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Shocker: Mortgage Delinquencies Soaring

From a delighted Reuters:

Mortgage delinquencies soar in the U.S.

By Helen Chernikoff

Tue Apr 7, 2009

NEW YORK (Reuters) – More U.S. consumers are falling behind on their mortgages, an indication that the housing market has yet to hit bottom, a top credit bureau executive told Reuters.

Dann Adams, president of U.S. Information Systems for Equifax Inc, reported that 7 percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from a year earlier.

He also said 39.8 percent of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7 percent from last year.

"I’m trying to find optimism in these numbers, but I’m pretty hard pressed to do that," Adams said, despite a recent burst of relatively positive news that has fueled hope that the U.S. housing market has turned a corner.

Late last month the Commerce Department reported that sales of newly built U.S. single-family homes rose to a 337,000 annual pace in February, the highest in 10 months.

Such news has boosted homebuilder shares, which are up about 45 percent since March 6, according to the Dow Jones U.S. Home Construction Index.

But Adams said the continued increase in mortgage delinquencies revealed in his data foreshadows more foreclosures, short sales and home price declines as homeowners default and banks then repossess the homes to sell them at deep discounts…

Maybe people have somehow gotten the impression that if they fall behind on their mortgage they will get a price break.

This article was posted by Steve on Tuesday, April 7th, 2009. Comments are currently closed.

13 Responses to “Shocker: Mortgage Delinquencies Soaring”

  1. Colonel1961 says:

    I thought Slowbama was gonna pay their mortgages? How can this be happening?

  2. catie says:

    Yeah, there are some renters in my cul de sac and their landlord let them know that he was defaulting on the mortgage so they should think about finding a new place to live. He said he was sick of paying his mortgage on a house he couldn’t sell when the USMC moved him so he was letting it go as he was retiring, had a house already and said he had done enough for this “ungrateful country” when people who do nothing constantly get the fruit of everyone else’s labor. He also told them that “Barack will provide, right?”.

  3. specialed says:

    I may qualify for that loan program, since my income is technically lower than usual this year!

    You suckers can all help me refinance, along with a few grand bonus in “principal reduction” payments.

    Thanks America!

  4. oldswimcoach says:

    I must confess, I’ve given some thought to making a few “late payments” if it results in Federal dollars to “assist” me. Shoot, in my case (since I actually have an income and pay taxes) it constitutes a tax refund rather than a dole. Fair is fair, right?

  5. ptat says:

    I have a friend who has been constantly harassed by the IRS and has resigned himself to paying them hundreds of dollars a month for the rest of his life—then he hears that Obama is giving his tax money to deadbeat homeowners, as he struggles desperately to pay not only his tax bill but his mortgage. His mortgage company won’t help him unless he is 3 months behind on his payments. The result of all of this? Even though he can pay his mortgage, he is waiting 3 months to pay anymore so he can qualify for help from his own tax dollars! What a mess!

    • Barbie says:

      The taxpayers are being soaked, have no rights of their own, and their hard-earned dollars are going to questionable recipients of questionable causes – all the time the taxpayer has not one word to say about it. The taxpayer is the cornerstone of our country and yet they’re abused like they’re the lowest scum of the earth. I thought slavery was outlawed? Oh no, taxpayers are slaves.

  6. Liberals Demise says:

    If WE let the economy tank…….the money that NOONE knows where it is going…..will be worth toilet paper. If everyone defaults, stops paying taxes stops working et al……..we may be able to wrench this fiacso away from the unknowing politicos who have sold our nation away for pork and personal gain!!

    “Now is the time for all good taxpayers to stop sending spending aid to the tyrants!!”


  7. proreason says:

    How soon until we hear that all mortgages under $200,000 will be paid by the government?

    Or in other words, paid for by YOU and ME.

    After all, the Declaration of Independence states we all have the right to live, liberty and happiness….and who can be happy without a nice house, curtesy of rich people who pay taxes.

  8. Odie44 says:

    I agree with all the comments here, but there is an interesting dynamic going on within these numbers.

    People who never could afford their home, still can’t afford their home. Shocker.
    People that have the money to build a home by their own means are building more homes. Shocker.

    This is a wonderful snapshot of America today. Entitlement doesn’t help pay the mortgage, nor does it put more money into someone’s pocket, unless they wait for federal help. Now tack on the overhead of running a home – and still, entitlement does nothing to help these people; and keeps bad mortgages on the books. The root of the mortgage meltdown.

    Oddly enough – auctions for foreclosed homes are selling like wildfire. I shall repeat: those who have the means to afford a home or more homes as an investment – are making the purchases. A double dip of entitlement failure. Yet, if someone bought a home for $00.30 on the dollar – they will a) reap a huge profit and b) sell a home for $00.85 on the dollar – a steal for a buyer who CAN AFFORD THE MORTGAGE. A win/win for proactive, responsible Americans, whereas the glut of entitlement ensure the “have nots, continue to “have not”

    If auctions went unsold – THAT would be a story and truer reflection of the “horrid” economy. What we have is the same old, same old dole for people who are never going to a)learn, b) make more money and c) rely on themselves within their means.

    Glass ceiling 101 brought to you by Bambi, ACORN, black “leaders” and liberal fools.

    • proreason says:

      Good point Odie.

      People who needed a handout yesterday still need a handout today……further proof that handouts don’t help people become self-sufficient. Jesus would have said that a hand-out is a fish, not a lesson about how to fish.

      But of course, this is great news for the commiecrats who will continue to spin it as a failure of capitalism.

    • bousquem says:

      I’m waiting to see the nuts at ACORN (pun not intended) and the rest of the insane asylum inmates that got loose start mandating that the goverment should just recieve the forclosed homes so they can be given to the “poor” and then have them exempted from actually paying anything for them. While we are at it, might as well have the taxpayers who actually pay taxes cover the property taxes and utility bills as they seem to think they are entitled to get everything on the dole/tax payers’ dollars.

    • Odie44 says:

      Pro –

      Oddly enough – the one program that has proven as a success is “workfare”, famously employed by Guiliani, while Sharpton, Dinkins, and every other liberal cried “raaaaaacism”. It obstructed their glass ceiling and income.

      That’s teaching a man how to fish…

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