Home Mortgages – One in Ten Behind in Payments
The Mortgage Bankers Association in a report issued today, showed that the percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier.
Plus, this same report stated that one in 10 American homeowners with mortgages, were either at least a month behind on their payments or in foreclosure at the end of September.
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Man, am I glad I talked my dad into not buying a house he most likely couldn’t afford, 8 years ago, and I was only 15! Too bad all these sob’s didn’t do the same.
San Diego real estate market
Given the ratio to income to sales price in California the foreclosure crisis will be a California problem for many years. Until the recent bubble lending 3 times income was a good yardstick but now it ranges from 6 to 10 times income and this has become the norm. A good example would be the city of Santa Rosa BMR problem that has a cap of 50K income for houses costing 304K using the FHA 3% down program. Low income cannot afford a 300K home; only in California is this type of thinking keep alive by local and state government. In fact the State yesterday wants to give low income families 100% financing for foreclosure homes in the most impacted parts of the state. These homes require extensive rehab which low income citizens do not have and will again provide a new wave of foreclosures in the coming years.
California family lawyers
If you are going to buy a home that you are planning on living in, buy one that you can afford, taxes and insurance and maintenance included. The “asking” price does not tell the whole story, nor does the “adjustable” loan. People paid too much thinking they could flip the house, found no buyer and the adjustable loan was “adjusting”, just like they’d been warned. Of course, no one fore saw the gas prices, the electricity prices, the food prices going through the roof, and all the unemployment.
Fresno real estate attorneys
If you could not afford to buy a house then you should not have. Plain and simple.
New Jersey real estate attorneys
Not all foreclosures are due to bad mortgages. I would imagine a healthy number are from folks being out of work too. High and prolonged unemployment has gotta spike the foreclosures.
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The housing market peaked around 2005-2006. A lot of 5-year fixed interest-only loans will reset in 2010-2011. That means more foreclosures in the future.
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