Homes in foreclosure top 1 million

[drunkle]

mr mortgage’s thesis is that resets matter less than equity or lack thereof. i agree with it as it’s logical, reasonable and tends to be backed up with the numbers; despite the lack of reset (lower rates, farther out time frame), nod’s to alt-a morts are rising fast. presumably due to negative equity.

using that, foreclosure activity should accelerate ahead of the reset chart, especially now with rising libor and continuing price drops. i’m thinking that some 25 to 50% of 2004+ vintage alt-a holders will jump ship (jingle mail, squat, short sell, etc) before being stuck in the position of both neg equity and doubled payments.

it might not take but a year or two to “get there”.

i’m also thinking that may be the “holy shit” moment when j6p finally gets it; housing isn’t turning around, real estate doesn’t always go up, credit isn’t free. the msm will be permanently glum, the markets will have tanked, banks gone tits and satan begins his reign of terror.

4 horsemen = foreclosed house-men… foreclosed houses… anyway.

[Ex-SD]

From The Money & Company blog at the L.A. Times
by Tom Petruno

Foreclosure data getting meaner, especially in California
12:32 PM, June 5, 2008

There is one ugly conclusion to be drawn from the first-quarter numbers out today on mortgage delinquencies and foreclosures: There will be a lot more homes coming on the market, especially in the Golden State.

Home builders’ stocks look like they’re reflecting that cold reality. Shares of KB Home, Ryland Group and others are mostly lower even as the broader market is rallying.

As expected, the delinquency and foreclosure data from the Mortgage Bankers Assn. showed things got significantly worse in the first quarter. Foreclosure The national delinquency rate, meaning the percentage of home loans 30 days or more past due on payments, jumped to 6.35% (seasonally adjusted) as of March 31 from 5.82% at the end of the fourth quarter.

Breaking that down, the national delinquency rate was 18.8% for sub-prime loans as of March 31 compared with 17.3% as of Dec. 31. For prime loans the rate rose to 3.71% from 3.24%.

California actually ranked below the national averages on deliquencies. A total of 16.9% of sub-prime loans in California were delinquent at the end of the first quarter, down from 18% in the fourth quarter.

The prime-loan deliquency rate for California was 3.52%, up modestly from 3.43% in the fourth quarter.

But Jay Brinkmann, research chief at the mortgage bankers’ group, says the problem in California is that delinquent loans have less of a chance of being cured than in other parts of the country because of the severity of the price declines here. In other words, delinquencies are more likely to turn into foreclosures in the Golden State.

The first-quarter data bear that out: The percentage of the state’s prime loans in foreclosure soared to 1.49% as of March 31 from 1% three months earlier.

The national prime-loan foreclosure figures, for comparison: 1.22% as of March 31, up from 0.96% in the fourth quarter.

For sub-prime loans, the state’s foreclosure percentage surged to 14.6% from 10.6% at the end of last year, compared with national rates of 10.74% and 8.65%.

The foreclosure data overall suggest “a flood of homes back on to the resale market,” worsening the outlook for prices, Merrill Lynch & Co. economists warned in a note today.

Shares of home builders are taking the hint. The Standard & Poor’s index of 15 major builders’ stocks was off about 2.3% at noon PDT to its lowest since March.

[Ex-SD]

From The Money & Company blog at the L.A. Times
by Tom Petruno

Foreclosure data getting meaner, especially in California
12:32 PM, June 5, 2008

There is one ugly conclusion to be drawn from the first-quarter numbers out today on mortgage delinquencies and foreclosures: There will be a lot more homes coming on the market, especially in the Golden State.

Home builders’ stocks look like they’re reflecting that cold reality. Shares of KB Home, Ryland Group and others are mostly lower even as the broader market is rallying.

As expected, the delinquency and foreclosure data from the Mortgage Bankers Assn. showed things got significantly worse in the first quarter. Foreclosure The national delinquency rate, meaning the percentage of home loans 30 days or more past due on payments, jumped to 6.35% (seasonally adjusted) as of March 31 from 5.82% at the end of the fourth quarter.

Breaking that down, the national delinquency rate was 18.8% for sub-prime loans as of March 31 compared with 17.3% as of Dec. 31. For prime loans the rate rose to 3.71% from 3.24%.

California actually ranked below the national averages on deliquencies. A total of 16.9% of sub-prime loans in California were delinquent at the end of the first quarter, down from 18% in the fourth quarter.

The prime-loan deliquency rate for California was 3.52%, up modestly from 3.43% in the fourth quarter.

But Jay Brinkmann, research chief at the mortgage bankers’ group, says the problem in California is that delinquent loans have less of a chance of being cured than in other parts of the country because of the severity of the price declines here. In other words, delinquencies are more likely to turn into foreclosures in the Golden State.

