US Foreclosure Rates Show Signs of Stablizing
US Foreclosure rates remain high, but show signs of stabilizing as fewer new foreclosures enter the pipeline, according to the latest data on the housing market. Real estate investors can capitalize on the news: Nationwide delinquency rates showed some signs of stabilization last year, according to Foreclosure-Response.org, a site created by the Center for Housing Policy, Local Initiatives Support Corporation and the Urban Institute.
For the largest 100 cities, 9.7% of all mortgages were seriously delinquent in December 2010, based on the sample of mortgages considered in the report. That’s down from 10.4% at the end of 2009. Mortgages are considered seriously delinquent if they’re 90 days or more past due or in the foreclosure process.
Some Midwestern that had high seriously delinquent rates showed a leveling off or a drop in foreclosure risk last year. Detroit and Youngstown, Ohio, saw declines in serious delinquencies. In Chicago, Columbus and Milwaukee, delinquency rates flattened.
But foreclosure rates remain high. Average rates in the nation's biggest cities rose last year, according to data on 366 metropolitan areas.
“The pipeline of troubled loans may be slowly shrinking. The evidence also suggests that loans may be lingering longer in the foreclosure inventory,” according to the analysis.
It is important for real estate investors to know that foreclosure rates remain high but show signs of stablizing as fewer troubled loans enter the pipeline. Perhaps this bring hope of a healthier housing market to come.
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