July 13, 2024

Housing slumpA record 2.47% of all home loans were in the foreclosure process at the end of the first quarter vs. 1.28% a year earlier, the Mortgage Bankers Association said Thursday.

Beyond that, 6.35% of all loans on one-to-four-unit residential properties are behind on payments. That's the highest delinquency rate since the MBA survey began in 1979. Nearly one-quarter of subprime adjustable-rate loans were seriously delinquent.

"Under normal circumstances, it would probably take a year or two to work through this kind of inventory," said Rick Sharga, director of marketing for RealtyTrac, referring to times when the credit markets and economic outlook are more favorable. "We're in anything but normal circumstances, and we see the housing slump going through at least 2009."                 San Diego California MLS listings

6 thoughts on “Housing Slump Will Go Continue at least To 2009

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  2. So how bad is it? I hear all these ramblings, fancy financial terms and so on. But what does it all really mean? Does the US collapse? Do we see soup lines and down trodden people like the experience was during the Great Depression? Seems to me the US financial catastrophe is pretty simple. Our government and the citizens of the US have consistently spent more than they take in. At some point the debt becomes so great we are unable to pay it back, or manage it. When we are no longer able to pay our debts what happens? Do we surrender assets, land and military hardware to the foreign nationals we’ve been burrowing money from over the last two decades? Maybe a fire sale of America? The whole system is a sham and we only have ourselves and those shysters in Wall Street and the Scum of Washington DC to blame..Sorry to say but, neither McCain, Clinton nor Obama will be able to save us from this SNAFU. The concept of uncontrolled spending and deficit through credit has finally caught up with us. This decade is perhaps a time for reckoning in which our short sighted ways and embrace of Wall Street’s psychopathic free market capitalism garnered by greed and unequaled corruption will finally get the best of us..

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  3. It is in fact socialist nonsense such as everyone should own a home that caused the current problems that we have now. What you dont understand is that socialist agendas are created by both leftist groups and right extreme idiots. regardless socialism is socialism and causes financial distress at the end. Why is it that these people just dont understand? the obama and clinton health care for all bullsh-t. freddie mac /fannie mae created a socialist vacuum that transferred risk from banks to tax payers and 401k holders. it is socialist removal of risk that causes bubbles in the first place. people need to know and understand that when they take a risk that they can loose. and that is that. u buy a house — then u got to make payments for 30 years. u miss a payment u loose ur house and ur credit. therefore, that loan amount should be very in line with what you can afford. this is not rocket science. the banks are socialist, the gov are socialist, u r a socialist, and anyone who tries to remove risk from the equasion of reward is socalist too.

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