Bank Contacts

[muskrat]

good luck to you.

[RichD]

US Economy So Healthy One In Ten Mortgages Delinquent (New Record), One In Twenty In Foreclosure

From Goldman's Sachs Jan Hatzius.

Delinquencies and Foreclosures Rise Again

Data just released by the Mortgage Bankers' Assn show that more than one-tenth of all US mortgages are delinquent, a new record high. Homes in foreclosure edge up slightly as well. One caveat: the increases are driven by seasonal adjustment, which should probably be taken with a grain of salt given the huge shifts in this sector over the past few years.

Mortgage delinquencies: 10.06% in Q1 (Q4: 9.47%).
Mortgages in foreclosure: 4.63% in Q1 (Q4: 4.58%).

KEY POINTS:

1. The Mortgage Bankers' Assn Q1 report shows a further rise in delinquent mortgages, even in the 30-60 day range, somewhat surprising given the improvement in the economy and labor market in recent months. The increases are spread among both fixed and adjustable-rate mortgages, both prime and subprime; only FHA mortgages saw a lower delinquency rate than the prior quarter. One issue here is that the delinquency figures incorporate a positive seasonal adjustment, which should probably be taken with a grain of salt given the seismic shifts in this sector over the past few years (in fact, the MBA itself notes this issue; see http://www.mbaa.org/NewsandMedia/PressCenter/72906.htm). Before seasonal adjustment, the figures generally show improvement.

2. New foreclosures continue at a substantial rate of 1.23%, the 9th consecutive quarter where at least 1% of mortgages went into foreclosure. The total inventory of foreclosures (non-seasonally adjusted) rose to 4.63% of the stock of housing in the MBA's survey (just over 2 million homes in foreclosure).[/quote]

[RichD]

Commercial foreclosures in Tarrant County double in first half of 2010
http://www.star-telegram.com/2010/05/20/2205793/commercial-foreclosures-in-tarrant.html


The number of foreclosure postings on commercial properties in Tarrant County nearly doubled in the first half of 2010 compared with the same period a year ago, a report showed Thursday.



In all, 638 postings have been filed for auctions held from January to June. That’s a 98 percent increase from the first six months of 2009, when Tarrant County postings totaled 322, the Addison-based Foreclosure Listing Service report shows. The filing deadline for the June 1 auction has passed.



Despite the “skyrocketing” numbers, the commercial foreclosure picture still isn’t as bad as it was in the real estate crisis of the late 1980s, “when around 8,000 commercial postings were filed in one year” for the four-county North Texas region, said George Roddy, president of Foreclosure Listing Service.



That doesn’t mean we’re out of the woods, either, Roddy said. That may not happen until the first quarter of 2011.



“I don’t think we’re done,” he said.



Driving the posting increase is lenders who are still reluctant to free up money for buyers and investors who are still deciding the best time to jump in the market, Roddy said.



The Tarrant County increase far surpasses Dallas, Collin and Denton counties. Collin County’s increase was 66 percent, followed by Dallas and Denton counties, both at 32 percent.



In the four-county region, postings for the first six months of 2010 were 1,659, a 58 percent increase from the 1,050 postings in January to June 2009. (cont.)

[RichD]

...just a quick bump-er-roonie to keep folks abreast of the progress in our "recovery".  

"New Home Sales Plummet 13% To 284,000 Annualized Rate, 19K Actual Homes Sold Lowest Monthly Ever"

"Sales of new single-family houses in January 2011 were at a seasonally adjusted annual rate of 284,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.6 percent (±11.2%) below the revised December rate of 325,000 and is 18.6 percent (±15.4%) below the January 2010 estimate of 349,000. The median sales price of new houses sold in January 2011 was $230,600; the  average sales price was $260,300. The seasonally adjusted estimate of new houses for sale at the end of January was 188,000. This represents a supply of 7.9 months at the current sales rate." Less than 500 homes (Z) sold in the over $750,000. And the stunner: only 19k non-annualized homes were sold. The lowest monthly total ever. (and as JT Smith points out, of the 19K, 53% were vacant lots or under construction)...

http://www.zerohedge.com/article/new-home-sales-plummet-13-284000-annualized-rate-19k-actual-homes-sold-lowest-monthly-ever

[Jester]

4.5 years, two hard money loans down, and I'm still here.  The bankers that told me they would help me out with a straight refinance at the end of my current loan kept their word.  I met my financial goals and they said my package looks good.  I should have term options next week.  Woohoo!

[Cher]

That's good to hear.  Congratulations