Tuesday, February 23, 2010
The Mortgage Bankers Association anticipates ending of foreclosure crisis as they detect favorable signs. According to a published statement by Jay Brinkmann, MBA's chief economist, the end is expected as they could find continued and sizable drop in the 30-day delinquency rate.
Thirty-day delinquencies have historically been a leading indicator of serious delinquencies and foreclosures, Brinkmann said. This gives them growing confidence that the size of the problem now is about as bad as it will get, he added.
Brinkmann indicated that favorable signs were seen as there was no large spike in short-term mortgage delinquencies at the end of the year due to high heating bills and holiday expenditures. Moreover, the 30-day delinquency rate actually fell from 3.79 percent to 3.63 percent.



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