My first reaction was – 2011? Are they nuts?
by Tom on May 28, 2009
in Market Musings
But then I started thinking more about:
- the excess inventory that has to be “worked off.”
- the job losses that we need to “grow out of.”
- the foreclosures that are out there and growing more by the day.
And suddenly, the first quarter of 2011 doesn’t seem so unrealistic any more.
Tom Vanderwell
The housing market may not stabilize until Q111, the Mortgage Bankers Association said today, upon release of its National Delinquency Survey, which shows foreclosure activity hit an all-time high in Q109.The MBA is now in its 40th year of releasing the survey. Earlier predictions pointed towards a housing market recovery happening sooner, but the MBA says this is unlikely until at least the end of 2010.
The survey shows the delinquency rate — which excludes those homes in the foreclosure process — on one- to four-unit residential properties hit 9.12% in Q109. In Q408, the delinquency rate sat at a much lesser 7.88%.
