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CNBC is reporting that mortgage delinquencies hit an all-time high in the first quarter of 2007 (hat tip: Calculated Risk)
The percentage of mortgages in default rose to 2.87%, surpassing the worst levels following the 2001 recession.
"I donâ??t think weâ??re near the bottom,â?? Mark Zandi, analyst at Moodyâ??s Economy.com, told CNBC’s Steve Liesman. â??The correction is in full swing. I think we have at least a year to go.â??
This points to my previous post about irresponsible Realtors pumping clients full of false hope, expecting home appreciation. The above quote is exactly in-line with my assumptions here – foreclosure activity has just begun in earnest. I expect that we set new records for mortgage delinquency rates for each quarter for the remainder of 2007. You heard it here.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
Related posts:
- High mortgage rates, plummeting home values lead to less mortgage activity
- Recovery? Mortgage apps down, prime delinquencies up
- CMBS delinquencies rise as larger loans default
- Your First Mortgage is Too High. There’s a Second: What do you do?
- Fitch downgrades $247 million in Countrywide subprime transactions
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