not see the elly-phlants in the room...
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This week Jim@CR provided U.S. with the most in depth report and charts showing U.S. the size and nature of the "distressed property" problem.
In the 1st chart CR & Tom Lawler show U.S. who hold The Problem in their pockets.
In 08 most of the foreclosures were the bad ARMs and subprime RE loans in the sand states that had gone delinquent - the Countrywide, WAMU, Wichovia and New Century implossion.
Then we see FMae&FMac and then FHA get into The Act.
However, note that as bad as their problem are, the FDIC banks & thrifts AND the PLS problems are still with U.S. and still almost half of The Problem.
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They are not Ba-a-a-ack, they never went away.
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In CR's three charts we see the size of the segments of the mess.
In CR's four graphs we see scope of the prime, subprime, FHA and VA problems.
However, note that while subprimes still appear to be the most severely impacted.
the SIZE of the prime RE loans is now the most serious.
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and with 16+% of U.S. no longer working, this problem is sadly getting worse.
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| Single Family REO Inventory: Number of Properties | |||
|---|---|---|---|
| Q1 2011 | Peak Quarter | Peak | |
| Fannie Mae | 153,224 | Q3 2010 | 166,787 |
| Freddie Mac | 65,159 | Q3 2010 | 74,897 |
| FHA | 68,997 | Current quarter | 68,997 |
| PLS | 171,566 | Q3 2008 | 436,270 |
| Subtotal | 458,946 | Q3 2008 | 570,634 |
| Banks & Thrifts | ??? | ||
| Single Family Activity in Q1 2011 | ||||
|---|---|---|---|---|
| Freddie | Fannie | FHA | Total | |
| REOs Acquired | 24,709 | 53,549 | 23,739 | 101,997 |
| REOs Sold | 31,628 | 62,814 | 15,581 | 110,023 |
| Mods and Short Sales1 | 62,641 | 78,079 | 60,0002 | 200,720 |
| MBA National Delinquency Survey Loan Count | ||||
|---|---|---|---|---|
| Q2 2007 | Q1 2011 | Change | Seriously Delinquent | |
| Prime | 33,916,830 | 31,897,319 | -2,019,511 | 1,859,614 |
| Subprime | 6,204,535 | 4,180,219 | -2,024,316 | 1,109,848 |
| FHA | 3,030,214 | 6,285,254 | 3,255,040 | 511,620 |
| VA | 1,096,450 | 1,366,455 | 270,005 | 62,720 |
| Survey Total | 44,248,029 | 43,729,247 | -518,782 | 3,572,679 |
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CR: The Foreclosure Pipeline
http://www.calculatedriskblog.
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NY Times: The Glut of Foreclosed Homes
http://www.calculatedriskblog.
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Mortgage Delinquencies by Loan Type
http://www.calculatedriskblog.
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