Long time data tracking RealtyTrac.com reported over 315,000 homeowners were issued foreclosure notices in January 2010. While that number is down from 349,000 reported in December, one of the biggest months for foreclosures in history, it is still up over previous Januaries.
Industry insiders and economists agree we have not seen the end and as summer approaches if employment continues to decline, incomes stay low or decreasing and even moderate inflation continues more foreclosures are on the way.
This next wave will not be of home owners who purchased using the more dangerous adjustable rate mortgages or other sub-prime loans. Homeowners in this round of foreclosures will consist mainly of mortgagors who have standard, 30 year fixed rate loans including those who made down payments of up to 20% or more.
"Among states, Nevada posted the nation's highest foreclosure rate, followed by Arizona, California, Florida and Utah. Rounding out the top 10 were Idaho, Michigan, Illinois, Oregon and Georgia." That according to a report in Yahoo.com earlier in the week.
In all with increasing unemployment and housing values down as much as 30% on average nationally and foreclosures exceeding 300,000 for 11 months straight it is difficult to imagine the housing market or economy improving any time soon. Predictions likely are accurate that foreclosures will continue to stay at a higher level as even better prepared home owners begin to default on their loans in the coming months.
Comments
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