Nearly Half of Modified Mortgages Delinquent Again
Some things just can’t be fixed, like unaffordable mortgages, that is, if you don’t bother making them more affordable.
The OTS released its fourth quarter 2008 Mortgage Metrics Report today, which revealed that nearly half of recent loan modifications fell back into serious default within months.
“For example, the percentage of modified loans that were seriously delinquent (60 or more days past Read more
Nearly a Third of Northern Rock Borrowers Underwater
If you thought things were bad stateside, take a look at what’s going on over in the United Kingdom.
Northern Rock, a large UK mortgage lender that was nationalized last year after its collapse, revealed that 170,000 of its 590,000 borrowers had negative equity.
That equates to about 28 percent of its customers, with £22 billion of Northern Rock’s £66.7 billion home loan portfolio now underwater.
Nearly 10 Percent of All Mortgages Late
A record 6.99 percent of all mortgages tied to one-to-four unit residential properties were delinquent at end of the third quarter, up nearly ten percent from the second quarter and 25 percent from the same period a year ago, the MBA reported today.
That number includes home loans that are at least one payment overdue, but not yet in the foreclosure process.
Another 2.97 percent of all home loans were Read more
Nearly One Third of Recent Home Sales Sold at a Loss
More U.S. homeowners have been forced to sell their homes at a loss as values continue to slide, according to the latest report from Zillow.
Nationally, home prices have fallen 9.7 percent year-over-year and now sit at levels not seen since the fourth quarter of 2004, spelling disaster for those who purchased a home during the recent peak years.
Zillow now estimates that one in seven homeowners has negative Read more