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Mortgage delinquencies hit another record in 3Q

Discussion in 'Political Discussion' started by Real World, Nov 17, 2009.

  1. Real World

    Real World Moderator Staff Member

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    I've been telling my friends who are shopping for property to look, but hold off on buying. It's going to get worse before it gets better. Rising unemployment isn't going to help the RE market. Matter of fact, last month I was cleaning out my old house, and came across an old Chelsea Record real estate page from December of '98, or '99. I was looking at property then, and the prices were truly low. How's a 3-family with 4/4/4 size rooms listed at $139,900? How's a corner unit in the St George in Revere for $119k. I'm going to try to see if I can scan the section and post it in here. That was roughly 10-11 years ago. That 3-family was selling for $500-600k in 2004-2006. Think about that. Where do prices have to go to realize their related 1998-99 values?


    Mortgage delinquencies hit another record in 3Q

    Nov 17, 6:50 AM (ET)

    By EILEEN AJ CONNELLY

    NEW YORK (AP) - The pace at which people fell behind on their mortgages slowed during the summer for the third consecutive quarter, but the overall delinquency rate hit another record, a new report shows.

    For the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due, according to credit reporting agency TransUnion. That's up 58 percent from 3.96 percent a year ago.

    Being two months behind is considered a first step toward foreclosure, because it's so hard to catch up with payments at that point.

    The rate was up 7.6 percent from the second quarter. That's a much smaller jump than the 11.3 percent rise in the second quarter from the first, and the 14 percent leap seen in the quarter before that.


    My Way News - Mortgage delinquencies hit another record in 3Q
  2. Real World

    Real World Moderator Staff Member

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    Compare those prices to just a few years ago, or even today's.


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  3. ljuneau

    ljuneau Rookie

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    And the commercial real estate bubble has yet to hit the fan. The light winds of this storm are now just beginning to be felt and will start to pick up in 2010 - 2011.

    Michael Panzner: Commercial Real Estate Is A "Tsunami Unfolding"

  4. PatriotsReign

    PatriotsReign On the Roster

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    juneau, this is RIGHT ON THE MONEY bud! We have this inate DESIRE to see our economy turn around and get better. Sadly though, our politicians and even fuggn' Wall Street are lying to us.

    The current number of Malls in the US were built to support a level of consumer spending that we'll likely not see for years to come. Go to any mall on a weekday and tell me what you see....can you say "Ghost town"?

    We will for a fact see many, many malls close down in the next 12-24 months. Until Americans get themselves out of debt, they have no choice but to cut down on spending. I say NO CHOICE because they no longer have the available credit to buy with any thing but cash. There will be no more equity loans to finance shopping sprees and credit card companies have cut down virtually everyone to levels less than half of what they had previously.

    I have 2 credit cards which I've always paid in full at the end of each month. One company cut my available credit from $8K to $800. The other card cut me from $9K to $4,500.

    This is why I keep saying we can NOT have our federal gov't giving people money to spend. Why? Because it goes counter to what free-market laws are attempting to do. We NEED to bottom out...we must bottom out in order to rebuild upon a solid foundation. If we do that, at least we won't have super deficits to get out of.

    The alternative is for us to continue to ALLOW our gov't to spend our money foolishly. The key word being "Allow". It is not up our gov't how our tax dollars should be spent. I know many believe the opposite, but that is only because we've lost faith in ourselves as citizens of this nation.

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