Tuesday, November 02, 2010

Residential Foreclosures Only Part of the Problem

"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


Neo-Con Tastic said...

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.

Dad29 said...

Don't forget California and Michigan.