The first-quarter data bear that out: The percentage of the state’s prime loans in foreclosure soared to 1.49% as of March 31 from 1% three months earlier.

The national prime-loan foreclosure figures, for comparison: 1.22% as of March 31, up from 0.96% in the fourth quarter.

For sub-prime loans, the state’s foreclosure percentage surged to 14.6% from 10.6% at the end of last year, compared with national rates of 10.74% and 8.65%.

The foreclosure data overall suggest “a flood of homes back on to the resale market,” worsening the outlook for prices, Merrill Lynch & Co. economists warned in a note today.

Shares of home builders are taking the hint. The Standard & Poor’s index of 15 major builders’ stocks was off about 2.3% at noon PDT to its lowest since March.

[Ex-SD]

From The Money & Company blog at the L.A. Times
by Tom Petruno

Foreclosure data getting meaner, especially in California
12:32 PM, June 5, 2008

There is one ugly conclusion to be drawn from the first-quarter numbers out today on mortgage delinquencies and foreclosures: There will be a lot more homes coming on the market, especially in the Golden State.

Home builders’ stocks look like they’re reflecting that cold reality. Shares of KB Home, Ryland Group and others are mostly lower even as the broader market is rallying.

As expected, the delinquency and foreclosure data from the Mortgage Bankers Assn. showed things got significantly worse in the first quarter. Foreclosure The national delinquency rate, meaning the percentage of home loans 30 days or more past due on payments, jumped to 6.35% (seasonally adjusted) as of March 31 from 5.82% at the end of the fourth quarter.

Breaking that down, the national delinquency rate was 18.8% for sub-prime loans as of March 31 compared with 17.3% as of Dec. 31. For prime loans the rate rose to 3.71% from 3.24%.

California actually ranked below the national averages on deliquencies. A total of 16.9% of sub-prime loans in California were delinquent at the end of the first quarter, down from 18% in the fourth quarter.

The prime-loan deliquency rate for California was 3.52%, up modestly from 3.43% in the fourth quarter.

But Jay Brinkmann, research chief at the mortgage bankers’ group, says the problem in California is that delinquent loans have less of a chance of being cured than in other parts of the country because of the severity of the price declines here. In other words, delinquencies are more likely to turn into foreclosures in the Golden State.

The first-quarter data bear that out: The percentage of the state’s prime loans in foreclosure soared to 1.49% as of March 31 from 1% three months earlier.

The national prime-loan foreclosure figures, for comparison: 1.22% as of March 31, up from 0.96% in the fourth quarter.

For sub-prime loans, the state’s foreclosure percentage surged to 14.6% from 10.6% at the end of last year, compared with national rates of 10.74% and 8.65%.

The foreclosure data overall suggest “a flood of homes back on to the resale market,” worsening the outlook for prices, Merrill Lynch & Co. economists warned in a note today.

Shares of home builders are taking the hint. The Standard & Poor’s index of 15 major builders’ stocks was off about 2.3% at noon PDT to its lowest since March.

[Ex-SD]

From The Money & Company blog at the L.A. Times
by Tom Petruno

Foreclosure data getting meaner, especially in California
12:32 PM, June 5, 2008

There is one ugly conclusion to be drawn from the first-quarter numbers out today on mortgage delinquencies and foreclosures: There will be a lot more homes coming on the market, especially in the Golden State.

Home builders’ stocks look like they’re reflecting that cold reality. Shares of KB Home, Ryland Group and others are mostly lower even as the broader market is rallying.

As expected, the delinquency and foreclosure data from the Mortgage Bankers Assn. showed things got significantly worse in the first quarter. Foreclosure The national delinquency rate, meaning the percentage of home loans 30 days or more past due on payments, jumped to 6.35% (seasonally adjusted) as of March 31 from 5.82% at the end of the fourth quarter.

Breaking that down, the national delinquency rate was 18.8% for sub-prime loans as of March 31 compared with 17.3% as of Dec. 31. For prime loans the rate rose to 3.71% from 3.24%.

California actually ranked below the national averages on deliquencies. A total of 16.9% of sub-prime loans in California were delinquent at the end of the first quarter, down from 18% in the fourth quarter.

The prime-loan deliquency rate for California was 3.52%, up modestly from 3.43% in the fourth quarter.

But Jay Brinkmann, research chief at the mortgage bankers’ group, says the problem in California is that delinquent loans have less of a chance of being cured than in other parts of the country because of the severity of the price declines here. In other words, delinquencies are more likely to turn into foreclosures in the Golden State.

The first-quarter data bear that out: The percentage of the state’s prime loans in foreclosure soared to 1.49% as of March 31 from 1% three months earlier.

The national prime-loan foreclosure figures, for comparison: 1.22% as of March 31, up from 0.96% in the fourth quarter.

