"Foreclosures" is the scare headline.
Under the fold, it's even worse.
According to LPS, 9.27 percent of mortgages are delinquent, and another 3.84 are in the foreclosure process for a total of 13.11 percent. It breaks down as:
• 2.64 million loans less than 90 days delinquent.
• 2.32 million loans 90+ days delinquent.
• 2.05 million loans in foreclosure process.
That's more than 1 in 8 mortgages.
And it's not only residentials.
This table is from the Wilmington Trust press release yesterday. It shows that commercial real estate - construction nonperforming assets jumped from $240.7 million at the end of Q2 to $461.9 million at the end of Q3.
Wilmington was acquired yesterday, all-stock at $3.84/sh. Compare Friday's close at $7.11/sh.
HT: CalcRisk
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2 comments:
Seriously? Who are all these people?
1 out of 8? That must be about every home in Arizona, Nevada, and Florida against the rest of the nation.
Don't forget California and Michigan.
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