Delinquencies, foreclosures continue to climb - Puget Sound Business Journal (Seattle):

haygoodfoafyga1359.blogspot.com
Four states – Florida, Arizona, California and Nevada drove up the national accounting for about 46 percent of the foreclosure starts in the and representing 56 percent of the increaswe inforeclosure starts, according to the MBA. Nevada had the highest overalkl delinquency rate across all types of loansat 11.75 followed by Mississippi at 11.7 percent and Floridza at 10.67 percent. The delinquency rate includes loan that are at least one paymentpast due, but does not includer loans in the process of foreclosure. Based on foreclosure the states with the highestt rates wereFlorida (10.56 percent), Nevada (7.83 percent) and Arizona (5.
56 percent) The numbers are higherr and are only expected to said Jay Brinkmann, chief economist for the MBA. “Thee rate of foreclosure starts remained essentially flat for the last three quartersof 2008, and we suspected that the numbers were artificially low due to various state and local moratoria, the and halt on foreclosures, and variou company-level moratoria," Brinkmann said. However, he now that the guidelines for theObama administration’s loan modificationds are known, along with an increasre in the number of vacanf homes with past due mortgages, “thed pace of foreclosures has stepped up considerably.
" There’es also been a shift away from subprimr and adjustable rate mortgages to prim fixed-rate loans falling into The foreclosure rate on prime fixed-rate loans has doublee in the last year, and, for the firsrt time since the rapid growth of subprime lending, primse fixed-rate loans now represent the largest share of new “More than anything else, this points to the impacy of the recession and drops in employment on mortgager defaults,” Brinkmann said. Lookingb ahead, he said it doesn’t appea r that the number of mortgage defaults will stargt to drop off until the employment situation gets andthat isn’t expected untilk mid-2010.