U.S. Foreclosures Continue to Soar; NYC Still Not Bleeding
More bad news about the national housing market: Approximately 1 in 11 mortgages in the U.S. were in foreclosure or past due at the end of March, according to a report by the Mortgage Bankers Association. The Times notes that 4.8 million loans were in foreclosure or had notched late payments, and the trend has…
More bad news about the national housing market: Approximately 1 in 11 mortgages in the U.S. were in foreclosure or past due at the end of March, according to a report by the Mortgage Bankers Association. The Times notes that 4.8 million loans were in foreclosure or had notched late payments, and the trend has spread beyond subprime-loan holders. The problems are worst, it’s not surprising to hear, in Florida, California and Arizona. An AP article on the findings says the delinquency rate jumped to 6.35 percent in the first quarter of 2008, and the rate of new foreclosures and late payments were the highest on record since the late ’70s. A spokesperson for the Mortgage Bankers Association expects foreclosures and late payments to continue to escalate as home values in many areas continue to plummet, killing off resale potential. In related news, New York City has still remained mostly insulated from the foreclosure epidemic, according to a report Property Shark released earlier this week. The data site’s findings for May showed that New York City’s new foreclosure rate was down from April, though still up significantly from this time last year. There were 313 new foreclosures in May in all five boroughs, with a whopping 177 of those in Queens. By comparison, Property Shark recorded 55 new foreclosures in Brooklyn last month, and even fewer in every other borough.
About 1 in 11 Mortgageholders Face Loan Problems [NY Times]
Record Foreclosures in 1st Quarter [AP via NY Daily News]
Market Reports [Property Shark]
“A worker making $50K a year is considered white collar?”
Yes. “White collar” has nothing to do with how much you make, only what type of work you do.
Per Wikipedia: “White-collar worker refers to a salaried professional or a person whose job is clerical in nature, as opposed to a blue-collar worker whose job is more in line with manual labor.”
back to the topic at hand…
10:45 you are right. The real comparison would be all mortgages 3 months past due, which would be foreclosure in some states, mortgage lis pendens here, and who knows what in other states. But comparing properties in foreclosure auctions is way off.
I think Lis Pendens, while it’s not great for the bank, benefits both the mortgage holder and potential buyers. It’s always better to keep someone in their home if possible and, barring that, give them a way to get out relatively unscathed.
Um, 12:44, yes, I do think he was mocking the typo by 10:11, but it’s hardly a leap to assume he supports the war based on everything else he said. And referring to people as “retards” is really not very nice.
Guest 12:44 go back and read again. Now who looks like the …
I suspect Bush may have racked up more idiotic things said than Phil the Greek!!!
you people are all retards. The guy said “freedom for all Riaquis.” d’ya think he was being sarcastic? Could be.
Ok Dave, I wish you (and enough others) voted for Gore but at least you followed Bush’s own words of wisdom, as shown in Fahrenheit 911,
George W. Bush: There’s an old saying in Tennessee. I know it’s in Texas, probably in Tennessee, that says: “Fool me once…â€
George W. Bush: [pause]
George W. Bush: “… shame on…â€.
George W. Bush: [pause]
George W. Bush: “Shame on you…â€
George W. Bush: [pause]
George W. Bush: “If fooled, you can’t get fooled again.”
The way the currencies, gold and oil are behaving today you’d think we were going to bomb someplace over the weekend.
You hit that nail on the head Biff. I did vote for him the first time but not the second time. My primary reason was his control over the supreme court nominations in Year 2. We live and learn. I did vote for that Independent formerly known as the republican Bloomberg.