Defaults and delinquencies show no sign of slowing:
May 30 (Bloomberg) — Newly delinquent mortgage borrowers outnumbered people who caught up on their overdue payments by two to one last month, a sign that nationwide efforts to help homeowners avoid default may be failing.
In April, 73,880 homeowners with privately insured mortgages fell more than 60 days late on payments, compared with 39,584 who got back on track, a report today from the Washington-based said. Mortgage insurers pay lenders when homeowners default and foreclosures fail to cover costs.
Foreclosure filings surged 65 percent and bank seizures more than doubled in April compared with a year earlier as rates on adjustable mortgages increased, according to RealtyTrac Inc.
Banks continue to be slow to modify loans. The ratio of modified loans to homes going into foreclosure is even steeper- about 1 to 3:
In the first two months of 2008, lenders modified loans for 114,000 borrowers while starting 346,000 foreclosures, according to a study by the Durham, North Carolina-based Center for Responsible Lending. In April, 22 percent of the homes in the foreclosure process had been taken over by lending banks; a year earlier, that figure was 15 percent, according to Irvine, California-based data provider RealtyTrac.
A bottom any time soon? I don’t think so.
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Just when Paulson and Bernanke said that the crisis is over with, more FACTS present themselves.
Maybe they should join this blog and learn something.
The ratio of modified loans to homes going into foreclosure is even steeper- about 3 to 1:
This should read the opposite way…
The ratio of modified loans to homes going into foreclosure is even steeper- about 1 to 3:
As an aside: my antispam word was congress… interesting as it represents both our governing body, as well as what they frequently do to themselves and us.
Chuck-
The post has been corrected- thank you.
Chuck -
And then there’s that immortal advertising slogan: “Fly United!” (maybe the M&A rumors in an airline industry beset with high fuel costs is getting to me)
This just in: The Federal Reserve’s preferred measure of inflation, which excludes food and fuel costs, slowed in April, today’s Commerce report showed. And in a Doom exclusive, here’s secret web-cam footage of the most recent FOMC meeting.
John -
Don’t be surprised if a guy named Bertis Downs is in touch with you REAL soon, defamation of character-wise.
John-
The meeting was more staid than I would have supposed.