Per results from the latest survey of the Mortgage Bankers Association, 13.2% of mortgages on homes with one to four units in the second quarter this year were a minimum month overdue or in foreclosure. This figure is higher than the 12.1% in the first quarter of this year, and 9% this time last year.
Prime loans are at 9% from 5.35% last year, and subprime loans at 39.5% up from 30% last year. Under 300,000 borrowers have been able to refinance, or modify their loans under government sponsored modification programs. Drastically less than what was anticipated. Job loss and declining home values are big factors in why modification is not working and the increasing number of foreclosures.
Where does Arizona rank in all this? Together with California they account for 44% of all foreclosures. Nearly half of all borrowers in Arizona had negative equity
at the end of June.
Please read the article that was my source for this information at the Wall Street Journal written by Nick Timiraos. http://online.wsj.com/article/SB125082120504548471.html
If you are interested in buying or selling your house in Gilbert, Phoenix, Scottsdale, Mesa or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
