When Will Foreclosures Peak?

Where is the bottom for housing prices? Why are the banks holding down foreclosures? What’s going on?

Half million dollar house in Salinas, Californ...
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Foreclosures have not peaked yet and many experts believe banks are slowing them down on purpose- for now.

Why?  Why aren’t the banks foreclosing now?

They want to work through their own inventories of default mortgages first.

Then they will start on the newer delinquencies.

Also- here’s an important point according to the Calculated Risk  Blog.

“…historically house prices do not bottom until after foreclosure activity peaks in a certain area.”

What does that mean?

Prices haven’t bottomed out yet in some areas, maybe a lot of areas.

Remember the statistics: 1 in 8 mortgages are in trouble

Read more Housing Doom’s opinion

Read Calculated Risk’s opinion

More about delayed foreclosures from the net

Mortgage debt surges as economy picks up steam

“The world economy is stable and beginning to revive, but this revival is slowand there are many uncertainties and destabilizing factors,” mr. Wen told a group of business leaders in Tokyo. “Some countries have experienced sovereign debt crises, for example Greece. is this kind of phenomenon over? now it seems that it’s not so simple. the sovereign debt crisis in some European countries may drag down Europe’s economic recovery.” India’s economy expands 8.6 per cent …

Publish Date: 05/31/2010 23:45

http://www.myforeclosurenightmare.com/mortgage-debt-surges-as-economy-picks-up-steam

Some underwater Americans are simply refusing to pay

They went underwater for a variety of reasons, including the property crisis, medical issues, and the “stupid” decision of their bank to allow them to re-mortgage their home so that they could purchase a truck for their attic-renovation business. … The 1.7 million foreclosure suits current in the United States are increasingly bogged down by legal counter-suits, pressure from government to re-the negotiate, and the sheer volume of workload. The fact that the average …

Publish Date: 06/01/2010 10:16

http://www.foreclosureconnections.com/blog/article/1711/some-underwater-americans-are-simply-refusing-to-pay

The New Deal: Walk Away From Your Mortgage…But Stay In Your House!

Especially when they can buy or rent a similar house for much less just down the street. And although some observers whine and gnash their teeth about how this symbolizes the decline and fall of American morality, it’s what corporate borrowers have been doing forever, so it’s about time … Mortgage Home Modification Program is the solution to save your house and stop foreclosureprocess Use this free tool to see if you qualify for loan modification http://bit.ly/bCkrEu …

Publish Date: 06/01/2010 5:24

http://www.businessinsider.com/another-reason-the-us-economy-is-feebly-recovering-people-have-stopped-paying-their-mortgages-2010-6

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