Question : What is the current national foreclosure rate?
I keep seeing in the news that foreclosure's are up XX% in the last year. What they never say is what the foreclosure rate actually is. I mean if it's up to 4% from 3%, that's a dramatic 33% increase, but it also means that there are still 96% of people still paying their mortgages. I just want to know what the real number is.
- asked by Laissez-Faire Guy
All Answers:
Answer #1
I believe the current foreclosure rate issomewhere around 1 new foreclosure for every 560households.That indicates a percentage foreclosurerate of about .2%, meaning 99.8% of households arenot in foreclosure.
- answered by Johnny 2 Times
Answer #2
The article I read today said that 1 in 538mortgages are in the foreclosure process... So,0.2% or so. This is an almost 100% increase fromlast year. Some regional markets are disasterswith up to 5% of houses in foreclosure (Stockton,CA is one example). The news makes it sound a lotmore scary, no?good luck!
- answered by Rush is a band
Answer #3
Oh yes, I just heard on the noon news that theforeclosure rate is up 57% from this time lastyear. It is still less than 1% in most areas. The media has to put a gloom and doom spin oneverything.
- answered by godged
Answer #4
In addition to the other points above, which arecorrect, foreclosure continues to differ a lot bylocation. Quoting "national" foreclosure figuresglosses over these differences. For example,California and Florida account for over 30% of newforeclosures recently. Many other states havevery few -- in fact, my zip code has just 2 activeforeclosures. So a national foreclosure rate ismisleading if it lumps in California and Floridawith states that have no real foreclosure problem.You may be interested in thismap:
http://www.mortgagebankers.org/files/News/InternalResource/60813_StateNDSMap.pdfThe etiology isalso different between California, where we had alot of evidence of bubble-like behavior in thehousing market over the last few years, and theupper Midwest, where we have seen increasingforeclosure rates that *precede* the latest creditstorm, which are due to widespread unemployment asthe Rust Belt continues to rust."All real estateissues are local." -- including this one.Also --and I think you may have assumed this already --subprime loans account for over 50% of theforeclosures even though they only represent 13%of all mortgages. (Prime ARMS are slightlyoverrepresented but not nearly as much.) But evenwhen we drill down by loan type (prime vssubprime, ARM versus fixed), there is still a lotof difference among the various states.
- answered by enoriverbend
Answer #5
Whatever they are, it can be blamed on not oureconomy, but the likes of all the Al Gores, theslum lord friends of Obama and Hillary's friendthe mega-mogul, Warren Buffet, who have raped andpillaged our lower classes with high risk loansthat they knew they would be taking back with thequickness of light.
- answered by wider scope
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