum.
This can’t be....Obama just said we have stepped back from the brink!.....
That’s 12.5% percent who are behind.
Meanwhile, the MBA reports that many of the experts they surveyed thought housing prices would continue to fall into 2010 or later.
Markets are like water: They seek their own levels.
Trying to stop or alter that level seeking does not work.
You call that Obamanomics.
1 in 8 might just reflect the true unemployment rate, or folks are just saying the heck with it, 0 will cover me.
And CNBC let it slip that 50% of the owners of houses in foreclosure don’t need BO’s “loan modification” programs because they are GONE, and the houses are empty. There are more prime than subprime mortgages going into bankruptcy now because, just as Rick Santelli predicted, home owners in trouble saw their irresponsible neighbors being bailed out, so they stopped paying their house payments, too.
I’d like to see the....ahem....demographics on that statistic.
I own my Commercial HVACR business since 1993. I am two months behind in my mortgage and our Receivables are 90 days behind. We now have 0 employees since last September.
Welcome to my world of Obamaland. To hell with the working class. Let’s nationalize everything, bring growth to a complete halt and see how that works out. Oh, and I bet those tax revenues fall another 34%!
The tomatoes and beans are coming in nicely in the garden though. At least we’ll eat this summer.
And that figure comes from where and is based on what? How many involve illegals or those who bought houses to flip? No facts make for a typical MSM report.
Or they got laid off
Also factor in the fact that in some states, the lender can’t go after the borrower for any difficiency in the loan. If a person got a low or no down payment mortagage and their house is now worth $100,000 or more less, it MIGHT be a wise financial decision to allow it to go into foreclosure. That process can take a year and if the person saved the money used for mortgage payments, they would have a pretty good stash of cash to put into another home a few years down the road.
The loan practices of lenders were largely responsible for the run up in real estate, so there is no reason to feel bad for them.
How long do you think you can do that, stiff them for the note payment?
I pay them when I get paid. I can make one today and one hopefully next week when I get paid for a Project I completed in March. Then we’ll be current.
Everything has slowed to a crawl here. The only new buildings we are doing are mostly government. Figures. They’re never out of money except for schools, firefighters and police.
“How long do you think you can do that, stiff them for the note payment?”
Sheesh, that’s harsh. Hopefully until his receivables come in would be my guess.
One in 8? That’s full 25%!
12.5%
Oops.
“They’re never out of money except for schools, firefighters and police.”
#####
Those groups are all flush with cash, benefits, pensions and new facilities in my area. and to state the obvious; All strong supporters of Obama and socialism in general.
>> I own my Commercial HVACR business since 1993.
You must be one of those evil, selfish capitalists... /s
You mentioned your mortgage, but what if you need vehicle or equipment repair? New tools? How do get parts/inventory for your next job? Not only that, if you’re used to working the equivalent of at least two shifts, what do you do when things slow down? I bet you’re not out partying nor glued to the tube.
You’re on your own pal, and all but a few give a damn. Prayers.
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