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January 29, 2009 at 5:19 PM #338945January 29, 2009 at 5:31 PM #338830
Arraya
ParticipantAlso,
Rising defaults by affluent homeowners are raising the specter of another cloud over banks and investors, which could get stuck with thousands of expensive homes.
About 6.9% of prime “jumbo” loans were at least 90 days delinquent in December, according to LPS Applied Analytics, a mortgage-data research firm. The rate was up sharply from 2.6% a year earlier. In comparison, delinquencies of non-jumbo prime loans that qualify for backing by government agencies climbed to 2.1% from 0.8% in December 2007.
Jumbo mortgages average about $750,000 and can run as high as $5 million or more. More borrowers with such loans are being hit by layoffs that are spreading through practically every sector and pay level of the U.S. economy.
On Tuesday, the Labor Department reported that the jobless rate rose in December in all 50 states, hitting at least 10% in Michigan and Rhode Island. States that suffered the biggest jumps in unemployment in the past year include California and Florida, where the largest number of jumbo loans were made.
January 29, 2009 at 5:31 PM #338950ParticipantAlso,
Rising defaults by affluent homeowners are raising the specter of another cloud over banks and investors, which could get stuck with thousands of expensive homes.
About 6.9% of prime “jumbo” loans were at least 90 days delinquent in December, according to LPS Applied Analytics, a mortgage-data research firm. The rate was up sharply from 2.6% a year earlier. In comparison, delinquencies of non-jumbo prime loans that qualify for backing by government agencies climbed to 2.1% from 0.8% in December 2007.
Jumbo mortgages average about $750,000 and can run as high as $5 million or more. More borrowers with such loans are being hit by layoffs that are spreading through practically every sector and pay level of the U.S. economy.
On Tuesday, the Labor Department reported that the jobless rate rose in December in all 50 states, hitting at least 10% in Michigan and Rhode Island. States that suffered the biggest jumps in unemployment in the past year include California and Florida, where the largest number of jumbo loans were made.
January 29, 2009 at 5:31 PM #338736ParticipantAlso,
Rising defaults by affluent homeowners are raising the specter of another cloud over banks and investors, which could get stuck with thousands of expensive homes.
About 6.9% of prime “jumbo” loans were at least 90 days delinquent in December, according to LPS Applied Analytics, a mortgage-data research firm. The rate was up sharply from 2.6% a year earlier. In comparison, delinquencies of non-jumbo prime loans that qualify for backing by government agencies climbed to 2.1% from 0.8% in December 2007.
Jumbo mortgages average about $750,000 and can run as high as $5 million or more. More borrowers with such loans are being hit by layoffs that are spreading through practically every sector and pay level of the U.S. economy.
On Tuesday, the Labor Department reported that the jobless rate rose in December in all 50 states, hitting at least 10% in Michigan and Rhode Island. States that suffered the biggest jumps in unemployment in the past year include California and Florida, where the largest number of jumbo loans were made.
January 29, 2009 at 5:31 PM #338407ParticipantAlso,
Rising defaults by affluent homeowners are raising the specter of another cloud over banks and investors, which could get stuck with thousands of expensive homes.
About 6.9% of prime “jumbo” loans were at least 90 days delinquent in December, according to LPS Applied Analytics, a mortgage-data research firm. The rate was up sharply from 2.6% a year earlier. In comparison, delinquencies of non-jumbo prime loans that qualify for backing by government agencies climbed to 2.1% from 0.8% in December 2007.
Jumbo mortgages average about $750,000 and can run as high as $5 million or more. More borrowers with such loans are being hit by layoffs that are spreading through practically every sector and pay level of the U.S. economy.
On Tuesday, the Labor Department reported that the jobless rate rose in December in all 50 states, hitting at least 10% in Michigan and Rhode Island. States that suffered the biggest jumps in unemployment in the past year include California and Florida, where the largest number of jumbo loans were made.
January 29, 2009 at 5:31 PM #338858ParticipantAlso,
Rising defaults by affluent homeowners are raising the specter of another cloud over banks and investors, which could get stuck with thousands of expensive homes.
About 6.9% of prime “jumbo” loans were at least 90 days delinquent in December, according to LPS Applied Analytics, a mortgage-data research firm. The rate was up sharply from 2.6% a year earlier. In comparison, delinquencies of non-jumbo prime loans that qualify for backing by government agencies climbed to 2.1% from 0.8% in December 2007.
Jumbo mortgages average about $750,000 and can run as high as $5 million or more. More borrowers with such loans are being hit by layoffs that are spreading through practically every sector and pay level of the U.S. economy.
