[mEDITate-OR:
not shift along with the problem-loan types...
The RE economic world's a'chang'n..., fast...
This really is startling to see the massive shift in RE loan problems:
from ARMs to Prime loans,
from the sand states to the rest of the county = WA and OR are now getting more worse than the sand states.
prices dropping again, almost everywhere.By separate article we noted that sellers were dropping their asking prices, a lot more, to snare Buyer Tax Credit customers. Whether home prices will, now, go back up; or continue to drop..., GNK !!!
= GodOnlyKnows
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Mortgage delinquencies hit 10%
Mortgage delinquencies spike
In the previous quarter, 9.47% of borrowers were behind on payments; and one year ago, 9.12% were late.
The foreclosure inventory rate, which represents the percentage of mortgaged homes repossessed by lenders,
was fairly flat quarter-over-quarter, inching up to 4.63% from 4.58%.
But it jumped a lot from 12 months earlier, when the rate stood at 3.85%
Prime fixed-rate loans hit 6.17%; prime adjustable-rate mortgages (ARMs) tipped 13.52%.
Subprime fixed-rates jumped to 25.69%; and subprime ARMs are a whopping 29.09%.
Shift in problem-loan types
Lenders have slowed repossessions for various reasons:
Subprime ARMs accounted for nearly 30% of all delinquencies a year ago, but just under 15% now.
Meanwhile, prime fixed-rate loans delinquencies have grown so much that they represent the single biggest bucket of delinquent mortgages:
37% up from 29% a year ago.
According to a recent report, as much as 31% of all defaults in March were strategic.
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One in 7 U.S. homeowners paying late or in foreclosure
Loans that are 90 days or more past due or in foreclosure represent a historically high 68 percent of all problem mortgages
Looming foreclosures and short-sales "suggest we will have more house price declines where we'll see a bottoming of the price decline very late this year into early next year,"
Washington, Maryland, Oregon and Georgia had the largest overall increases in foreclosure starts in the first three months of the year compared with the last three months of 2009
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