The report covers 34 million loans, representing more than 60 percent of primary home mortgages. Consistent with other reports, it showed borrowers are continuing to fall behind as job losses mount. More than 11 percent of borrowers covered by the report had missed at least one payment as of June 30, up from 10 percent in April.
It also highlighted mounting problems with an especially troubling category of loans - "pick-a-payment" or option ARM loans, which allowed borrowers to defer some of their interest payments and add them to the principal. At the end of June, 10 percent of these loans were in foreclosure, more than triple the rate for all mortgages in the survey.
I'm still skeptical about this, as for quite a few months people have been predicting a big surge of actual foreclosures. It hasn't happened. Still, there's a difference in tone from the muckity mucks who are supposed to know about these things.
It's doesn't quite mesh with the idea that banks are trying to manipulate the housing market by keeping houses off the market. Unleashing a big wave wouldn't accomplish that.. and it wouldn't be very good politically for the Democrats - even though, you know, the fault rests squarely on the Republicans.
Let's just hope it does happen, shall we? John is down to 15 active listings, and I can't go back non-USDA cuts of beef. We tried it a couple of weeks ago, and I was worried the dogs wouldn't finish it.
Never mind that most realtors only have 2 or 3 listings at a time (if that).. I want a fucking Porsche.. okay? lol
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