50% increase in delinquencies…..
by Tom on June 27, 2009
in Market Musings, banks
As a sign of how difficult the market remains, a couple of sobering statistics:
- Mortgage delinquencies are up 50% from May of 2008 and up 5% from April.
- Foreclosures are up 88.3% from May of 2008.
It ain’t over yet folks…..
Tom Vanderwell
May Delinquency Rate up 50% from 2008 : HousingWire || financial news for the mortgage market
Total mortgage delinquencies are up 50% from the year-ago level and up 5% from the previous month, reaching an 8.49% rate in May, according to a monthly report released by Lender Processing Services.Foreclosure inventories climbed as May saw a 2.79% increase in the foreclosure rate from April. The foreclosure rate sits 88.3% above the year-ago level.
Tom,
OK, call me a Pollyanna. I’m going to have to stop reading your blog, because I’m tired of getting beat over the head with “it ain’t over yet, folks.” There may be a recession going on out there in the economy, but I choose not to participate. In fact, my business is up significantly this year over last year, and shows no sign of ebbing.
Actually, then, maybe I do hope for your “it ain’t over yet, folks”!
Vance,
Thank you for giving me one of the topics for this week’s Mortgage Market Week in Review! Stay tuned……
Tom