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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Haim R. Branisteanu who wrote (64372)3/13/2007 3:56:27 AM
From: mishedlo  Read Replies (3) of 116555
 
US housing "bloodbath"
CHICAGO, March 12 (Reuters) - Renae Gorney sees the human side of the slumping U.S. housing market, the people whose homes are part of the $1 trillion worth of unconventional mortgages that are about to get more expensive.

Gorney, director of loss mitigation at Freedom Foreclosure Prevention Services in Mesa, Arizona, receives more than 300 applications a month from people facing foreclosure, and has little faith in forecasters who say the worst of the housing market downturn is over.

"It's going to be a bloodbath this year," she said.
Many of her clients -- homeowners who come for help renegotiating mortgage terms or to work out deals to avoid foreclosure -- have adjustable-rate mortgages that initially carried lower interest rates but will soon spike up.

The Mortgage Bankers Association estimates that between $1 trillion and $1.5 trillion in adjustable-rate mortgages face an interest rate reset this year.

As the housing market cools and homeowners have trouble refinancing or selling, more people are falling behind on mortgage payments. The delinquency rate for all types of mortgages rose to 4.67 percent in the third quarter of 2006 from 4.39 percent in the prior three months, a gain of 6 percent, according to the Mortgage Bankers Association.

Foreclosures last year were up 42 percent from 2005 levels, and will likely rise another 20 percent to 25 percent this year, real estate information service RealtyTrac Inc. says.
....
yahoo.reuters.com
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