2012 Sep 1, 10:03am
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In Florida, 45% of our clients are in pre-foreclosure status. On average, these Florida homeowners are 17 months delinquent and have yet to receive even their first formal foreclosure notice. 59% of our California clients are in pre-foreclosure status. These California borrowers are an average of 15 months delinquent and also have yet to receive their first formal foreclosure notice. Eighty-five percent of the homeowners weâ€™re working with are in pre-foreclosure and have not made a mortgage payment for an average of 14 months.
Kids graduating from college are deep in debt and holding off home buying, getting married, and starting families.
Boomers looking to retire and downsize have few candidates able and willing to buy larger homes, even with deep discounts
Shadow inventory and pent-up foreclosure list are huge.
Maddux believes the data points to significant backlog, eventual foreclosure activity and a drop in value for home prices.
I think home prices are bottoming in many areas, but even if so, prices in general are not going anywhere fast because of aforementioned structural issues.
Read more at http://globaleconomicanalysis.blogspot.com/2012/09/here-are-some-interesting-stats.html#BiRl5A4lpQUbQBci.99"
No worries. Benny will key in another trillion.