MBA Forecasts Foreclosures to Peak at End of 2010

by CalculatedRisk

On the MBA conference call concerning the "Q2 2009 National Delinquency Survey", MBA Chief Economist Jay Brinkmann said this morning:

 

• The problem is moving to prime loans, and fixed rate prime loans. Although the delinquency rate is lower for prime fixed rate than for other loans, these loans make up 65.5% of all loans - so the increase matters.
• Brinkmann expects delinquencies to peak in mid-2010.
• Brinkmann expects foreclosures to peak at the end of 2010.
  Note: The MBA data shows about 5.8 million loans delinquent or in the foreclosure process nationwide. I believe the MBA surveys covers close to 90% of the mortgage market. Many of these loans will cure, but the foreclosure pipeline is still building.

Calculated Risk: MBA Forecasts Foreclosures to Peak at End of 2010

Related articles by Zemanta

• Late payments and foreclosures getting worse (americablog.com)