More Homeowners Keep Up with Their Mortgage
The share of homeowners behind on their mortgages fell in the first quarter, the first drop in four years and a possible sign that the foreclosure crisis has peaked.
Palm Coast, FL – April 14, 2010
By Stephanie Armour, USA TODAY
The share of homeowners behind on their mortgages fell in the first quarter, the first drop in four years and a possible sign that the foreclosure crisis has peaked.
The portion of mortgages that were delinquent 30 days or more fell to 6.57% in the first quarter from 6.60% in the last three months of 2009, according to Equifax and Moody’s Economy.com.
That’s a drop of about 16,630 delinquent loans and, though modest, it is the first decline in the delinquency rate since early 2006.
"It will take years to work through all the troubled mortgage loans in the foreclosure pipeline, but this is the first indication that the number of loans entering the pipeline is declining," says Mark Zandi, chief economist for Moody’s Economy.com. "It portends a peaking of the foreclosure crisis."
Delinquencies in almost all categories — 30-, 90- and 120-day delinquencies on single-family properties — declined.
Well……
Well read today’s headlines regarding foreclosures….not quite as good as this article implies.
So what’s happening right here?
The national situation, does not reflect Flager County foreclosure conditions. Here, due to prices still dropping, more are giving up on the situation and defaulting. That’s because it just doesn’t get better, but worse when you owe more than the property is worth, and see better places to live, where work is present and prices of properties have stabilized. Flagler county just can’t provide a stable Real Estate market, due to the lack of good paying jobs, it’s as simple as that. The retirees, that fueled the sales in past years, are not retiring,as they can’t sell their homes and don’t see the "golden" years due to the bad economy.
Reply to sean
The article in the paper cites RealtyTrac as the information source. Most people in the industry believe that RealtyTrac numbers are inflated because of the way they are collected.
The Flagler County Clerk of Court website reports 177 Lis Pendens filed in March 2010. This compares to 200 in February 2010, 238 in March 2009, and 233 in March 2008.