David Saks: HERE'S A SHOCKER.....

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

HERE'S A SHOCKER.....

3.9 MILLION LOANS ARE 90 PLUS DAYS DELINQUINT

OR IN FORECLOSURE AS OF 0CTOBER 2011.

LOOK AT THE LINE FOR OCTOBER 2011

CLICK THE GRAPH FOR THE FULL REPORT

Who can sleep well ?




David Saks



Time&Temp Memphis

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Comment balloon 10 commentsDavid Saks • December 23 2011 01:08AM

Comments

Hey David, not much of a shocker for those of us who keep up with the numbers on mortgage delinquencies.  In comparing January 2011 to October 2011, the percentage of non current mortgages versus the total number of mortgages shows a decrease from 13.06% to 12.21%.  So the numbers appear to be trending in the right direction.  Much success to you!

Posted by Jordon Wheeler, J W Group Real Estate Sales and Service (The Jordon Wheeler Group) almost 9 years ago

12.22 %. It's still a stiff calculation and not much recovery at little more than a percentile, Jordon. March, April and May had the best performance, and probably a seasonal phenomenon. There are 408k fewer 90+ day delinquincies for Oct11. Rebuilding the market is like wading through molasses, slow and sticky and it'll be intersting to see how the numbers recalculate after the nation gets the bill for holiday spending. Thanks for dropping by.

Posted by David Saks ((retired)) almost 9 years ago

Hi David, to be honest I thought it would have been worse.  Have a great Holiday.

Posted by Ronald DiLalla, No. Orange Cty Real Estate (Century 21 Discovery DRE 01813824) almost 9 years ago

David, interesting that non-judicial states are lower (my state CA is non-judicial). What I've been seeing in my local market now is FHA loans taken out in '09 are now in default, more than 90 days late. That's only two years. FHA are riskier loans. I'm only speculating, but the reason I conclude is job loss, or loss of income. Unemployment rates are still very high in my area, as well as across the country. The unemployment numbers that have been reported for the nation we know do not reflect those whose unemployment benefits ended. 

We have a long way to go yet.

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) almost 9 years ago

These numbers continue to trend downward. Once the foreclosure and many of the delinquent short sales are concluded, these numbers drop.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 9 years ago

Great charts the FHA default chart was amazing.  I've been getting more calls from people who are struggling and are curious about short sales.  I've been seeing more VA loans in trouble too.  

Posted by Kim Boekholder Utah Real Estate, Broker, Results Real Estate (Results Real Estate 801.580.5624) almost 9 years ago

It might get worse when the bills from the credit cards arrive after the holidays, Ronald.

Posted by David Saks ((retired)) almost 9 years ago

Involuntary alienation in non-judicial states is much faster, Pamela, or any state that uses a deed of trust instead of a mortgage contract.  It's also a much less expensive process and a great relief to any lender seeking to cure the default. The borrower's motivation and mental attitude to stay current on the loan should be greater in those regions because of a speedy procedure which clearly dictates "if they don't pay, they don't stay", and expedites the eviction. Those states cram their newspapers full of notices of default and trustee sales, and it's painful to think that the foreclosure process has become a windfall for classified advertising.

Posted by David Saks ((retired)) almost 9 years ago

The downward trend appears seasonal in the first chart, Joe. They flare back up following the springtime sale-a-thons.

Posted by David Saks ((retired)) almost 9 years ago

Thanks for your note, Kim. Nice to hear from you.

Posted by David Saks ((retired)) almost 9 years ago

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