Focus on Foreclosures, 3-29-07
Author: Joshua Dorkin • URL: http://www.biggerpockets.com/March 29th, 2007 •
Foreclosure Records Keep Falling Across the USA
- Wisconsin foreclosure rate above U.S. average, Wisconsin State Journal
“Subprime loans represented about 11 percent of Wisconsin’s 567,488 outstanding mortgages in December, according to the National Delinquency Survey issued this month by the Mortgage Bankers Association.The survey found that Wisconsin had 5.65 percent of its subprime loans in foreclosure at the end of 2006, higher than the national average of 4.53 percent. Of all mortgage loans, the state had 1.42 percent in foreclosure, above than the national average of 1.19 percent but lower than the five-state regional average of 2.38 percent.”
- Maine foreclosures above U.S. rate, Bangor Daily News
“The Washington, D.C.-based Mortgage Bankers Association found that 1.36 percent of all outstanding home loans in Maine were in foreclosure at the end of 2006. That figure was higher than the national average of 1.19 percent.In Maine and across the country, subprime loans, those given to people with low credit scores, had a noticeably higher foreclosure rate. At the end of 2006 in Maine, 5.59 percent of subprime loans were in foreclosure and 2.73 percent of prime loans were in foreclosure. Of Maine’s 132,716 outstanding mortgages in December, 14.4 percent were subprime and 78.9 percent were prime. The rest were Federal Housing Authority and Veteran Affairs loans. ”
- Mass. foreclosure filings set record for 2d month, Boston.com
“According to a report by ForeclosuresMass.com. The Framingham provider of foreclosure data said 2,227 foreclosures were initiated statewide last month, 85 percent more than the 1,201 recorded in February 2006. In January, 2,207 foreclosure filings were submitted, at the time the highest number since 1986, the earliest year for which such data are available, the firm said.”
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Tags: credit-score, foreclosure, Foreclosure-Rates, foreclosuresmass.com, mortgage, subprime
Joshua Dorkin
Charles Feldman
Ted Karsch.
Troy Schuricht
Anwell Tsai
Richard Warren
Jim Watkins
I am wondering how this whole home mortgage problem will play out…we’ll see.
Gee, who would have thought that people with low credit scores would have a higher rate of default?
I should have seen this before getting into college!
Lol to ‘Loans Express’. Aside from the unfortunate families, this sub prime mortgage dilemma is a blessing to forclosure investors. I dont know about all of you but im starting to see lots of opportunities everywhere which proves the veracity of the saying “one mans failure is anothers blessing”.
It seems the only ones smiling are the foreclosure investors.
As a Vancouver real estate agent I heard about many foreclosure auctions in USA and I don´t think the situation will be better in 2008. Moreover I have read an article written by an real estate expert and he predict, that the foreclosure auctions in some states of USA will double next year, so in my opinion there are not many reasons for being optimistic.
I’ve heard that about 1% of properties in preforeclosure typically go into foreclosure. Does anybody have data showing what the actual percentages were for the LA area in say 1988, 1991,
1995 and 2000?