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9% of all home loans are delinquent

Original post made by Bye Bye Neighbor, Bordeaux Estates, on Aug 20, 2009

One factor for the doos day nasty commenets on the Weekly Forum, may just be MAJOR Fear and Frustration.

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Comments (5)

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Posted by Pleasanton Parent
a resident of Pleasanton Meadows
on Aug 20, 2009 at 3:57 pm

I believe it. The market peaked in 2005. Those 5yr adjustable rate mortgages won't explode until 2010. Pair that with those on 7yr notes and I think you'll see steady foreclosures from now until the end of next year, and then slowly tapering off (assuming current conditions). The banks are being smart and slowly releasing those foreclosed homes back into the market slowly as to not tank the value.

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Posted by Ben
a resident of Foothill Farms
on Aug 20, 2009 at 5:42 pm

4 million home loans are delinquent
Mortgage lenders say the flood of foreclosures has not yet crested. Highwater mark should come this fall.

One of the reasons for the lower foreclosure numbers for the last quarter was the mandate for banks to wait an additional 90 days to srart the process.

CA homes are down an avverage of more than 50% from peak value and will go down another 15-35% by the time this is done around 2013-2014.

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Posted by Cali
a resident of Carlton Oaks
on Aug 20, 2009 at 5:44 pm

California is not recovering from a deep recession nor will the State for several years. It’s going to get a lot worse, before it gets better

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Posted by To Pleasanton Parent
a resident of Another Pleasanton neighborhood
on Aug 21, 2009 at 5:05 pm

"Those 5yr adjustable rate mortgages won't explode until 2010"

Many of those already have blown up because frequently the 5,1 ARM was a first loan, and the second loan 2 or even 1 year fixed frequently with negative amortization after that. On top of that, a lot of people have walked away from those loans already. People with 7 year and greater frequently put a lot of money down and are less likely to foreclose.

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Posted by Art
a resident of Another Pleasanton neighborhood
on Aug 21, 2009 at 6:41 pm

Fast and loose money made available by a corrupt government that also spends faster than we can make it.......

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