Warning!! Watching this video may damage those “Rose Colored” glasses most have been wearing.
1) 14.4% of ALL mortgages delinquent or already in foreclosure in the US. That is a historic record.
2) PRIME borrowers (NOT SUB-PRIME) borrowers are now the leading edge of this epic housing mess. 33% of all delinquencies (and those already in foreclosure) are PRIME.
3) Next fun fact: 144% INCREASE in FHA delinquencies year over year. Anyone want to place any bets on the long term viability of the FHA in its current incarnation? Anyone?
4) Saved the most staggering stat for last…get ready…The total number of delinquent (and in foreclosure) homeowner/ borrowers is GREATER than the total number of homes for sale. Lets put this into perspective: There are currently around 4,000,000 homes for sale in the country. Thus, there are MORE THAN 4,000,000 homes delinquent or already in foreclosure. Rounding this out a bit, many studies have estimated the total number of homes in the US that are foreclosure bound (if the homeowner doesn’t wise up and sell the home via a short sale) is 13,000,000 to 15,000,000.
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