It has become increasingly clear that this huge and growing number of seriously delinquent homeowners may be the key to understanding where nearly every major housing market will be heading. It is not a pretty picture to contemplate. But ignoring it is no way to prepare for what is coming.
Guest author: Keith Jurow is the author of the MVP Housing Market Report. This article was posted at Minyanville with the title “Seriously Delinquent Homeowners Undermine Hopes of a Market Recovery.” According to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey released in mid-February of this year, nearly half of all nationwide home purchases in January …
Wide spread mortgage service fraud is adding to the foreclosure problem. Abuse in this area is pervasive and has been going on for a long time.
The three month moving average for November pending home sales remains in a cyclical downtrend regardless of the uptick in this month’s pending home sales.
Much newsprint has been used on the condo glut in South Florida and resulting loan and mortgage default problems. Condos have problems elsewhere as well.