ForeclosureS.com July 2007 Report: Houses Lost (to foreclosure) up 27% Over June

Source: BUSINESS WIRE

ForeclosureS.com July 2007 Report: Houses Lost up 27% Over June

SACRAMENTO, Calif.--(BUSINESS WIRE)--Mortgage defaults and foreclosures continue at an alarming rate nationwide, swallowing up home ownership dreams for tens of thousands more Americans every month. Both pre-foreclosure filings and homes lost to foreclosure the first seven months of this year are up on all counts (per capita basis and in sheer numbers), according to the latest statistics from California-based ForeclosureS.com, which has been tracking and analyzing foreclosure and property information for 20 years.

“The numbers are dismal, but we had better get used to it because the blood-letting likely will continue for another 12 to 18 months,” says Alexis McGee, president of ForeclosureS.com and author of the upcoming book, “The ForeclosureS.com Guide to Investing: Making Huge Profits Investing in Pre-Foreclosures Without Selling Your Soul” (John Wiley, September 2007). “It’s a tough reality, but many more over-extended homeowners not even in default yet won’t be able to refinance because of tightened credit markets, and will eventually lose their homes to foreclosure,” adds McGee.

The recent blowup at American Home Mortgage is a reminder that the mortgage markets are very panicked and illiquid right now. American Home customers generally had good credit histories — an indication that the mortgage mess is no longer confined to risky subprime borrowers. Through the rest of this year and into next, a raft of adjustable-rate mortgages will begin adjusting to higher interest rates. The higher monthly payments may very well squeeze even borrowers with good credit histories, leading to a new round of mortgage defaults.

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On the basis of pre-foreclosure filings per capita year-to-date, the top five states include Nevada (25.5 filings per 1,000 households; 19,044 actual filings), Florida (17.6 filings per 1,000 households; 111,020 actual filings), Colorado (14.5 filings per 1,000 households; 20,382 actual filings), Illinois (13.5 filings per 1,000 households; 52,696 actual filings), and New Jersey (12.2 filings per 1,000 households; 37,250 actual filings). California, perennial numbers leader in terms of pre-foreclosure filings, comes in sixth on a per capita basis with 11.5 filings out of every 1,000 households in the state (132,101 actual filings).

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Read more: http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070806005310&newsLang=en

and are now back East. I know of three foreclosures just on the little cul de sac we lived on there......

Friday, 3 Aug 2007
Wells Fargo Raises Rates: Are Homeowners Out In The Cold? (update)
Posted By:Diana Olick

“They’re pulling themselves out of the market to regroup,” is what one of my mortgage broker buddies told me on the phone this morning when I asked how in the heck Wells Fargo Wells Fargo & Co could raise rates on a 30-year jumbo fixed rate mortgage from 6 7/8% to 8% overnight. A jumbo is anything over $417,000, and given today’s home prices, that’s going to hit an awful lot of borrowers.

So, since Bank of America Bank of America Corp and others are still at the old rate, no borrower in their right mind would go to Wells Fargo. My buddy says no biggee, Wells Fargo can afford to shut down its mortgage division for a while until all this shakes out. Well, I think it’s a biggee.

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http://www.cnbc.com/id/20107397

is about to happen in September. I think maybe it's an across the board interest rate change? It sounded like it was for the ARM mortgages.

(ARM = an arm and a leg)

Then it'll really get ugly.

be prepared to duck after the manure hits the ventilator...

hey, you beat me!

and Bubble Boy, et al think things are rosy...snarf, snorggle...

We sold our house in the (SF) East Bay in 2003, and bought cheap(er) out in the country. I don't worry for us, but there will be a lot of unhappy folks out there.

Housing industry and press: "downturn"

in the article: "blood-letting"

People who sell mortgages get commissions on this so they would push for higher mortgage amounts even to credit qualified buyers. In a 0% or 5% down payment house purchase the house value has to remain the same or go up. Mortgages greater than 100% should be outlawed.

But then there is the default insurance that people have to pay for.

This is why a 25% to 30% down payment is always a good plan. You avoid the default and life insurance costs which are like rent payments, lost.

I hope that from this we get some structural corrections. Selling people things they cannot afford is a bad business.

Somebody is making money from those who are losing their homes.

excellent website with charts and graphs
http://www.recharts.com/reports/CSHB031207/CSHB031207.html?ref=patrick.net


http://www.usatoday.com/money/economy/housing/2007-08-05-mortgage-lenders_N.htm?csp=1
Mortgage crisis: Home loans are harder to get
EXPERT OPINION: Will mortgage rates rise? fall? | Bankrate.com's full rate trend report
By Noelle Knox, USA TODAY
Updated 28m ago | Comment | Recommend E-mail | Save | Print | Reprints & Permissions |
MORE ON MORTGAGE RATES
Nationwide rates: Chart mortgage rates, see rates in your state and more
CALCULATE: Your mortgage payments under different scenarios | More mortgage calculators
TIPS: Have a stress-free refinancing
AUDIO: Why Interest-only mortgages are risky


http://patrick.net/housing/contrib/medianLiars.html
Reported Prices Rise While Asking Prices Fall, But How?
Newspapers Choose To Ignore Simple Math
By Patrick Killelea
Thursday, May 17, 2007

http://patrick.net/housing/contrib/plummet.html
Mainstream Press Ignores Housing Sales Fall of 11% Compared to April 2006
US April House Sales Plummet, Prices Fall Record Amount
by Patrick Killelea
The census bureau reports that house sales compared to April of 2006 are DOWN 11%, but the press, desperately cheerleading for their real estate advertisers, ignore this fact and instead concentrate on the slight rebound from the truly dismal month of March 2007.


http://patrick.net/housing/crash2.html
US Housing Crash Continues
Who disagrees that house prices will continue to fall?


http://ml-implode.com/
Tracking the housing finance breakdown: a saga of corruption, stupidity, and government complicity.
Imploded - Ailing/Watch - News - Forum - About - Tips - SUED!

How low can you go? I know it's an off the wall statement, but it could be even worse.

Just in time for the elections.