According to LPS, (Lender Processing Services) mortgage monitor report for May , the number of properties delinquent 90 or more days (or in foreclosure) outnumber foreclosure sales 50 to 1!
More than one-third of homeowners who have had a foreclosure suit filed by their lender haven't made a payment in more than two years, according to LPS.
"Negative equity also remains a concern, with nearly 30% of current loans in a negative equity position," according to LPS. "The equity impact on new seriously delinquent loans is significant, with loans significantly underwater defaulting up to 10 times as much as loans with equity."
So…what does this mortgage industry report tell us? Well, it is the counterbalance to all of the so-called ‘experts’ reporting that foreclosures are down. That’s a nice sound bite…but doesn’t report the entire story.
The deleterious effect that vacant homes and foreclosure sales have on home values is not soon to be over.
If you may have to (or want to) sell your home in the next 2-3 years…do it sooner than later. If you are currently in the market to buy a home…make sure that you are buying for the right reasons, in the right place, and at the right price.
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