National Foreclosure Trends
A couple of the best sources we’ve found for insight on what is really going on in foreclosure activity across the country are the Mortgage Bankers Association periodic National Delinquency Survey, and the RealtyTrac site, www.realtytrac.com, with its regular reports like 2008 Foreclosure Market Report and a host of other foreclosure related information and links.
Here is a perspective on the national foreclosure problem that highlights the point that the ‘national’ real estate market is really a collection of very diverse local markets. There are 3 main causes of foreclosure activity: overbuilding as in Florida, Las Vegas, Phoenix and parts of California; job loss as in Michigan and Ohio, and ill-advised mortgages all over the country. Note that the Seattle foreclosure rate is less than half the national average – that is primarily because our Washington State Growth Management Act keeps us from over-building, and our economy has stayed pretty strong so we don’t have a job loss epidemic. However, we will have our share of foreclosures due to ill-advised mortgages. For a look at one large lender’s travails, click here: http://countrywide-foreclosures.blogspot.com/.
