Foreclosures Remain Heavy
Images for this post are temporaraly unavailable.
Foreclosures Remain Heavy as the Housing Market Continues to Work Through Excess Inventory
The loss of more than 7 million jobs since January 2008 continues to haunt housing as even among the most creditworthy cannot continue making payments after losing their jobs.
Prime loan borrowers have seen default rates jump 425 percent since January 1 2008 and jumbo loans have rocketed up 600 percent.
The top 20 metro areas with the highest foreclosure rates were in Florida, California, Nevada and Arizona.
One in 15 Las Vegas houses received a foreclosure notice in the past 12 months.
While all of this appears to be bad news, the good news is that we gain ground on pulling excess supply off the market, albeit painfully.