On Tuesday, the Labor Department reported that the jobless rate rose in December in all 50 states, hitting at least 10% in Michigan and Rhode Island. States that suffered the biggest jumps in unemployment in the past year include California and Florida, where the largest number of jumbo loans were made.
January 29, 2009 at 6:21 PM #338422Nor-LA-SD-guy
Participant[quote=4plexowner]”New home sale is supposed to be bad because builders are not building anymore.”
just re-read your post
you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them
or did I misunderstand you?[/quote]
Hmmm, me wonders what will happen after most of the good foreclosures are bought (although this may be awhile yet)
Don’t get me wrong I am not saying we are going back to the bubble years here but we could see movement in New homes at that point.
Im my tract there were 8 foreclosures that closed in December (new tract built after 2005), there are about two left in that tract, maybe there will be a few more but I think most who were going into foreclosure have already in this tract.
January 29, 2009 at 6:21 PM #338872Participant[quote=4plexowner]”New home sale is supposed to be bad because builders are not building anymore.”
just re-read your post
you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them
or did I misunderstand you?[/quote]
Hmmm, me wonders what will happen after most of the good foreclosures are bought (although this may be awhile yet)
Don’t get me wrong I am not saying we are going back to the bubble years here but we could see movement in New homes at that point.
Im my tract there were 8 foreclosures that closed in December (new tract built after 2005), there are about two left in that tract, maybe there will be a few more but I think most who were going into foreclosure have already in this tract.
January 29, 2009 at 6:21 PM #338845Participant[quote=4plexowner]”New home sale is supposed to be bad because builders are not building anymore.”
just re-read your post
you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them
or did I misunderstand you?[/quote]
Hmmm, me wonders what will happen after most of the good foreclosures are bought (although this may be awhile yet)
Don’t get me wrong I am not saying we are going back to the bubble years here but we could see movement in New homes at that point.
Im my tract there were 8 foreclosures that closed in December (new tract built after 2005), there are about two left in that tract, maybe there will be a few more but I think most who were going into foreclosure have already in this tract.
January 29, 2009 at 6:21 PM #338965Participant[quote=4plexowner]”New home sale is supposed to be bad because builders are not building anymore.”
just re-read your post
you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them
or did I misunderstand you?[/quote]
Hmmm, me wonders what will happen after most of the good foreclosures are bought (although this may be awhile yet)
Don’t get me wrong I am not saying we are going back to the bubble years here but we could see movement in New homes at that point.
Im my tract there were 8 foreclosures that closed in December (new tract built after 2005), there are about two left in that tract, maybe there will be a few more but I think most who were going into foreclosure have already in this tract.
January 29, 2009 at 6:21 PM #338751Participant[quote=4plexowner]”New home sale is supposed to be bad because builders are not building anymore.”
just re-read your post
you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them
or did I misunderstand you?[/quote]
Hmmm, me wonders what will happen after most of the good foreclosures are bought (although this may be awhile yet)
Don’t get me wrong I am not saying we are going back to the bubble years here but we could see movement in New homes at that point.
Im my tract there were 8 foreclosures that closed in December (new tract built after 2005), there are about two left in that tract, maybe there will be a few more but I think most who were going into foreclosure have already in this tract.
January 29, 2009 at 7:36 PM #3387914plexowner
Participant“what will happen after most of the good foreclosures are bought”
some of these properties are being bought by investors – maybe to keep and rent if the numbers make sense – maybe to hold until the market recovers
point being that some of the foreclosures are being held until they can be sold at a profit – same concept as “overhead supply” in the equity markets – as a market moves up it has to work through this overhead supply before it can move into new, higher territory
January 29, 2009 at 7:36 PM #339006Participant“what will happen after most of the good foreclosures are bought”
some of these properties are being bought by investors – maybe to keep and rent if the numbers make sense – maybe to hold until the market recovers
point being that some of the foreclosures are being held until they can be sold at a profit – same concept as “overhead supply” in the equity markets – as a market moves up it has to work through this overhead supply before it can move into new, higher territory
January 29, 2009 at 7:36 PM #338913Participant“what will happen after most of the good foreclosures are bought”
some of these properties are being bought by investors – maybe to keep and rent if the numbers make sense – maybe to hold until the market recovers
point being that some of the foreclosures are being held until they can be sold at a profit – same concept as “overhead supply” in the equity markets – as a market moves up it has to work through this overhead supply before it can move into new, higher territory
January 29, 2009 at 7:36 PM #338885Participant“what will happen after most of the good foreclosures are bought”
some of these properties are being bought by investors – maybe to keep and rent if the numbers make sense – maybe to hold until the market recovers
point being that some of the foreclosures are being held until they can be sold at a profit – same concept as “overhead supply” in the equity markets – as a market moves up it has to work through this overhead supply before it can move into new, higher territory
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