Posted by Mike M. on January 25, 2007, 5:34 pm
http://www.realtytrac.com/ContentManagement/PressRelease.aspx?ItemID 42
I recall reading an article some time ago that touched on how New Englanders
in general enjoyed higher credit stores than folks living in other regions
of the US, but the stats mentioned in the above link really hammered the
point home.
Only one lousy foreclosure - or one per 294,382 households - was recorded
last month for the entire state of Vermont. Wow! Talk about a financially
responsible lot. Stats for Maine and New Hampshire are equally impressive
(one per 108,649 and 45,585 households, respectively.) Never would have
guessed it, but I suppose the region must be a good area to work and live
in, especially if you happen to be a banker. Colorado bankers, OTOH...
--------------------------------
<snipped from article>
Colorado reclaims top foreclosure rate
Colorado posted the nation's highest state foreclosure rate in December -
one new foreclosure filing for every 376 households - despite a nearly 4
percent dip in foreclosure activity from the previous month. The state
registered the highest monthly rate for the ninth time in 2006, reclaiming
the top spot back from Nevada. Nevada's foreclosure rate of one new
foreclosure filing for every 392 households dropped to second highest in the
nation thanks to a nearly 12 percent decrease in foreclosure activity.
The state I live in (FL) fared somewhat better, but not by much:
Florida documented 8,321 properties entering some stage of foreclosure in
December, the third most of any state but 11 percent below the number
reported in the previous month. Florida's foreclosure rate of one new
foreclosure filing for every 878 households dropped out of the nation's 10
highest state foreclosure rates but remained above the national average.
By city/metro area:
Top three metro foreclosure rates in Colorado, Texas and Michigan
For the fifth month in a row, Greeley, Colo., posted the highest foreclosure
rate among the nation's 200-plus largest metropolitan areas. The Greeley
metro area (Weld County) documented 391 properties entering some stage of
foreclosure, a decrease of nearly 9 percent from the previous month and a
foreclosure rate of one new foreclosure filing for every 169 households -
more than six times the national average.
Fort Worth, Texas, documented the nation's second highest metro foreclosure
rate in November, with one new foreclosure filing for every 242 households -
more than four times the national average. The metro area reported 2,862
properties entering some stage of foreclosure during the month, up nearly 48
percent from the previous month.
Foreclosure activity decreased less than 1 percent in the Detroit
metropolitan area (Wayne County), and the city's foreclosure rate of one new
foreclosure filing for every 250 households ranked as the third highest
metropolitan foreclosure rate in the nation.
-------------------------------------
A lot of doom and gloom has been predicted in regard to the foreclosure rate
for 2007, I suppose attributed primarily to interest-only/adjustable rate
mortgages maturing (thus monthly payments going way up), so it should be
interesting to see how things actually pan out. I'm guessing not so much
doom and gloom, but an extreme up-tick in refinancing. At least that's what
I'm hoping (my business would benefit greatly, and God knows I need the
work - RE market has slowed to a crawl down here in FL.)
Mike
Posted by rick++ on January 25, 2007, 3:24 pm
Unlike Nevada where they overbuilt and south Florida
where speculator's drive prices sky high, Colorado's
problem was plain and simple mortgage fraud.
There is no regulation in Colorado.
One newspaper story said an incarcerated prisioner
was able to buy five houses wiht 100% financing
and so on.
Posted by timeOday on January 25, 2007, 7:22 pm
rick++ wrote:
> Unlike Nevada where they overbuilt and south Florida
> where speculator's drive prices sky high, Colorado's
> problem was plain and simple mortgage fraud.
> There is no regulation in Colorado.
> One newspaper story said an incarcerated prisioner
> was able to buy five houses wiht 100% financing
> and so on.
>
That is interesting. Another potential factor is the foreclosure laws
themselves, or even simply local customs.
One per 294,382 is *so* low, it's hard for me to imagine it's simply
because borrowers are *that* "financially responsible" in Vermont. Just
like I wouldn't assume a low divorce rate somewhere means all husbands
and wives love each other there.
Posted by Seerialmom on January 25, 2007, 5:47 pm
> http://www.realtytrac.com/ContentManagement/PressRelease.aspx?ItemID= ...
> I recall reading an article some time ago that touched on how New Englanders
> in general enjoyed higher credit stores than folks living in other regions
> of the US, but the stats mentioned in the above link really hammered the
> point home.
