More Americans are joining the ranks of the homeless.
Folks, notwithstanding all that drivel you may have heard about the end of the recession there is no economic recovery in sight and no end to the woes of the housing market here.
Au contraire, the rising unemployment figures is making an already-bad housing market worse.
Today the Mortgage Bankers Association, a trade group representing real estate finance firms, said that the combined percentage of loans in foreclosure or at least one payment past due rose to a record 14.41%, the highest ever recorded in the association’s delinquency survey.
What the fu*k are President Obama, that moron of his Treasury Secretary Tim Geither and their underlings doing. We’d like to know.
The Mortgage Bankers Association also said that the percentage of loans on which foreclosure (i.e. eviction) actions were started during the third quarter was 1.42%, up six basis points from last quarter and up 35 basis points from one year ago.
Also, the percentages of loans 90 days or more past due, loans in foreclosure and foreclosures started all set new record highs.Â One saving grace is that the percentage of loans 30 days past due is still below the record set in the second quarter of 1985.
Florida, California, Arizona and Nevada continue to bear a disproportionate share of the mortgage crisis.
At the end of September, 25% of the mortgages in Florida were at least one payment past due or in foreclosure.
Several million Americans have already lost their homes to foreclosure or in the process of losing it.
Here’s a grim prediction from the Mortgage Bankers Association’s Chief Economist Jay Brinkmann:
The outlook is that delinquency rates and foreclosure rates will continue to worsen before they improve.Â First, it is unlikely the employment picture will get better until sometime next year and even then jobs will increase at a very slow pace.Â Perhaps more importantly, there is no reason to expect that when the economy begins to add more jobs, those jobs will be in areas with the biggest excess housing inventory and the highest delinquency rates.Â Second, the number of loans 90 days or more past due or in foreclosure is now a little over 4 million as compared with 3.9 million new and previously occupied homes currently for sale, although there is likely some overlap between the two numbers.Â The ultimate resolution of these seriously delinquent loans will put added pressure on the hardest hit sections of the country.
God Bless America.