You make a good point, I think that even the numbers we do get are so horrible that those which are invisible to us need not even factor into the pain train (copyright TG) to make it something as horrifying as a Rob Zombie film.
The numbers I have brought to the table from multiple sources are Great Depression numbers, but you are correct it would be nice to be able to add the invisible stuff to it to get a clearer picture.
You gave me an epiphany, who would know about those people not paying but still have no NOD filed? Bankers! So I looked to the MBA.
You inadvertently sent me to a huge piece of the puzzle of the invisible shadow!
“WASHINGTON, D.C. (August 20, 2009) — The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.24 percent of all loans outstanding as of the end of the second quarter of 2009, up 12 basis points from the first quarter of 2009, and up 283 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 64 basis points from 8.22 percent in the first quarter of 2009 to 8.86 percent this quarter.
Top Line Results
The delinquency rate breaks the record set last quarter. The records are based on MBA data dating back to 1972.
The delinquency rate includes loans that are at least one payment past due but does not include loans somewhere in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the second quarter was 4.30 percent, an increase of 45 basis points from the first quarter of 2009 and 155 basis points from one year ago. The combined percentage of loans in foreclosure and at least one payment past due was 13.16 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey”.
“but does not include loans somewhere in the process of foreclosure” equals no NOD filed. Now if someone (I’m getting burnout) can figure what 9.24 percent of all loans outstanding as of the end of the second quarter of 2009 equals we have a number and then can use percentages to get to approx. CA numbers.
Whatever the number is, it’s friggin HUGE and getting worse.