> Only one lousy foreclosure - or one per 294,382 households - was recorded
> last month for the entire state of Vermont. Wow! Talk about a financially
> responsible lot. Stats for Maine and New Hampshire are equally impressive
> (one per 108,649 and 45,585 households, respectively.) Never would have
> guessed it, but I suppose the region must be a good area to work and live
> in, especially if you happen to be a banker. Colorado bankers, OTOH...
> --------------------------------
> <snipped from article>
> Colorado reclaims top foreclosure rate
> Colorado posted the nation's highest state foreclosure rate in December -
> one new foreclosure filing for every 376 households - despite a nearly 4
> percent dip in foreclosure activity from the previous month. The state
> registered the highest monthly rate for the ninth time in 2006, reclaiming
> the top spot back from Nevada. Nevada's foreclosure rate of one new
> foreclosure filing for every 392 households dropped to second highest in the
> nation thanks to a nearly 12 percent decrease in foreclosure activity.
> The state I live in (FL) fared somewhat better, but not by much:
> Florida documented 8,321 properties entering some stage of foreclosure in
> December, the third most of any state but 11 percent below the number
> reported in the previous month. Florida's foreclosure rate of one new
> foreclosure filing for every 878 households dropped out of the nation's 10
> highest state foreclosure rates but remained above the national average.
> By city/metro area:
> Top three metro foreclosure rates in Colorado, Texas and Michigan
> For the fifth month in a row, Greeley, Colo., posted the highest foreclosure
> rate among the nation's 200-plus largest metropolitan areas. The Greeley
> metro area (Weld County) documented 391 properties entering some stage of
> foreclosure, a decrease of nearly 9 percent from the previous month and a
> foreclosure rate of one new foreclosure filing for every 169 households -
> more than six times the national average.
> Fort Worth, Texas, documented the nation's second highest metro foreclosure
> rate in November, with one new foreclosure filing for every 242 households -
> more than four times the national average. The metro area reported 2,862
> properties entering some stage of foreclosure during the month, up nearly 48
> percent from the previous month.
> Foreclosure activity decreased less than 1 percent in the Detroit
> metropolitan area (Wayne County), and the city's foreclosure rate of one new
> foreclosure filing for every 250 households ranked as the third highest
> metropolitan foreclosure rate in the nation.
> -------------------------------------
> A lot of doom and gloom has been predicted in regard to the foreclosure rate
> for 2007, I suppose attributed primarily to interest-only/adjustable rate
> mortgages maturing (thus monthly payments going way up), so it should be
> interesting to see how things actually pan out. I'm guessing not so much
> doom and gloom, but an extreme up-tick in refinancing. At least that's what
> I'm hoping (my business would benefit greatly, and God knows I need the
> work - RE market has slowed to a crawl down here in FL.)
> Mike
So it sounds like the next "wave" to catch would be in mortage
refinancing (or foreclosure sales...if the bank will take less than
what's owed to get out from under the property, eh?). I think there
were a lot of speculating flippers out there who thought they were
going to retired in 2 years or new home buyers who cashed equity based
on perceived value to buy the amenties they needed for the house.
I wonder if there's a market for flipped mobile homes? ;)
Posted by hchickpea on January 25, 2007, 9:28 pm
wrote:
>Only one lousy foreclosure - or one per 294,382 households - was recorded
>last month for the entire state of Vermont. Wow! Talk about a financially
>responsible lot. Stats for Maine and New Hampshire are equally impressive
>(one per 108,649 and 45,585 households, respectively.) Never would have
>guessed it, but I suppose the region must be a good area to work and live
>in, especially if you happen to be a banker. Colorado bankers, OTOH...
Heh. Yep, financial responsibility was hammered into us at an early
age. Some homes have been in families for generations, and the
lineage that screws it up better leave the state fast and never
return. Even the ones who can't make ends meet are smart enough to
realize it early and sell before foreclosure. Two and three jobs per
person are common in Vermont.
Foreclosures are usually fairly neutral financially for a lender. The
lender gets the balance on the loan in a lump sum when the house
sells. Extra money from the sale may go to pay off other debts,
depending on the situation. Only when the tax man has first dibs is
there a loss against the secured property.
XML site map
> where speculator's drive prices sky high, Colorado's
> problem was plain and simple mortgage fraud.
> There is no regulation in Colorado.
> One newspaper story said an incarcerated prisioner
> was able to buy five houses wiht 100% financing
> and so on.
>