Courtesy of Mish.
Here are some interesting stats courtesy of Jon Maddux, CEO of You Walk Away.
| State | % of You Walk Away Clients With No Foreclosure Notice | Average Months Without Foreclosure Notice |
|---|---|---|
| Washington | 79% | 13 |
| Nevada | 79% | 13 |
| Georgia | 75% | 12 |
| Michigan | 73% | 18 |
| Virginia | 72% | 18 |
| Oregon | 69% | 13 |
| Pennsylvania | 66% | 12 |
| Hawaii | 60% | 21 |
| California | 59% | 15 |
| New York | 57% | 16 |
| New Jersey | 53% | 14 |
| Arizona | 52% | 14 |
| Colorado | 52% | 8 |
| Florida | 45% | 17 |
| Ohio | 37% | 19 |
Says Maddux
In Florida, 45% of our clients are in pre-foreclosure status. On average, these Florida homeowners are 17 months delinquent and have yet to receive even their first formal foreclosure notice. 59% of our California clients are in pre-foreclosure status. These California borrowers are an average of 15 months delinquent and also have yet to receive their first formal foreclosure notice. Eighty-five percent of the homeowners we’re working with are in pre-foreclosure and have not made a mortgage payment for an average of 14 months.
Structural Issues
- Kids graduating from college are deep in debt and holding off home buying, getting married, and starting families.
- Boomers looking to retire and downsize have few candidates able and willing to buy larger homes, even with deep discounts
- Shadow inventory and pent-up foreclosure list are huge.
Maddux believes the data points to significant backlog, eventual foreclosure activity and a drop in value for home prices.
I think home prices are bottoming in many areas, but even if so, prices in general are not going anywhere fast because of aforementioned structural issues.
Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
