Musings on the markets for the individual investor
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“Here’s a stat to wake you up this morning: 23% of all mortgage borrowers in the US are underwater.”
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I wonder how many of those are on-time with their payments?
Comment by Vernon Dozier — 11/24/2009 @ 11:00 am
Freddie’s single-family delinquency rate at record high of 3.54%.
Comment by BMB — 11/24/2009 @ 11:23 am
I suspect that if property values keep falling, and they likely will, many more will be there soon enough, owing more on the mortgage than it would sell for. This is a prospect Im staring at, but at least I can comfortably manage the payments and have a low interest rate, compared to where rates are surely heading.
Comment by Randal — 11/24/2009 @ 12:11 pm
Washington Post:
“About 9.6 percent of borrowers were delinquent on their mortgage during the third quarter, according to the survey, and another 4.5 percent more were somewhere in the foreclosure process. Overall, about 14 percent of mortgage loans or 7.4 million households were delinquent or in the foreclosure process during the quarter, according to the group.
That is the highest level recorded by the survey, which has been conducted since 1972, and is up from about 10 percent of borrowers who were in trouble during the same period last year.”
Comment by BMB — 11/24/2009 @ 2:45 pm
I did an article a while back somewhere and I think if I recall the numbers were actually worse back then (for underwaters, not delinquents). Maybe defaults and foreclosures have brought the number down a bit. I may be misremembering though.
Comment by Brad — 11/24/2009 @ 6:50 pm
Well, according to this particular survey, their 14% ‘in trouble’ number is a record — for their numbers, anyway. And assuming the WaPo is correct…
Comment by BMB — 11/24/2009 @ 7:19 pm