States with the highest percentage of non-current loans, combining delinquencies and foreclosures, included Florida, Mississippi, Nevada, New Jersey, and Illinois as of the end of December.The lowest percentage of non-current loans can be found in Montana, Wyoming, South Dakota, Alaska, and North Dakota."
Sunday, March 4, 2012
property theft writ large
Curse you, MERS!!The more reputable economists are saying the foreclosure epidemic is just getting rolling. Mortgages are tracked by Lender Processing Services; below is the latest data from them. But bear in mind, at present nearly 25% of US mortgages are underwater and haven't even entered the foreclosure pipeline yet. Warren Buffet is full of beans when he says real estate will come back. He's probably just talkin up REITS so he can short them again. From LPS:
"Of the 6,167,000 mortgages going unpaid in the United States, LPS says 2,066,000 are in foreclosure. The remaining 4,101,000 haven’t made it that far down the pipeline, even though 1,792,000 are 90 or more days delinquent.
This whole situation just burns me up. The banksters have completely negated the whole body of law governing physical recording of deeds and property ownership that's governed property ownership for hundreds of years. And it has me wondering why these 6 million folks aren't out there with the OWS folks. They're probably too depressed. But hey, mood follows action. no?
For anyone facing foreclosure, considering taking on a mortgage, or who knows someone facing foreclosure - a million or more still to come - please read this astute article from Economonitor and pass it on. (Nouriel Roubini's site) The fact that most of us don't know this stuff by the time we're adults is the saddest evidence of how poorly educated we really are.