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Loan Modification

: Mortgage Lender Implode-o-Meter

Current Market Conditions: It?s Wild and Weird On the Top

By Implode-Explode Heavy Industries

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serious jumbo mortgage delinquencies are 50 percent higher than the overall market. The number of distressed sales in that category has tripled in the last year in the Chicago area; and that trend toward distress is probably true far and wide. It has to be given what we know of the mortgage-delinquency trend. Thirty percent of all foreclosures are top-tier properties and that is a doubling of the rate when compared to three years ago. Our current zeitgeist is a trade-down environment with low-ball appraisals. Government subsidies do not cover most mortgages in expensive-property markets. And values are projected to fall 60 percent for expensive properties from peak to broken-bubble bottom.

Full post as published by Mortgage Lender Implode-o-Meter on June 21, 2010 (boomark / email).

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