Foreclosures are up and for the first time ever, the country’s property mortgage debt exceeds equity. December 2006’s rate of people behind on payments: 6.1%. Now up to 7.9 percent in December 2007…Portland Real Estate Blog
Foreclosures are up and for the first time ever, the country’s property mortgage debt exceeds equity. December 2006’s rate of people behind on payments: 6.1%. Now up to 7.9 percent in December 2007…Portland Real Estate Blog
Small correction: Not first time ever, first time since 1945.
Small correction: Not first time ever, first time since 1945.
Which just happens to be the first year that they started tracking the data – mortgage debt did not exceed equity even in 1945… probably did in the early to mid 1930’s though (but they did not track the data then).
I don’t often watch the staid Nightly Business Report on PBS but I did last night. I counted three times the phrase “Worst since the Great Depression” was used.
And capital/asset destruction is just getting started…
The scary thing is this is just the overture – the Alt-A paper is starting to show distress and HELOC’s are going south at an unprecedented rate.
Last year was round 1 – there is a long way to go – the next 2 years are going to be worse than most people can imagine.
Portland is toast just like socal is – we are just later on the tracks.
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It’s pretty scary to see where ths real estate market may be heading. It’s good to keep information like this out for everyone to see it!!!
There’s a worldwide asset bubble across ALL asset classes, real estate, commodities, stocks, etc.. The downturn has barely begun. Hang in there SERenter and save up. You’ll be able to get your starter home in Portland in a year or so, assuming you’ve saved something. Recent home buyers should be praying for inflation at this point. It’ll be the only thing that saves their ass.