We hear a lot about foreclosures in the news today. To give you an idea of how big the problem is, according to realtrac.com there are 5,411 homes for sale on Louisville Jefferson County.
There are 1,214 home owners in default, there are 1,944 bank owned properties that are part of the 5400 home for sale and a another 1200 getting ready to go on the market.
Can anyone say "Home Value" In the near future 58% of the homes for sale in Jefferson County is due to either defaults or foreclosures? This means for the investor or the buyer this is a buyer’s market and there is no better time to be looking for the right investment for the future.
The delinquency rate for mortgage loans on one-to-four-unit residential properties fell to a seasonally adjusted rate of 9.47% of all loans at the end of the fourth quarter of 2009, according to the Mortgage Bankers Assn. That's down from 9.64% in the third quarter.
"This is a key sign that housing market conditions are slowly, grudgingly getting slightly better," said Mike Larson, a real estate analyst at Weiss Research. "This does not mean we'll have a vigorous recovery. We won't. Many loan [modifications] will fail, the unemployment rate remains elevated, and lending standards will remain relatively strict for some time."
In a sign that delinquencies may be leveling off, the number of loans past due by 30 days and 60 days declined compared with the third quarter of 2009 and the fourth quarter of 2008.
The number of loans going into foreclosure, though up from a year earlier, declined compared with the third quarter as efforts to modify mortgages took hold.
But the portfolio of loans more than 90 days past due -- containing mortgages being evaluated for modifications -- continued its rise to record levels.
That indicates that there is still much short-term pain for the housing markets to endure as many homes fall into foreclosure.
The group said 4.99% of all prime fixed-rate loans, the kind made to the best-qualified borrowers, were categorized as seriously delinquent (that is, in foreclosure or more than 90 days past due), up from 2.25% a year earlier.
For prime adjustable-rate loans, the category containing tricky pay-option mortgages, 18.13% were seriously delinquent, compared with 10.45% a year earlier.
And 42.7% of subprime adjustable loans were seriously delinquent, up from 33.78% in the fourth quarter of 2008.
If you are seriously looking for foreclosure answers and help, or you are looking for that "great deal" in a buyers market we can meet all of your needs!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
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