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60,000 delinquent borrowers

Email|Link|Comments (6) Posted by Binyamin Appelbaum June 5, 2008 11:58 AM

About 60,000 Massachusetts borrowers were behind on their mortgage payments at the end of March, and about a quarter of those borrowers faced imminent foreclosure. Thus says the Mortgage Bankers Association, which released quarterly data this morning.

The good news, I suppose, is that things are worse in other places. About 7 percent of Massachusetts borrowers are behind on payments, compared to more than 8 percent nationwide.

Also, fewer Massachusetts borrowers are behind on their payments than in the fourth quarter of 2007. The overall delinquency rate fell from 7.46 percent to 7.16 percent. On the other hand, the share of seriously delinquent borrowers rose from 1.94 percent to 2.28 percent.

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6 comments so far...

What's really interesting about that report is that prime ARM foreclosures are now accelerating at a faster rate than subprimes.

Posted by Marcus June 5, 08 02:21 PM

I wouldnt necessarily say that its good news that things are worse in other places than Massachusetts. Perhaps what what meant was ... the good news for Massachusetts is that it is one of the better faring housing markets this year.

In the end, as nice as it is to have your net worth going up just by owning your home, lower housing costs were needed and that is what happened. Housing affordability will help keep jobs and young families in Massachusetts. I didnt grow up in this state, but I love it and now its my home. I would like to see my children and others be able to enjoy this state as it flourishes for many years.

Posted by Middle June 5, 08 02:26 PM

In addition Marcus, prime mortgage resets do not peak until 2010, and Alt A and option adjustable resets do not peak until 2011.

Anyone who thinks that the worst of the credit crunch and real estate collapse is behind us is only fooling themselves.

Posted by John June 9, 08 07:48 AM

And we are less than 6 months into what is going to be a deep and protracted recession with surging inflation.

Posted by Steve June 9, 08 08:06 AM

I like how they say do you enjoy this post? Yes I like here people in trouble.

I just hope they don't bail these people out. It is getting very expensive to pay for stupidity.

Posted by clank3377 June 9, 08 08:53 AM

"Can the [housing] market go down another 10% or 20%? Sure," grumbled Robert Toll, CEO of Toll Bros. The head of the nation’s biggest homebuilder had reason to be grumpy this week… Toll Bros. just reported its third straight losing quarter. Revenue has fallen 30% from this time last year. Toll went on to say the housing market was in a “depression” and that recovery could be up to three years away.

“I believe the industry will continue to face rising pressures,” echoed D.R. Horton CEO Don Tomnitz, “for certainly the next 12-18 months. 2010 will be the earliest we get a more solid homebuilding environment."

'Nuff Said!

Posted by larry June 9, 08 12:42 PM