Scary Statistics on Foreclosures and Mortgage Defaults

As a Certified Distressed Property Expert member, I have great access to up-to-date information from the leadership. My most recent webinar noted the Mortgage Bankers Association just came out with their 3rd Quarter stats, based on 45 MILLION loans, and once you hear these you'll wonder "What the heck is 2009 going to be like?".

2.9% of all mortgages are in foreclosure

6.99% are in default (30 days or more late)

Add these two together and you have 9.96% Total mortgages in default

Wow! This is serious stuff, and of course the sub-primes continue to dominate the field (32.57% in default). VA and FHA appear to be holding off on foreclosure giving people more time to resolve their issues and sell on a short sale to avoid foreclosure.

7 out of 10 people who went into foreclosure never even tried to sell their house! We have to help these people and let them know there is an alternative known as a short sale. It's a lot of work, but worth it if the bank cooperates and gets it done. If you're not comfortable doing a short sale, find someone who is and just get 'er done!

Peg