Case Shiller Feb ’08 numbers out

[beanmaestro]

Fearful,

I’d expect that the increase in down payment requirements takes a lot of the less educated buyers out of the game. If you have $50-100k in savings, you’ve probably put more thought into where the market is going, and whether it makes sense to wait a year. Cash in hand probably correlates reasonably well with the ability to delay gratification while prices are plummeting.

[HereWeGo]

Notes from CFC, as linked by HousingWire:

Prime home equity loans also saw DQs ratchet up to 8.29 percent from 3.77 percent one year earlier — underscoring the duress now facing many prime borrowers, given that the HELs on the books at Countrywide boast an average CLTV of 84 percent and average FICO of 727.

But perhaps the most surprising delinquency statistic of all was a stark jump in prime, conventional firsts that appear to have hit a wall during the first three months of 2008. Countrywide said that 6.48 percent of more traditional borrowers were delinquent during March, with 3.19 percent 90 or more days in arrears. That’s a jump of 127 percent in conventional first-lien DQs from one year ago, and a rise of nearly 13 percent in just one quarter.

It also appears that once they get there, more prime borrowers aren’t getting out of delinquency: the number of severe delinquencies within prime firsts alone rose nearly 40 percent between December and March.

36% of subprime is delinquent, FWIW.

[HereWeGo]

Notes from CFC, as linked by HousingWire:

Prime home equity loans also saw DQs ratchet up to 8.29 percent from 3.77 percent one year earlier — underscoring the duress now facing many prime borrowers, given that the HELs on the books at Countrywide boast an average CLTV of 84 percent and average FICO of 727.

But perhaps the most surprising delinquency statistic of all was a stark jump in prime, conventional firsts that appear to have hit a wall during the first three months of 2008. Countrywide said that 6.48 percent of more traditional borrowers were delinquent during March, with 3.19 percent 90 or more days in arrears. That’s a jump of 127 percent in conventional first-lien DQs from one year ago, and a rise of nearly 13 percent in just one quarter.

It also appears that once they get there, more prime borrowers aren’t getting out of delinquency: the number of severe delinquencies within prime firsts alone rose nearly 40 percent between December and March.

36% of subprime is delinquent, FWIW.

[HereWeGo]

Notes from CFC, as linked by HousingWire:

Prime home equity loans also saw DQs ratchet up to 8.29 percent from 3.77 percent one year earlier — underscoring the duress now facing many prime borrowers, given that the HELs on the books at Countrywide boast an average CLTV of 84 percent and average FICO of 727.

But perhaps the most surprising delinquency statistic of all was a stark jump in prime, conventional firsts that appear to have hit a wall during the first three months of 2008. Countrywide said that 6.48 percent of more traditional borrowers were delinquent during March, with 3.19 percent 90 or more days in arrears. That’s a jump of 127 percent in conventional first-lien DQs from one year ago, and a rise of nearly 13 percent in just one quarter.

It also appears that once they get there, more prime borrowers aren’t getting out of delinquency: the number of severe delinquencies within prime firsts alone rose nearly 40 percent between December and March.

36% of subprime is delinquent, FWIW.

[HereWeGo]

Notes from CFC, as linked by HousingWire:

Prime home equity loans also saw DQs ratchet up to 8.29 percent from 3.77 percent one year earlier — underscoring the duress now facing many prime borrowers, given that the HELs on the books at Countrywide boast an average CLTV of 84 percent and average FICO of 727.

But perhaps the most surprising delinquency statistic of all was a stark jump in prime, conventional firsts that appear to have hit a wall during the first three months of 2008. Countrywide said that 6.48 percent of more traditional borrowers were delinquent during March, with 3.19 percent 90 or more days in arrears. That’s a jump of 127 percent in conventional first-lien DQs from one year ago, and a rise of nearly 13 percent in just one quarter.

It also appears that once they get there, more prime borrowers aren’t getting out of delinquency: the number of severe delinquencies within prime firsts alone rose nearly 40 percent between December and March.

36% of subprime is delinquent, FWIW.

[HereWeGo]

Notes from CFC, as linked by HousingWire:

Prime home equity loans also saw DQs ratchet up to 8.29 percent from 3.77 percent one year earlier — underscoring the duress now facing many prime borrowers, given that the HELs on the books at Countrywide boast an average CLTV of 84 percent and average FICO of 727.

But perhaps the most surprising delinquency statistic of all was a stark jump in prime, conventional firsts that appear to have hit a wall during the first three months of 2008. Countrywide said that 6.48 percent of more traditional borrowers were delinquent during March, with 3.19 percent 90 or more days in arrears. That’s a jump of 127 percent in conventional first-lien DQs from one year ago, and a rise of nearly 13 percent in just one quarter.

It also appears that once they get there, more prime borrowers aren’t getting out of delinquency: the number of severe delinquencies within prime firsts alone rose nearly 40 percent between December and March.

36% of subprime is delinquent, FWIW.

[gdcox]

Remember, the ‘February slide’ in the Case Shiller relates to deals done at the end of November on average.

[gdcox]

Remember, the ‘February slide’ in the Case Shiller relates to deals done at the end of November on average.

[gdcox]

Remember, the ‘February slide’ in the Case Shiller relates to deals done at the end of November on average.

[gdcox]

Remember, the ‘February slide’ in the Case Shiller relates to deals done at the end of November on average.

[gdcox]

Remember, the ‘February slide’ in the Case Shiller relates to deals done at the end of November on average.

[cr]

It’s really only been in the last few months, or even weeks that foreclosures have set new records, and sales have slowed to paces not seen in over a decade.

For those interested in LA:
. . . . . . . . . . . . . . Low……..Mid……High…..Agg.
Month to Month – 5.06% – – 4.41% – – 3.75% – – 4.27%
Year Over Year % 25.34%- – 22.27%- – 13.20% – -19.43%
Year Over Year $ $110k – – $120k – – $85k – – $105k
Loss Since Peak 25.9% – – 24.1% – – 16.5% – – 21.6%

[cr]

It’s really only been in the last few months, or even weeks that foreclosures have set new records, and sales have slowed to paces not seen in over a decade.

For those interested in LA:
. . . . . . . . . . . . . . Low……..Mid……High…..Agg.
Month to Month – 5.06% – – 4.41% – – 3.75% – – 4.27%
Year Over Year % 25.34%- – 22.27%- – 13.20% – -19.43%
Year Over Year $ $110k – – $120k – – $85k – – $105k
Loss Since Peak 25.9% – – 24.1% – – 16.5% – – 21.6%

[cr]

It’s really only been in the last few months, or even weeks that foreclosures have set new records, and sales have slowed to paces not seen in over a decade.

For those interested in LA:
. . . . . . . . . . . . . . Low……..Mid……High…..Agg.
Month to Month – 5.06% – – 4.41% – – 3.75% – – 4.27%
Year Over Year % 25.34%- – 22.27%- – 13.20% – -19.43%
Year Over Year $ $110k – – $120k – – $85k – – $105k
Loss Since Peak 25.9% – – 24.1% – – 16.5% – – 21.6%

[cr]

It’s really only been in the last few months, or even weeks that foreclosures have set new records, and sales have slowed to paces not seen in over a decade.

For those interested in LA:
. . . . . . . . . . . . . . Low……..Mid……High…..Agg.
Month to Month – 5.06% – – 4.41% – – 3.75% – – 4.27%
Year Over Year % 25.34%- – 22.27%- – 13.20% – -19.43%
Year Over Year $ $110k – – $120k – – $85k – – $105k
Loss Since Peak 25.9% – – 24.1% – – 16.5% – – 21.6%

[Author]

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