The number of people who were late making their mortgage payments shot up 53 percent in the fourth quarter of 2008 from the same period in 2007, according to data provided by TransUnion LLC.
The credit reporting agency said its database shows delinquencies — or the percentage of mortgage holders at least 60 days behind on payments, considered a precursor to foreclosure — jumped to 4.58 percent nationally, from 2.99 percent for the 2007 fourth quarter.
That was 16 percent above the 3.96 percent rate seen in the third quarter, TransUnion said, and marked the eighth straight quarter that deliquency rates rose.
Senior consultant for TransUnion’s financial services group, Keith Carson say, “While the government has launched efforts to stem foreclosures, those moves are not yet reflected in data. Banks are also trying to work with consumers to reduce problematic mortgages, but falling home prices are feeding the problem,” he said. “We do know from everything we’ve found out in the last year is that the primary driver on mortgage defaults is negative equity,” he said. When homeowners owe more on their mortgages than the houses are worth, data show a higher likelihood that consumers will simply walk away,” he said.
*********************************************************************************
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
Since 2007, millions of Americans have seen untold fortunes and dreams lost as a result of questionable lending and borrowing practices. Countless millions more honest, law-abiding Americans have become sideline victims as they try to sell their home for legitimate reasons only to find their home’s value has dropped precipitously. Despite this, the majority of focus on assistance has been to directly benefit those that participated in the questionable practices.
America was founded on the principles that government is of the people, by the people, and for the people. Granted, the government has taken drastic steps in the last six months to assist with the recovery of the housing market, but much more needs to be done.
As defined by Investopedia, “supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy.”
Now, believe it or not, there is a website asking everyone to take their homes off the market.
The site’s creators say, “There are other fundamental issues with our economy, but the housing market led us into this recession and the housing market will lead us out. It just won’t be solely at the hands of the government, it will be to some degree at the hands of the American people. There are just too many homes for sale on the market. If we can get Americans to pull their homes for sale off the market then we immediately alter the supply side of the model.”
If everyone does as this site is asking, there won’t be much for homebuyers to look at starting July 4th.
Homeowners with their homes for sale are encouraged to visit The Great American Housing Recovery to register and show support by making a commitment to take their home off the market for 90 days (and ideally 180 days) on July 4, 2009.
Do you think this can work? Do you think everyone taking their homes off the market for 90 days can help our economy get back on track? We’d love to hear your comments on this idea. Leave your thoughts by clicking the link below. Your email address never gets published with your comments.
*********************************************************************************
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
