The National Association of REALTORS recently published some real numbers related to foreclosures (The First Sub-Prime Wave) They got their information from the Mortgage Bankers Association’s quarterly National Delinquency Survey, which provides delinquency and foreclosure rates for the four regions and all 50 states as well as a breakdown of the statistics for each of type of loan (prime, sub-prime, VHA, FHA, and total) and lending structure (adjustable-rate or fixed-rate).
As the popular media is quick to report, the latest report from the MBA shows that default rates are on the rise. According to the MBA’s survey for the second quarter of 2007, the national foreclosure rate was 1.40 percent. This increase was concentrated in the West. Rates rose in the Midwest as well, but not as much.
One of the big worries about foreclosures is that they might end up aggravating the current, large supply of housing. The softening pace of home sales has put home buyers in the driver’s seat. As homeowners are more easily persuaded to make concessions on improvements, financing, and even prices in order to sell.
For more help on seeing the real estate market from the buyer’s perspective, contact an exclusive buyer agent.