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05-20-2010, 11:40 AM | #1 |
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Almost 10% of U.S. Mortgages are 90+ days past due
Not that I like reporting bad news, but I was amazed when I read that 9.54% of all mortgages in the U.S. are at least 90 days past due. What's worse is recent history indicates that only 5% of them are likely to remedy themselves - the other 95% are headed for short sales and foreclosures.
In 2005, 66% of mortgage holders who were 60 days past due "cured" their mortgage and caught up on their payments. Today that figure is only 5%. For the full report - click here Again, I'm not a pessimistic person but I also try to be a realist. If one in ten mortgages end up going to foreclosure that's going to put a lot of pressure on home prices which will make a recovery in auto sales even more challenging. Is your dealership seeing an increase in the number of customers with recent foreclosures? Have you found any solutions to getting these deals bought? |
05-20-2010, 11:20 PM | #2 |
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Zillow's predicting a "L-shaped" recovery
I read a report today where one expert was predicting that housing prices would be 12% higher in five years and an analyst from Zillow.com thought that was too optimistic. He predicted a "L-shaped" recovery.
Now I've heard of "V-shaped" "U-shaped" and even "W-shaped" recoveries, but the prospect of a "L-shaped" recovery is just depressing. |
05-21-2010, 05:21 AM | #3 |
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Backwards "L"?
Now that would be nice |
05-21-2010, 06:42 AM | #4 |
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I have noticed a lot of people that had good credit 3 years ago, who now have leases maturing, and they have gone bad. I have seen more foreclosures and chargeoffs on credit reports. I just recently had a guy who was in foreclosure that owed about $40,000 and I couldn't get him approved until he was all caught up and up to date. He did pay it up and got approved. Every other one has not gotten a approval. I think the banks avaoid them like kryptonite.
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05-21-2010, 07:55 AM | #5 |
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05-21-2010, 08:02 AM | #6 | |
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Quote:
I've read that 75% is supposed to be a significant psychological level for homeowners with a mortgage. If the value of their home drops below 75% of their mortgage they tend to walkaway - even if they have solid jobs and the ability to pay. |
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