In February, US foreclosures are reported up by more than 67% over January's numbers. That translates into 121,756 new foreclosures completed. This tops the previous record monthly high of 104,243 which occurred in September of '08.
Initial pre-foreclosure filings also increased to the highest level- hitting 207,703 in February, up more than 9% from the previous high set in December, '08 (190,467).
The Mortgage Banker's Association has produced a somewhat depressing report on deliquency rates. The National Delinquency Survey reported that the delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a new record seasonally adjusted rate of 7.88 percent of all loans outstanding as of the end of fourth-quarter 2008. Imagine that... almost 1 out of 12 residential loans across America are in some stage of delinquency.. a rate that does NOT include those loans that are actually somewhere in the foreclosure process yet!
Inventory of bank owned homes is swelling. In order to move this inventory, the first time homebuyer market MUST be revived. That market creates momentum for the move-up market. Low interest rates and the $8,000 first time home buyer tax credit helps. But in the end, employment is key. A strong and vigorous economy is the ONLY way to turn the market around.
In Oregon, bank owned and pre-foreclosures are rising, too, of course. To review the current inventory of bank owned and pre-foreclosure listings, go to http://www.realtyadvisorsweb.com/Foreclosures.html
If we continue recent historic levels of deficit government spending, we will surely create enormous inflation, (decling purchasing power of the dollar), high interest rates, and a much lower standard of living across the board. In truth, such enormous borrowing by our government has scary national security ramifications. http://mckee.activerain.com/post/954743/deficits-imperil-america-s-future-just-say-no-
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