http://www.missoulian.com/articles/2008/12/03/bnews/br40.txt
So this article just came out today, listing the current amount of homes in Montana with mortgages that are listed as 60-days late or worse in the 3rd quarter this year. There's some very interesting info, some quick points to the article:
- Montana's is at 3.96% which is up 1.4% compared to the 3rd quarter of 2007.
- The rate has been around 2% for quite some time, until the 2nd quarter of 2007, then is started to climb to where its at today.
- They project that this will still climb, getting possibly as worse 4.7%.
- Florida is a 7.8%, Nevada at 7.7%
- One projection is that delinquencies should continue at these rates until 2010
So, what's kind of interesting is that Montana's has seen an increase, however the out of the entire state with less than 1,000,000 total people, there's really not a lot of houses going through these issues, compared to 7.8% in Florida with over 18,000,000 people and much more houses.
Overall though, we're talking about a direct housing crisis that's influencing less than 4 in 100 homeowners in the state of Montana. The 2006 Census lists that Montana has 432,023 houses and most national trends show that about 60% of all houses have a mortgage against them. So, doing the math we've got approx 260,000 households in Montana with a mortgage, and 3.96% 60 days or late, that's just about 10,300 houses. Certainly a bunch, but we're not talking staggering numbers here. Again pulling up Florida we've got 8,533,419 houses, again if we use the 60% rule we've got just over 5.12 million houses with mortgages and 7.8% behind, that's nearly 400,000 homes!
No one can deny that the housing / credit / bailout issues are hurting almost all of us in some negative way or another, but remember that each real estate market is different, and we see different affects in different areas.
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