For sub-prime loans, the state’s foreclosure percentage surged to 14.6% from 10.6% at the end of last year, compared with national rates of 10.74% and 8.65%.

The foreclosure data overall suggest “a flood of homes back on to the resale market,” worsening the outlook for prices, Merrill Lynch & Co. economists warned in a note today.

Shares of home builders are taking the hint. The Standard & Poor’s index of 15 major builders’ stocks was off about 2.3% at noon PDT to its lowest since March.

[Ex-SD]

From The Money & Company blog at the L.A. Times
by Tom Petruno

Foreclosure data getting meaner, especially in California
12:32 PM, June 5, 2008

There is one ugly conclusion to be drawn from the first-quarter numbers out today on mortgage delinquencies and foreclosures: There will be a lot more homes coming on the market, especially in the Golden State.

Home builders’ stocks look like they’re reflecting that cold reality. Shares of KB Home, Ryland Group and others are mostly lower even as the broader market is rallying.

As expected, the delinquency and foreclosure data from the Mortgage Bankers Assn. showed things got significantly worse in the first quarter. Foreclosure The national delinquency rate, meaning the percentage of home loans 30 days or more past due on payments, jumped to 6.35% (seasonally adjusted) as of March 31 from 5.82% at the end of the fourth quarter.

Breaking that down, the national delinquency rate was 18.8% for sub-prime loans as of March 31 compared with 17.3% as of Dec. 31. For prime loans the rate rose to 3.71% from 3.24%.

California actually ranked below the national averages on deliquencies. A total of 16.9% of sub-prime loans in California were delinquent at the end of the first quarter, down from 18% in the fourth quarter.

The prime-loan deliquency rate for California was 3.52%, up modestly from 3.43% in the fourth quarter.

But Jay Brinkmann, research chief at the mortgage bankers’ group, says the problem in California is that delinquent loans have less of a chance of being cured than in other parts of the country because of the severity of the price declines here. In other words, delinquencies are more likely to turn into foreclosures in the Golden State.

The first-quarter data bear that out: The percentage of the state’s prime loans in foreclosure soared to 1.49% as of March 31 from 1% three months earlier.

The national prime-loan foreclosure figures, for comparison: 1.22% as of March 31, up from 0.96% in the fourth quarter.

For sub-prime loans, the state’s foreclosure percentage surged to 14.6% from 10.6% at the end of last year, compared with national rates of 10.74% and 8.65%.

The foreclosure data overall suggest “a flood of homes back on to the resale market,” worsening the outlook for prices, Merrill Lynch & Co. economists warned in a note today.

Shares of home builders are taking the hint. The Standard & Poor’s index of 15 major builders’ stocks was off about 2.3% at noon PDT to its lowest since March.

[waiting hawk]

Im still waiting for the recession to blow out the 30 year fixed guys that can still afford their houses 😉

[waiting hawk]

Im still waiting for the recession to blow out the 30 year fixed guys that can still afford their houses 😉

[waiting hawk]

Im still waiting for the recession to blow out the 30 year fixed guys that can still afford their houses 😉

[waiting hawk]

Im still waiting for the recession to blow out the 30 year fixed guys that can still afford their houses 😉

[waiting hawk]

Im still waiting for the recession to blow out the 30 year fixed guys that can still afford their houses 😉

[mydogsarelazy]

Where I live (Murrieta) there should be a spike in walk-aways, defaults, foreclosures etc. this summer.

At least one of my neighbors has been in default for a few months but won’t move out until the semester is over and the kids are finished with school. Of course he bought a new car which I guess is what one does before bankruptcy these days.

This summer will be the summer of $5-6 gas and many, many defaults.

JS

[mydogsarelazy]

Where I live (Murrieta) there should be a spike in walk-aways, defaults, foreclosures etc. this summer.

At least one of my neighbors has been in default for a few months but won’t move out until the semester is over and the kids are finished with school. Of course he bought a new car which I guess is what one does before bankruptcy these days.

This summer will be the summer of $5-6 gas and many, many defaults.

JS

[mydogsarelazy]

Where I live (Murrieta) there should be a spike in walk-aways, defaults, foreclosures etc. this summer.

At least one of my neighbors has been in default for a few months but won’t move out until the semester is over and the kids are finished with school. Of course he bought a new car which I guess is what one does before bankruptcy these days.

This summer will be the summer of $5-6 gas and many, many defaults.

JS

[mydogsarelazy]

Where I live (Murrieta) there should be a spike in walk-aways, defaults, foreclosures etc. this summer.

At least one of my neighbors has been in default for a few months but won’t move out until the semester is over and the kids are finished with school. Of course he bought a new car which I guess is what one does before bankruptcy these days.

This summer will be the summer of $5-6 gas and many, many defaults.

JS

[Author]

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