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Mortgage Delinquency Risk Up
By jason | May 15, 2008
A new study released by a real estate data analysis firm known as CoreLogic has found that the risk of mortgage delinquency is up in 2008, which projects more defaults and subsequent foreclosures for the nest year. The report is based on the Core Mortgage Risk Monitor, a system which projects foreclosure risk based on current and past statistics and figures.
The Core Mortgage Risk Monitor indicates that foreclosure risk has increased by 16% from May of 2007 to May of 2008, meaning more homes are at risk of going into foreclosure this year, echoing the worries of many housing market analysts and economists. The index has increased consistently over the past year.
Currently, the foreclosure risk index is 42% higher than it was in 2002, right around the time when the housing market was peaking.
Statistics from the report also showed that the Phoenix area had one of the lowest risks of mortgage delinquencies in 2007, but is now considered to be a much more unstable and risky market. Of the top 10 regions where delinquency risk is highest, 8 are in California and the remaining two in Florida. Foreclosure investing enthusiasts and potential foreclosure home buyers should note that there will certainly be more homes on the market in the coming months.
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Topics: Foreclosure |