Foreclosures Will Keep Rising Through 2010, Report Says [The Obama Economy In Full Throttle]

LATimes ^ | November 20th, 2009

[Steelfish]

Foreclosures Will Keep Rising Through 2010, Report Says

Mortgage Bankers Assn. says delinquencies and home repossessions have hit a new high. Blaming job losses for most of the pain, it sees a continued surge in foreclosures through all of next year.

Number of people seeking mortgages to buy homes drops again 30-year fixed-rate mortgages dip below 5% again

E. Scott Reckard November 20, 2009

Home foreclosures are likely to keep climbing through all of next year despite stabilizing housing prices in some areas, a major lender group said Thursday as it reported that the level of delinquencies and repossessed homes had jumped to a record.

One in seven U.S. home loans was past due or in foreclosure as of Sept. 30, putting that quarterly delinquency measure at its highest level since 1972, when the Mortgage Bankers Assn. began reporting it. At the beginning of this year, 1 in 10 loans was past due or in foreclosure.

The continued surge in delinquencies suggests that a recovery in the housing market could be stalled by the worsening job picture as well as by further fallout from the easy-money lending that prevailed during the boom years.

Signals about housing have been decidedly mixed. On the bright side, median home prices appear to have stabilized -- for the time being, anyway -- in hard-hit areas of California such as the Inland Empire, and have begun to inch up again in San Diego and Orange counties and in San Francisco.

But recent negative indicators, in addition to rising foreclosures, include the home lender group's report Wednesday that applications for mortgages to buy homes have declined for six straight weeks despite interest rates below 5% on 30-year fixed-rate loans. Also Wednesday, the Commerce Department said the seasonally adjusted rate of housing starts fell more than....

[Centurion2000]

You just have to love how long the MSM has papered over the bullcrap called the recovery this fall.

[Two Kids' Dad]

I'm back working in the foreclosure business (as is Two Kids' Mom) and it's pretty much a given that we'll get a lot busier before things even have a possibility of turning around. A woman I know is working 4 to 6 hours of overtime every day and there's still plenty more work to do. And the more the Obama administration meddles in market economics, the more we'll see good American people losing their homes.

And mark my words, car repossessions are going to take a significant upturn over the next 6 months as well. Anyone who owns a repo/towing company will see a lot more demand for their services.

[JavaJumpy]

“You just have to love how long the MSM has papered over the bullcrap called the recovery this fall.”

Actually, I’m becoming more than annoyed over hearing
“Where do you get your information from?” as a response to my comment that things will get worse. Will someone please explain to me why, when businesses around me are shutting down seemingly every day, so much of the public thinks happy days are here again?

I don’t get it.

[Centurion2000]

I'm back working in the foreclosure business

Ironically I work in the same field (mortgage servicing) ... gave a up a damned stable job at FedEx too. Why? I put my $$ where my mouth is.

Car Repos, Collections of any kind, Pawn shops, anything black market is going to have a field day over the next few years.

[Freedom_Is_Not_Free]

People think happy days are here again because stocks have been artificially inflated over the summmer. After the next phase of stock market crash, they’ll remember how bad things are. Fool me twice, and all that. I’m in all cash and sleeping well at night.