COULD 1 IN 33 HOUSES BE IN FORECLOSURE BY 2010?

A new report released by the The Pew Charitable Trusts says that 1 in 33 homeowners is expected to be in foreclosure over the next two years, due primarily to subprime mortgages made in 2005 and 2006.

Almost every state in the country has seen a significant increase in mortgage foreclosures, largely triggered by defaults on subprime mortgages. Yet greater challenges lay ahead. Based on new foreclosure projections by the Center for Responsible Lending, Pew estimates that one in 33 current U.S. homeowners will be in foreclosure, primarily in the next two years-the direct result of subprime loans made in 2005 and 2006. Among the states hardest hit are Nevada, where one in 11 homeowners could soon be in foreclosure; California, with one in 20; Florida, with one in 26, and Georgia, with one in 27.

Lets hope this does not happen; my question is how do these folks get to these numbers?  - steve

 
Posted by Steve Harless on 04/18/2008 12:43 PM   Comments (12)    
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12 Comments on COULD 1 IN 33 HOUSES BE IN FORECLOSURE BY 2010?

I think that study was focused on New Jersey only.  I saw it in a mortgage newsletter.

04/18/2008 12:50 PM by Heath Coker, Broker Owner (Cape Group Real Estate & REindex.com)

Steve that number is shocking the current numbers are like 1 to 2% or 1.5 per 100 what your suggesting is triple that current number? , again wow really!

04/18/2008 12:52 PM by Steve Loynd, Alpine Lakes Real Estate Inc., Loon Mt, NH.

heath read the full report by clicking on the link above

04/18/2008 01:04 PM by Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680)

 

HERE IS THE INFO FROM REALTY TRAC DATED 4/13/08. I DONT THINK WE'LL SEE 1 IN 33. NOW 1 IN 538 IS NOT GREAT BUT AS USUAL THE MEDIA LIKES TO MAKE IT WORSE THAN IT IS. YOU ARE RIGHT IN THAT NEVADA IS RUNNING ABOUT 1 IN EVERY 139 AND UP 62%

RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its March 2008 U.S. Foreclosure Market ReportTM, which shows foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 234,685 properties nationwide during the month, a 5 percent increase from the previous month and a 57 percent increase from March 2007. The report also shows one in every 538 U.S. households received a foreclosure filing during the month.

WE'RE STAYING POSITIVE AND FINDING MONEY TO LEND TO ALL TYPES OF BUYERS...NOT AS CRAZY AS SOME LOANS MADE IN THE LAST FEW YEARS BUT 100% IS STILL OUT THERE AS WELL AS IT'S A GREAT TIME TO GET A 30 YEAR FIXED...IT HAS RETURNED AS THE HOTTEST LOAN ON THE MARKET :)

04/18/2008 01:45 PM by John Bohannon (White Star Mortgage)

Thats a pretty grim outlook but I guess people reap what they sew...sad that people overextend themselves and well, the economy going down the tubes doesnt help any!  Great background - very cool!

04/18/2008 01:48 PM by Nathan Scott (TBD)

1 in 33 seems like a very large number - and one that may indicate we'd be in a depression. I certainly hope that this is not the case!!

04/18/2008 01:48 PM by April Hayden-Munson Realtor, Southeastern Wisconsin (RE/MAX Realty 100)

john/christina: dont get me wrong, this is not my prediction; it is the pew reports. I pray that everything is alright and it does'nt get as bad as this report says.

04/18/2008 01:50 PM by Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680)

thanks nathan, one texas boy to another

04/18/2008 01:55 PM by Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680)

I could believe it! It isn't getting any better!

04/18/2008 09:44 PM by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

Wow very interesting

04/19/2008 08:31 AM by Shannon Whitley RE/MAX OAK CREST REALTY (RE/MAX OAK CREST REALTY)

I think those numbers are rather extreme, dont you Jim?

04/19/2008 09:02 AM by Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680)

Thanks for stopping by shannon

04/19/2008 09:24 AM by Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680)

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Real Estate Agent: Steve Harless (REALTY WORLD LUXURY HOMES -702.217.1680)
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