For some time know I have been following the national number of mortgages that are in default. The percentage is based on 45,000,000 mortgages which are seasonally adjusted. For those who think we are anywhere near the bottom of this market take a look at this graph. The onset of foreclosures we will face this year is staggering compared to last year.
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These numbers were provided by the Mortgage Bankers Association on November 12, 2008, which they distribute quarterly. They are based on 45,000,000 mortgages and are seasonally adjusted. Here are their numbers for Q1 thru Q3 of 2008.
National numbers on all Mortgages
2.97% in foreclosure
6.99% in default (30+ days late)
9.96% Total in Default 3 out of 100
2.97% in foreclosure
6.99% in default (30+ days late)
9.96% Total in Default 3 out of 100
National numbers on Prime Mortgages
1.58% in foreclosure
4.34% in default (30+ days late)
5.92% Total in default 6 out of 100
1.58% in foreclosure
4.34% in default (30+ days late)
5.92% Total in default 6 out of 100
National numbers of Subprime Mortgages
12.55% in foreclosure
20.02% in default (30+ days late)
32.57% Total in default 1 out of 3
12.55% in foreclosure
20.02% in default (30+ days late)
32.57% Total in default 1 out of 3
National numbers of FHA Mortgages
2.32% in foreclosure
12.92% in default (30+ days late)
15.24 Total in default
2.32% in foreclosure
12.92% in default (30+ days late)
15.24 Total in default
National numbers of VA Mortgages
1.46% in foreclosure
7.28% in default (30+ days late)
8.74% Total in default approaching 1 out of 10
1.46% in foreclosure
7.28% in default (30+ days late)
8.74% 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 publically 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, time is running out. Don't become a victim of one of the, "Stop Foreclosure Scams" Take this time to talk with a Certified Distressed Property Expert, the consultation is free, educational and confidential.
If your looking for a Realtor who understands this market and has your best interest in mind, please contact your Santa Clarita Short Sale Experts, Jennifer & Gary Ricco at Keller Williams VIP Properties. (Certified Distressed Property Experts) 661.290.3837 or visit us at http://www.riccosellshomes.com/
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