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Foreclosure stats according to MBA:
| 2nd qtr 2008 | 1st qtr 2008 | 2nd qtr 2007 | |
| Delinquency Rate | 6.41 | 6.35 | 5.12 |
| In Foreclosure Process | 2.75 | 2.47 | 1.4 |
| Foreclosure Action | 1.08 | 1.01 | 0.59 |
| Foreclosure Starts by Loan Type: | |||
| Fixed Rate Loans | 0.34 | 0.29 | |
| ARM Loans | 1.82 | 1.56 | |
| Subprime Fixed | 2.07 | 1.8 | |
| Subprime ARMS | 6.63 | 6.32 | |
| FHA | 0.95 | 0.96 | |
| VA | 0.57 | 0.51 |
Foreclosures in California and Florida increased (accounting for 39% of the total foreclosures started in the second quarter), offsetting the improvements in Texas, Massachusetts and Maryland.
There were 8 states that exceeded the national average: Nevada, Florida, California, Arizona, Michigan, Rhode Island, Indiana, and Ohio.
So, have we hit the bottom? Who knows? Just buy extra candy for the kiddies this year to make up for the vacant homes, if any, in your local market!
For the full story, click here: MBA
Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.
Ruth Vogt, Branch Manager
Colorado LMB #LMB100023827
