Mortgage Delinquency Rates Up

mortgage_delinquency_rateMSNBC recently published an article about Mortgage Delinquency Rates Being Up.  Every REO office I visit the owners of the company talk about the new “wave” of foreclosures coming soon, this has been predicted for five or six months.

I have heard Countrywide now BofA has 30,000 properties in Southern California with another 15,000 coming in October.  They are planning to wait (I don’t know why) and release them together.

What incentive does that give to people to struggle and to pay their mortgage at twice the amount the neighbors house just sold for?

This market is going to bad for at least two more years and the more games banks play with the inventory the longer it will take.  If they hold properties back, it is going to pro-long the downturn and cause more foreclosures.

It is a  scary, exciting, and ever changing time to be in this business.

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One Response to “ Mortgage Delinquency Rates Up ”

  1. Mike Z says:

    So true. Any time you try and play with “The Market” and game the system you will create problems in the system else where. Think about the REO VP who is patting themselves on the back because prices in the low end market are ticking up and competition is up. The press starts to publish some good articles and boom problem fixed. Not so fast I say. As creating a larger batch of inventory that is going to be released after the summer buying season is over will throw cold water on any rally. I have no idea how this is going to help. But it should make for a nice buying opportunity as I need 10 more REO properties …

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