6.41% Of ALL Mortgages Late or In Foreclosure
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This is a scary number in the headline and one that I will repeat a different way, 64 out of every 1,000 homes that have a mortgage are late or in foreclosure. The media is trumpeting it across the globe and scaring the heck out of anyone driving a car or has the radio on.
Now the optimist says that the market is pretty good. That 936 out of every 1,000 homes are up to date in the United States on their mortgages.
I think I will repeat the second set of numbers, it will make me feel better. 
( and start using my I-Pod some more…)
New foreclosures increased to 1.19 percent, rising above 1 percent for the first time in the survey’s 29 years, the Mortgage Bankers Association said in a report today. The total inventory of homes in foreclosure reached 2.75 percent, almost tripling since the five-year housing boom ended in 2005. The share of loans with one or more payments overdue rose to a seasonally adjusted 6.41 percent of all mortgages, an all-time high, from 6.35 percent in the first quarter.
Tumbling home prices are making it difficult for even the most creditworthy owners with adjustable-rate mortgages to sell or get a new loan as their financing costs rise, said Jay Brinkmann, MBA’s chief economist. Prime ARMs accounted for 23 percent of new foreclosures and subprime ARMs were 36 percent, he said. via Bloomberg.com
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Comment by AudioMicro on 5 September 2008:
Nice post….we like the optimist side of things. Out here in CA, specifically the San Fernando Valley, we are seeing a lots of houses sit on the market over 120 days, but not too many foreclosures in the SF valley. If we do visit a foreclosure home, we find that it’s often in pretty bad shape.
Comment by Brad G on 9 September 2008:
I wish I could be as optimistic as you guys. I live in Michigan and the foreclosures are getting out of control. It almost makes sense to get approved on a new loan with your old mortgage still on your credit report (if you can get approved to begin with) and go into foreclosure on the old house. Home prices are going to continue to drop here in Michigan with nothing to stop them.