Wednesday, February 17, 2010

Is Foreclosure Dam breaking?

  • More and more people who can afford to make their mortgage payments are defaulting anyways because it economically makes sense. Foreclosures will likely continue to get worse before they get better.

    tags: foreclosures

    • RealtyTrac senior Vice president Rick Sharga said, “The real spike was in bank repossessions. And that suggests to me that some of the processing delays that we saw keeping numbers down may be ending.” More and more borrowers are defaulting strategically – seriously delinquent and walking away from their mortgages even if they can afford the payments.

      Las  Vegas posted the nation’s highest metro foreclosure rate for the year, with  more than 12 percent of its housing units receiving a foreclosure notice in  2009 — more than five times the national average. Las Vegas reported a quarter-over-quarter decline in foreclosure activity in the fourth quarter — as did all the other metro areas with foreclosure rates ranking among the top 10 for 2009.

      With 11.87 percent of its housing units receiving a foreclosure notice in 2009, Cape Coral-Fort Myers, Fla., documented the second highest metro foreclosure rate. Other Florida cities in the top 10 were Orlando-Kissimmee at No. 7 (8.17 percent), Port St.  Lucie at No. 9 (7.58 percent), and Miami-Fort   Lauderdale-Pompano Beach at No. 10 (7.16 percent).

Posted from Diigo. The rest of my favorite links are here.

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