The LA Times this past weekend actually prepared a balanced article allowing people to come to their own conclusions. In their article "And now for good mortgage statistics" by Kenneth R. Harney they cover the aspects of foreclosures and the amount of mortgages that that are delinquent. Here are some of the highlights:
- "Mortgage crisis" is very particular to local markets. A state like Ohio has 5.2% of all home loans that are 3 months past due while other states are dramatically lower.
- The nationwide average for prime-credit borrowers being delinquent on fixed-rate loans is over 2% while in California it is barely over 1%.
- The Sub prime effect though does have bigger implications. 12.6% of sub prime borrowers in California are now late on their payments. This can be a small number compared with West Virginia (26% late) or Mississippi (almost 27%) late.
- So for the record number of Foreclosures? Kenneth Harney states "In 34 states, the rate of new foreclosures actually decreased."
- California did see an uptick in Foreclosure filings although those were attributed to investors walking away from their properties.
Kenneth does a great job of pointing out that the foreclosures (REO's) will be concentrated in specific areas at a local level. For those wishing they can get the Home in Belmont Shore or Naples for 20 cents on the dollar it doesn't look likely.
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