Real Estate News

Listed below are the National Statistics for Mortgage Delinquencies:

• All Mortages
• 4.43% in Forclosure
• 8.23% in Default (30+ days late)
• 12.63% Total
• Prime Mortgages
• 2.56% in Foreclosure
• 4.49% in Default (30+ days late)
• 7.05% Total
• Subprime Mortgages
• 10.82% in Foreclosure
• 21.78% in Default (30+ days late)
• 32.6% Total
• FHA Mortgages
• 3.27% in Forclosure
• 12.66 in Default (30+ days late)
• 15.93% Total
• VA Mortages
• 2.25% in Foreclosure
• 6.92% in default (30+ days late)
• 9.17% Total

These figures are a bit staggering.  In 2011, it is predicted that the total of Distressed Properties (30+ days late) will exceed the total amount of homes sold with mortgages.

If you know of anybody who may be facing difficulty or expect to face difficulty in the future, have them give me a call.  Their are options to foreclosure, but don't wait to the last minute thinking the problem will go away.

(Figures quoted are taken from information from NAR and the Mortgage Bankers Association)