T.H.E.M.
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T.H.E.M.
¨We believe in justice for all, whether in God or not; we believe as others, that we are due equal justice as human beings.¨
The bottom is about to fall out of the housing market…Americans starting to miss more mortgage payments
Greetings,
This housing market meltdown comes courtesy of the so-called great economic recovery that is taking place here in America as we are told by the governments and the news organizations. It is amazing how the economics, the sound facts, and the everyday reality doesn’t and hasn’t been adding up to all of the cheery and happy go lucky news reports of the economy coming out of a so-called depression.
This is wealth destruction. This is showing us that the economy has stalled and is closed to dying out completely. There is no growth. There will be no rebound.
More foreclosures are coming. When the floodgate opens up it will cause mad panic unlike we have seen in the markets yet. And there is little that the government can do to stop the inevitable.
How can this market recover? It can’t. We have more and more people unemployed and cut off from unemployment. More people are working more hours making less pay. More people are forced to pay for higher living costs at the expense of other bills.
Where is a recovery? Where is the signs of relief? Where is all the rosy talk of a rebounding recovery when you look at the hard nose facts?
Americans starting to miss more mortgage payments
At the end of 2012, 2.05 percent of outstanding mortgages were at least 30 days delinquent, which was down from 2.39 percent in 2011. But at the close of 2013, the delinquency rate rose slightly, to 2.13 percent, according to data from the Experian-Oliver Wyman Market Intelligence Reports. Using Experian’s IntelliView tool to sort the data, the bump in delinquencies appears to be recent, as the 60- and 90-day delinquency rates remain below those of last year.
Problem Likely to Worsen
In a survey by FICO of bank-risk professionals, nearly half said they expect delinquency rates on all consumer loans to rise to their highest levels since late 2011. For credit cards, 44 percent of respondents expected delinquencies to increase, and 35 percent predicted auto loan delinquencies would jump.
“We’ve seen concerns about delinquencies creeping up for a few quarters,” said Andrew Jennings , FICO’s chief analytics officer, in a news release about the survey. “These numbers mean more people are gaining access to credit, but we need to keep a close eye on the risk levels of these new loans. If delinquencies reach an uncomfortable level, we may see lenders pull back again.”
IntelliView showed 30- to 59-day delinquency rates at 0.63 percent of outstanding credit card accounts and 2.49 percent of auto loans at the end of 2013. Each was up slightly from the previous quarter but down a bit from the year before.
The Problem With Delinquency
Payment history has a significant impact on Americans’ credit scores, which affect theirability to access other forms of credit and low interest rates on loans. One missed payment could knock 50 to 100 points or more off the credit score, especially if one has a high score to begin with, and additional missed payments would add to the damage. Credit.com
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