CALL FOR FREE FORECLOSURE  LIST

702-604-1001

Click Below to search Las Vegas area foreclosures on the MLS.

.

Take me to: 2010 First-Time Homebuyers Tax Credit

7+ Million Loans Behind On Payments

Approximately 7, 200,000 mortgage loans are behind on payments and 1,000,000 properties are now in REO status and owned by banks, according to the January 2010 report from a large lender processing service company.

Home delinquency rates passed the 10% mark.  The total foreclosure inventory is 3.2%, and the rate combining foreclosures and delinquencies is 13.3%.

The percentage of new serious delinquencies is 4.64%, which is higher than any other year analyzed for the same period.  Of the loans that were up-to-date as of December 31, 2008, by December 31, 2009 there were 2.3 million new loans classified as seriously delinquent.

Prime loans have experienced deterioration at a worse pace on relative basis than subprime, FHA, and all loans as a whole.  Within the prime category, loans with current unpaid principal balances between $417,000 and $600,000 have performed the worst.   However, 2009 loans are performing better than loans from any of the prior 5 years and have been improving as more origination months are added to the pool of loans.   (We may speculate that this phenomenon is because the loans made beginning in 2009 and later are at much lower prices than those in the previous 5 years, at least in the Las Vegas/ Henderson area, are at lower rates, and are more conservatively written than loans in the previous time frame.)