Here is an update of the National foreclosure & default numbers. Please refer to my previous blog titled Stimulus For The Housing Market???????? regarding these #'s if you would like to track the changes.
These numbers were provided by the Mortgage Bankers Association on March 5, 2009 which they distribute quarterly. They are based on 45,000,000 mortgages and are seasonally adjusted. Here are their numbers for the 4th quarter of 2008.
National numbers on all Mortgages
3.30% in foreclosure
7.88% in default (30+ days late)
11.18% Total in Default 3 out of 100
National numbers on Prime Mortgages
1.88% in foreclosure
5.06% in default (30+ days late)
6.94% Total in default 7 out of 100
National numbers of Subprime Mortgages
13.71% in foreclosure
21.88% in default (30+ days late)
35.99% Total in default 1 out of 3
National numbers of FHA Mortgages
2.43% in foreclosure
13.73% in default (30+ days late)
16.16% Total in default 16 out of 100
National numbers of VA Mortgages
1.66% in foreclosure
7.52% in default (30+ days late)
9.18% Total in default approaching 1 out of 10
As you can see the numbers in default are much higher then those in foreclosure, reason being is the government put a moratorium on foreclosures which has slowed the foreclosure process. Also Freddie Mac and Fannie Mae have publicly stated they want to move distressed assets through short sales vs acquisition and REO.
Given the market conditions many communities are facing, the need to understand distressed properties is no longer a luxury, this has become a requirement for every Realtor. In some subdivisions as many as 50% or more of the properties active on the MLS are distressed (pre-foreclosure, short sale, bank owned). With 50% of an area's listings being distressed, we have seen as high as 80% or more of an area's closings come from distressed properties. If your struggling to make your mortgage payment or have been unable to make your mortgage payment, don't let time is run out. Don't become a victim of one of the, "Stop Foreclosure Scams" please view my blog titled, Santa Clarita Are You Confused About Loan Modifications ????? Take this time to talk with a Certified Distressed Property Expert, the consultation is free, educational and confidential.
If your looking to buy or sell and are searching for a Realtor who understands this market and has your best interest in mind, please contact your Santa Clarita Certified Distressed Property Experts, Jennifer & Gary Ricco at Keller Williams VIP Properties. 661.290.3837 or visit us at www.riccosellshomes.com
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