{"id":137,"date":"2010-03-16T16:22:14","date_gmt":"2010-03-16T16:22:14","guid":{"rendered":"http:\/\/timiacono.com\/?p=137"},"modified":"2019-06-16T16:22:54","modified_gmt":"2019-06-16T15:22:54","slug":"scary-housing-statistics-of-the-last-24-hours","status":"publish","type":"post","link":"https:\/\/timiacono.com\/index.php\/2010\/03\/16\/scary-housing-statistics-of-the-last-24-hours\/","title":{"rendered":"Scary Housing Statistics of the Last 24 Hours"},"content":{"rendered":"

Following the remarkably high 60 percent back-end debt-to-income ratio for homeowners whose loans have been made \u201cpermanent\u201d via the government\u2019s HAMP program as noted\u00a0here\u00a0a couple days ago come more scary statistics on the nation\u2019s housing market.<\/p>\n

From Diana Olick\u2019s\u00a0Loans Going Bad Faster Than the Fixes\u00a0comes word of how long the foreclosure process is being dragged out:<\/p>\n

More than 31 percent of loans that have been delinquent for six months are not yet in foreclosure,\u00a0while 22.8 percent of loans delinquent for 12 months have not been moved to foreclosure status\u2026<\/p><\/blockquote>\n

More evidence of banks being hopelessly behind or not wanting to take market prices for REOs comes in\u00a0California foreclosure starts rise nearly 20% in February\u00a0from the LA Times:<\/p>\n

The number of properties scheduled for foreclosure sale also remained near record levels. However,\u00a0actual sales of foreclosure properties, whether back to the bank or those sold to third parties, dropped 11.9% in February\u00a0from the month prior.<\/p><\/blockquote>\n

Lastly, Paul Jackson at Housing Wire concludes that\u00a0Housing Recovery is Spelled R-E-O\u00a0after culling through yesterday\u2019s\u00a0report\u00a0from Lender Processing Services:<\/p>\n

On average, severely delinquent borrowers have gone more than 9 months without making a mortgage payment\u2014and yet foreclosure has not yet started for them. For those borrowers\u00a0who are in the foreclosure process, it\u2019s been an average of 13.6 months\u2014more than\u00a0one full year<\/em>\u2014since they last made any payment on their mortgage.<\/p><\/blockquote>\n

With this kind of data piling up, it\u2019s hard to get excited about the prospects for any sort of a near-term recovery. Based on how the banks and the government are handling the problem, we\u2019re probably in for a housing market bottom that will take years to form.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the remarkably high 60 percent back-end debt-to-income ratio for homeowners whose loans have been made \u201cpermanent\u201d via the government\u2019s HAMP program as noted\u00a0here\u00a0a couple days ago come more scary statistics on the nation\u2019s housing market. From Diana Olick\u2019s\u00a0Loans Going Bad Faster Than the Fixes\u00a0comes word of how long the… Continue Reading Scary Housing Statistics of the Last 24 Hours<\/span><\/i><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nScary Housing Statistics of the Last 24 Hours - The Mess That Greenspan Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timiacono.com\/index.php\/2010\/03\/16\/scary-housing-statistics-of-the-last-24-hours\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scary Housing Statistics of the Last 24 Hours - The Mess That Greenspan Made\" \/>\n<meta property=\"og:description\" content=\"Following the remarkably high 60 percent back-end debt-to-income ratio for homeowners whose loans have been made \u201cpermanent\u201d via the government\u2019s HAMP program as noted\u00a0here\u00a0a couple days ago come more scary statistics on the nation\u2019s housing market. 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