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Old 03-06-2009, 02:58 PM
 
1,529 posts, read 2,790,182 times
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Default NJ: Home foreclosures and late payments reach new record highs

Home loan delinquencies and foreclosures again reached record highs in the latest quarter as lingering defaults on loans made even to more credit-worthy borrowers rose sharply in many states, including New Jersey.
...
A Mortgage Bankers Association survey showed 5.4 million American homeowners with mortgages, or nearly 12 percent, were at least one month late on their payments or in foreclosure at the end of last year, up from 10 percent at the end of the third quarter.
...
The quarterly delinquency report released today provides further evidence that the housing market continues to deteriorate. Standard & Poor's Case-Shiller index reported last month that home prices in the New York metropolitan area, which includes Bergen and Passaic counties, slid a record 9.2 percent last year while home prices in an index of 20 large cities plummeted 18.5 percent, also a record drop.
...
Brinkman said government actions may help forestall foreclosures, be he doesn’t expect a turnaround in delinquency rates this year.
“The recovery is going to depend on when the jobs come back,” he said.

NorthJersey.com: Home foreclosures and late payments reach new record highs (http://www.northjersey.com/business/news/Home_foreclosures_and_late_payments_reach_new_reco rd_highs.html - broken link)
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Old 03-06-2009, 03:13 PM
 
Location: New Jersey
1,395 posts, read 1,956,159 times
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Quote:
Originally Posted by Lusitan View Post
5.4 million American homeowners with mortgages, or nearly 12 percent, were at least one month late on their payments or in foreclosure at the end of last year
"or" being the key word here... I'd bet that most of that 12% came from those that were one month late, and -- being one month late isn't too big of a deal, they may have been away or otherwise have every intention of getting back on schedule.


Quote:
Originally Posted by Lusitan View Post
Standard & Poor's Case-Shiller index reported last month that home prices in the New York metropolitan area, which includes Bergen and Passaic counties, slid a record 9.2 percent last year
still a far cry from the 30% you've been espousing


Quote:
Originally Posted by Lusitan View Post
NorthJersey.com: Home foreclosures and late payments reach new record highs (http://www.northjersey.com/business/news/Home_foreclosures_and_late_payments_reach_new_reco rd_highs.html - broken link)
key quote from that article:

Loans in foreclosure around the country climbed to a record 3.3%

gee, that means 96.7% of the people are doing just fine
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Old 03-06-2009, 03:26 PM
 
1,529 posts, read 2,790,182 times
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Quote:
Originally Posted by JG183 View Post
"or" being the key word here... I'd bet that most of that 12% came from those that were one month late, and -- being one month late isn't too big of a deal, they may have been away or otherwise have every intention of getting back on schedule.
Yes, you're right; it's probably quite common to take a winter vacation and just forget to pay the old mortgage bill. How could I overlook that?



Quote:
still a far cry from the 30% you've been espousing
I've cited articles that say NJ homes will sink in value 25% in 2009. Doesn't seem so crazy given that the economic collapse only started in September 2008, yet for 2008 NJ was down almost 10%.

What will 2009 bring? By all accounts, far, far worse. Probably to the tune of about 25%, as predicted.

Quote:
key quote from that article:

Loans in foreclosure around the country climbed to a record 3.3%

gee, that means 96.7% of the people are doing just fine
It's good to have a positive outlook. 75% of Americans were employed during the Great Depression. Not too shabby! What is everyone worried about?
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Old 03-06-2009, 03:44 PM
 
263 posts, read 323,735 times
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Quote:
Originally Posted by JG183 View Post

still a far cry from the 30% you've been espousing

the problem here is not how low prices have fallen

according to Fed's beige book 20% to 25% since summer in Manhattan therefore more so in NJ
FRB: Beige Book--New York--March 4, 2009

but how much will fall

according to Goldman Sachs 58% from now
http://www.nytimes.com/2009/03/08/re...e/08condo.html

This correction might take 2 to 5 years. The longer one waits the lower the price will be.
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Old 03-06-2009, 04:29 PM
 
744 posts, read 817,082 times
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Quote:
Originally Posted by JG183 View Post
"or" being the key word here... I'd bet that most of that 12% came from those that were one month late, and -- being one month late isn't too big of a deal, they may have been away or otherwise have every intention of getting back on schedule.




still a far cry from the 30% you've been espousing




key quote from that article:

Loans in foreclosure around the country climbed to a record 3.3%

gee, that means 96.7% of the people are doing just fine
So 3.3% across the US, but 3.6% in NJ. So 10% higher in NJ than the US average...

"""
62,500 properties in New Jersey faced foreclosure filings in 2008 — twice the number in 2007. Foreclosures rose about 180 percent in Bergen and Passaic counties.
"""

Seems not so good either, especially since the fan wasn't hit until well into the year...

You have a strange difference of "just fine". The family struggling to meet mortgage payments and quickly eating into their savings are not "doing just fine" even though they haven't been foreclosed on...

Missing a mortgage payment seems a huge deal to me, then again maybe I'm an idiot. I actually pay my bills before they are overdue, not paying the phone bill before it was due would be a disaster in my mind.
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Old 03-06-2009, 09:44 PM
 
1,914 posts, read 1,948,083 times
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Banks, for the past several years, have not been giving the leeway they used to give when a loan wasn't paid on time. Now, a lis pendens is apt to be filed after one missed payment as opposed to 3 or 4, as in the past. A LP does not constitute a "foreclosure".

An LP doesn't mean an actual foreclosure will take place. It's the first step in the process. It could take years for a house to be foreclosed on.
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Old 03-07-2009, 05:40 AM
 
Location: Stewartsville, NJ
7,577 posts, read 14,187,945 times
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Don't do it Lusitan..its not worth it! Things will get better...I promise

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Old 03-07-2009, 06:00 AM
 
Location: NJ
383 posts, read 463,381 times
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Quote:
Originally Posted by wileynj View Post
Don't do it Lusitan..its not worth it! Things will get better...I promise


That's JG after the bank tells him, no equity = no HELOC for you.

Seriously, when JG turns bearish, it will be the NJ signal to buy houses again.

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Old 03-07-2009, 06:07 AM
 
Location: Stewartsville, NJ
7,577 posts, read 14,187,945 times
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Quote:
Originally Posted by xmonger View Post


That's JG after the bank tells him, no equity = no HELOC for you.

Seriously, when JG turns bearish, it will be the NJ signal to buy houses again.

I thought all HELOCs were locked at the moment? I tell ya what... if I had some spare change laying around, I'd be buying up alot of properties! We will see another bubble
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Old 03-07-2009, 07:52 AM
 
Location: New Jersey
1,395 posts, read 1,956,159 times
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I got my $250K HELOC from my credit union last June -- woo hoo !

3.25% at the moment (tied to the Prime Rate)
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