New Home Repos Numbers Beating All Previous Records
Posted on June 13, 2008
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A recent survey by MBA group shows that new home repos numbers are beating all previous records. . Numbers are climbing high in California, Florida, Nevada and Arizona. In the first quarter 0.65% of the loans on one to four-unit residential houses were foreclosed upon. This is highest in the last 55 years. The previous record was 0.58% of the loans. A year ago it was 0.43%.
More than 44 million mortgages were included in the survey of delinquencies. 286,000 loans were foreclosed during the first quarter. The numbers however do not give the whole story because it is the foreclosure deluge in the above four states that is tipping the scales and playing havoc with statistics. Thirty-four states showed actual decline in new foreclosures and the increases in other states were negligible. What clearly came out was there was a clear-cut divergence in the performances of fixed rate and adjustable rate mortgages because of the rapid reaction that is triggered off by rate resets. Of the sub-prime ARM”s California holds 17% of the loans and 19% of all the foreclosures emanate from this category. The price of property has dropped in all the four states and in 52 of the 59 metropolitan regions. The list of new houses for sale in the western region of the country hit a record high. In Florida there is a surfeit of condo units. These are figures for second quarter of 2007.
It is not clear if the rate rise in sub-prime ARM’s are at the root of the big problems for the four offending states or whether the conditions in the local market are causing the mayhem and fall. The lower price of houses is making it difficult for people to resell or refinance. Some markets have been especially targeted by investor loans. It is those states that are driving up the national figures. On June 30th in Nevada 32%, Florida 25%, 26% in Arizona and 21% in California of the loans of non-owner occupied houses were in foreclosure.
More detailed statistics are coming through. During the second quarter 1.40% of all outstanding loans had entered some stage of the foreclosure process – an increase of 1.28% from the first quarter and 0.99% from what it was a year ago. In Ohio the number of mortgages that are 90 days lagging behind are double that of the national average.
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