- Number of properties that are 30 or more days past due, but not in foreclosure: 4,659,000
- Number of properties that are 90 or more days delinquent, but not in foreclosure: 2,165,000
- Number of properties in foreclosure pre-sale inventory: 2,196,000
- Number of properties that are 30 or more days delinquent or in foreclosure: 6,856,000
BLAME IT ON THE ARMs - "February's data also showed a 23 percent increase in Option ARM foreclosures over the last six months, far more than any other product type. In terms of absolute numbers, Option ARM foreclosures stand at 18.8 percent, a higher level than Subprime foreclosures ever reached."
NAR reports that existing home sales dropped 9.6%, and the median price hit $156,100, a 10-year low. WSJ says that the stage set for steep discounting in the spring market.
GOOD NEWS in the rental market, as it heats up. The average US apartment vacancy rates dropped to 5% last year from 8%. This has developers salivating over the potential for a multiyear rental boom even with the glut of foreclosed SFRs. Builders will build!
