Mortgage Foreclosure Rate
Category: Business and Money > Finance
Asked by: lzd-ga
List Price: $30.00
15 Aug 2006 09:34 PDT
Expires: 14 Sep 2006 09:34 PDT
Question ID: 756206
I read an article that stated that in 2004, banks foreclosed on fewer than 1.3% of all mortgage loans. I would like to know what that rate was in 2005 and what that rate was in the first quarter of 2006. I would need to know the source that the answer comes from as well. Thank you!
Re: Mortgage Foreclosure Rate
Answered By: belindalevez-ga on 25 Aug 2006 05:13 PDT
<Mortgage forclosure rates. 1st quarter 2006 0.98 percent of loans were in the foreclosure process. Source: Mortgage Bankers Association http://www.mortgagebankers.org/NewsandMedia/PressCenter/42843.htm 4th quarter 2005 At the end of the fourth quarter of 2005 the percentage of loans in the foreclosure process was 0.99 percent. Source: Mortgage Bankers Association http://www.mortgagebankers.org/NewsandMedia/PressCenter/40245.htm This report looks at trends in foreclosures. Chart 7 on page 21 shows a graph with foreclosure rates for ARM and fixed mortgages. Source: Mortgage Bankers Association http://www.mortgagebankers.org/files/News/InternalResource/44130_Testimony.pdf 2nd Quarter 2006 272,109 properties entered some stage of foreclosure. One foreclosure for every 425 U.S. households. Source: RealtyTrac http://www.realtytrac.com/ContentManagement/PressRelease.aspx?ItemID=780 1st quarter 2006 323,104 properties entered some stage of foreclosure. One foreclosure for every 358 U.S. households. Source: RealtyTrac http://www.realtytrac.com/news/press/pressRelease.asp?PressReleaseID=99 2005 850,000 properties entering some stage of foreclosure across the country over the course of the year. This represents less than 1 percent of all U.S. households. Source: RealtyTrac http://www.realtytrac.com/ContentManagement/PressRelease.aspx?ItemID=735 Mortgage delinquency and foreclosure rates 1999 to 2004. Foreclosure rates 2004 ? 1.1% 2003 ? 1.3% Source: Census Bureau. http://22.214.171.124/search?q=cache:0bkKgk-ueqcJ:www.census.gov/compendia/statab/tables/06s1181.xls+2004+%221.3%25%22+%22mortgage+loans%22+foreclosed&hl=nl&ct=clnk&cd=1> <Search strategy :> <"census bureau" > ://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLG,GGLG:2006-26,GGLG:en&q=%22census+bureau%22++> <"mortgage bankers association"> <://www.google.com/search?hl=nl&rls=GGLG%2CGGLG%3A2006-26%2CGGLG%3Aen&q=%22mortgage+bankers+association%22&lr=> <"realtytrac"> <://www.google.com/search?hl=nl&rls=GGLG%2CGGLG%3A2006-26%2CGGLG%3Aen&q=%22realtytrac%22&lr=> <Hope this helps.>
|lzd-ga rated this answer:|
Re: Mortgage Foreclosure Rate
From: vballguy-ga on 15 Aug 2006 09:53 PDT
First of all, you need to be careful on what you define as "Forclosure". Is that the completion of the forclosure, houses that go "into" the forclosure process etc etc. From: http://abcnews.go.com/Business/story?id=1946250&page=1 "But that doesn't mean that all of those people are left homeless. When people default on their mortgages and go to foreclosure, not all those borrowers will lose their home. Some are able to sell their homes before foreclosure. Others are able to work out a payment plan with the lender. And in many states, filing for bankruptcy will stop any foreclosures." Doug Duncan, chief economist at the Mortgage Bankers Association, reported in March that delinquencies now total 4.7 percent, up from 4.38 percent a year ago. For homeowners with ARMs, the rate is 5.72 percent, up nearly 1 percent from the previous year. http://www.msnbc.msn.com/id/12975777 RealtyTrac, an industry organization that maintains a nationwide database of foreclosures, says mortgage defaults between January and March of this year numbered 323,102 compared with 188,122 during the same period last year ? an increase of 72 percent.
If you feel that you have found inappropriate content, please let us know by emailing us at email@example.com with the question ID listed above. Thank you.
|Search Google Answers for|