Will the foreclosure rate get worse, continue at its current pace or lessen?
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Answer:
Lessen ?? Yea right the mess has just begun, Just wait the stock market is going to crash also as every one sucks out there 401k as a last ditch effort to saver there house.
If you knew the truth you would be sick and many have no clue on how bad it is going to get.
http://www.breakingbubble.com/
It will get worse as balloon payments cut in ,when interest rates are re-adjusted, when house prices drop, and when lender change their criteria for lending and certain people must sell because they can't re-finance.
I too heard it is going to get worse. I have lived in the same house for 35 years and never saw a house remain on the market over a month. We now have houses that have been on the market over a year. It's going to be a while
Many people think that the recent bust in sub-prime lending will mean that foreclosures will increase if the economy dips because people with less secure finances were given loans and those loans were beyond what their credit worthiness would normally allow.
yes it will get worse.
adjustable interest rate, will keep on rising.
sub prime adjustable will be the first to go.
many have 1st aND 2nd trust deeds on home.
some have refi.
default will be plenty
not enough income even for a family of 2 adults working.
can't sell homes below market value.
to many new homes being built.
it s like a billy button, everyone has one.
the same company's who are in trouble are trying a new gimmick,under a new name they want lend you money to refi.
so you can pay your old mortgage you have with them.
I believe it will worsen before it gets better. I read an articale that some loan companies are trying to come up with packages that can improve the homeowners chances of affording the payments before it goes into foreclosure. It really is in the loan companies best interest as a company to provide out of the box thinking, since most of their own loan officers put many people in these positions out of greed.
It depends on what you are measuring.
Prior to all the press about sub-prime there were areas of the country that had high foreclosure rates. Mostly areas where factories were closing (auto industry is an easy example).
Foreclosure rates in some places are falling. Prices are rising in those markets. In other markets the foreclosure rate is rising.
Houses are priced locally. People do consider homes too far from where they work and live. There is no national market. Any foreclosure rate statistics that are sate wide or national rarely have much meaning if you are really interested in what housing is doing in a specific market.
Some general statements can be made about foreclosure rates rising in markets where there are a lot of exotic ARM loans. You also have parts of the country where such loans were rare so rising interest rates have no impact (the borrowers generally took out 30 year fixes loans).
Each market is different. A market can be a neighborhood. Very micro so national statistics mean little in terms of house prices. Great for the newspaper headlines but not very useful at street level.
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