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The Heart of the Economic Crisis - Foreclosures still rising
Foreclores are still rising and now even PRIME mortgages are experiencing the greatest rise in foreclosures.
Keep in mind the this economic crisis will not and can not turn around until real estate stabilizes. And at this moment, the RE sector is getting less stable than ever. Sure, entry-level home sales are increasing, but many of these purchases are homes that were foreclosed upon or were in danger of doing so.
Foreclosures will keep rising through 2010, report says
"Home foreclosures are likely to keep climbing through all of next year despite stabilizing housing prices in some areas, a major lender group said Thursday as it reported that the level of delinquencies and repossessed homes had jumped to a record.
One in seven U.S. home loans was past due or in foreclosure as of Sept. 30, putting that quarterly delinquency measure at its highest level since 1972, when the Mortgage Bankers Assn. began reporting it. At the beginning of this year, 1 in 10 loans was past due or in foreclosure."
Rising Foreclosures Continue to Ripple Through Economy
"The volume of foreclosed homes keeps rising and isn't likely to tail off soon. What began as a problem of large numbers of homebuyers who were delinquent on their subprime mortgages is spreading. More homeowners with credit quality of every stripe are defaulting. Layoffs or a decrease in overtime or regular hours are key reasons.
Moody's Economy.com estimates that this year defaults on primary mortgages will rise to 2.2 million, up from 1.4 million in 2007. By 2009, the number will still be high, hovering around 1.6 million. Though it’ll start to decline in 2010, Moody’s expects the number to remain above 1 million."
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