Oh my God, 12% of mortgages are behind or in forclosure

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Maybe we paid too much for our house:
A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. And the wave of foreclosures isn't expected to crest until the end of next year, the Mortgage Bankers Association said Thursday.

The foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process.

At the same time, almost half of all adjustable-rate loans made to borrowers with shaky credit were past due or in foreclosure.

The worst of the trouble continues to be centered in California, Nevada, Arizona and Florida, which accounted for 46 percent of new foreclosures in the country. There were no signs of improvement.
Well, I know we paid a good price compared to other similar nearby houses, but that's no protection from significant downward pressure in the overall market. Anyway, we can afford our payments, so we're not in any kind of trouble. But I'm no longer happy that home prices continue to fall.

Comments

Anonymous said…
Yeesh.

On the bright side (for me at least), maybe rock-bottom housing prices will eventually convince me of my destiny as a 5th-generation Minnesotan, rather than defecting to the ranks of first-generation Washingtonians or Californians...
1:22 AM, May 29, 2009
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