Blog
Homebuyer Tax Credit draws to a Close
Any home purchased as your principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before May 1, 2010 (with closing to take place before July 1), to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.
Florida 90-Day Delinquency Rate Hits 19.39 Percent, US Rate is 8.78 Percent
Florida remains ground zero of the housing bust with an amazing 19.39% delinquency rate. The Tampa Bay area has a delinquency rate of 17%.
The St. Petersburg Times has the details in Nearly 17 percent of Tampa homeowners three months behind on mortgage.
Nearly 17 percent of Tampa Bay homeowners haven’t paid their mortgages for at least three months.
The February report by First American CoreLogic shows mortgage delinquencies rising steadily for more than a year. From February 2009 to February 2010, delinquencies increased from 10.84 percent to 16.96 percent of all residential mortgages, making mincemeat of such government anti-foreclosure measures as Making Home Affordable.
Florida’s 90-day delinquency rate was even worse at 19.39 percent. The U.S. rate was 8.78 percent.
TransUnion: Mortgage Delinquencies at All Time High
From TransUnion: TransUnion Finds National Mortgage Delinquencies Jumped 10.24 Percent at End of 2009 (ht jb)
TransUnion’s quarterly analysis of trends in the mortgage industry found that mortgage loan delinquency (the ratio of borrowers 60 or more days past due) increased for the 12th straight quarter, hitting an all-time national average high of 6.89 percent for the fourth quarter of 2009. This quarter marks the first time the mortgage delinquency rate increase did not decelerate after doing so for three consecutive periods.
This statistic, which is traditionally seen as a precursor to foreclosure, increased 10.24 percent from the previous quarter’s 6.25 percent average. Year-over-year, mortgage borrower delinquency is up approximately 50 percent (from 4.58 percent).
…
“At the national level, these results are in part due to seasonality effects. Consumers tend to run low on cash at the end of the year, after spending for the holidays, but before receiving year-end bonuses and tax refunds,” said FJ Guarrera, vice president of TransUnion’s financial services business unit. … “The continuing rise in foreclosures, in conjunction with low consumer confidence in the housing market, continues to hinder housing value appreciation and impede recovery in the mortgage industry. Furthermore, there is wave of adjustable rate mortgages (ARMs) that have yet to reset. Many of these are Option and Alt-A loans. When the interest rates on these loans reset many consumers potentially will not be able to meet their debt obligations.”
….
TransUnion’s forecasts for 2010 are slightly more pessimistic than before due to questions concerning house price appreciation, the continued high level of unemployment, and the potential eroding of consumer confidence as the effects of the government stimulus begin to fade.“We believe that the 60-day mortgage delinquency rate will peak between 7.5 and 8 percent over the course of 2010, depending on the prevailing economic conditions associated with the housing market,” said Guarrera.
emphasis added
The MBA reports on Q4 delinquency and foreclosure rates on Friday.
New wave of foreclosures by end of 2010 is feared
2010: The Year of the Short Sale
April 4th
As of today, the government is now incentivizing both lenders and borrowers to complete short sales. With a $3000 Relocation allowance for an approved short seller, there is significant reason for sellers to now get cleanly out from under their upside down mortgage. Tarpon Coast Realty is well positioned to help sellers negotiate with the banks and match them with buyers. Call Tarpon Coast Realty today to discuss your alternatives, 941-964-0000.
Featured Listing
