The Boston Herald reported September 6, 2007 that foreclosure notices sent to U.S. homeowners over the spring hit a record.
The Mortgage Bankers Association released the data for April through June 2007. It was the third straight quarter that foreclosure notices broke the previous record.
There's no denying that this soon-to-come flood of housing inventory will depress prices in many markets.
Another frightening statistic is the number of home owners delinquent on their mortgage payments.
"The delinquency rate, which tracks the number of people who are behind in their payments but have not yet entered the foreclosure process, was also up sharply during the spring, rising to 5.12 percent of all loans, up nearly three-fourths of a percentage point from the same period a year ago."
I am an exclusive buyer agent (and lawyer) in Haverhill Massachusetts. I help consumers buy homes in Essex and Eastern Middlesex counties. For more information visit: http://www.buyersbrokersonly.com
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the level of the frenzy feels like a topping trend
Unfortunately, it doesn't appear we are at the top yet. Several mortgage professionals I have spoken with say that subprime loans peaked in 2006, so the worst in expected in 2008.
The upside is that Q4 2008 may be a great time for investors?
only time will tell
Howdy Richard
We are not at the top as of yet. You right about that.
Very fine post.
Have a good one
Thank you, Dale.
Hey Ohio is number one again almost 3000 filed in the 4 county area