Interesting Article (foreclosure, percent, states, borrowers)

[DavidS827]

I ran across this article and thought that some of you might find it interesting. Foreclosure rates linked to loan type, local economy -- baltimoresun.com

What do you think?...

[cynmkolohe]

from the article: Bottom line: The scary foreclosure and delinquency rates you're hearing about are for real. But they're highly concentrated - among loan types, local and regional economies, and especially prevalent among investors in formerly high-flying markets who are finally throwing in the towel.

Good article. I always question surveys and stats, but regardless of the accuracy, the market was due for a reality check.

Prime-credit borrowers who took out fixed-rate loans in most states are performing even better than prime borrowers as a whole - just over 2 percent on average nationally, and barely over 1 percent in California, Oregon, Hawaii and Washington, are paying late.

In my market, lenders are traditionally even more cautious due to the ins and outs of financing on an under-developed island with "lava zones". So, while we are seeing some fall-out from sub-prime lending, our population is continuing to grow and a large % are retirees, second-homes or people who have sold on the mainland and are bringing their capital here. Investors have reigned in, but are still building. We've been a little more slow, with buyers waiting and watching for a while, but still steady.

[DavidS827]

I always question the statistics that the media report too. Nothing is ever as good, or as bad as they say it is.