November 19, 2009
One in six FHA loans are delinquent, and a full 3.32% of them were in foreclosure. This is the highest number since 1979. Based on all the crazy FHA lending that has also taken place, we’d venture that this number is only going to get worse.
The share of all types of mortgages with one or more payments overdue climbed to a record seasonally adjusted 9.64 percent in the third quarter. The foreclosure inventory increased to 4.47 percent from 4.3 percent. Both were the highest in 37 years of data.
And here’s another article on the FHA
Toll: The FHA Is a ‘Definite Train Wreck’ [WSJ]
- YoY Rate of Commercial Delinquencies Up 5x
- PIMCO: House Prices Yet To Bottom
- California Residential Property Foreclosure Rate Update
- Nearly 20% of Construction Debt is Delinquent
- Volume Up (Thanks to Foreclosures); Median Prices Down For Bay Area Residential Real Estate