7% of Homeowners and 40% of Subprime Homeowners 30 Days Behind on Mortgage

April 9, 2009

helpTampa Bay Realtors will tell you that their cell phones are starting to ring again. And no I’m not talking about bill collectors calling. These calls are from buyers hungry for deals. Buyers of all shapes and sizes are starting to peek out from under their rocks and from behind their trees, which is actually quite frightening if you aren’t expecting it.

But all this activity doesn’t seem to be enough to hold back the tide of financial ruin that is sweeping across our nation. Equifax just released these statistics:

Dann Adams, president of U.S. Information Systems for Equifax Inc, reported that 7 percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from a year earlier.

He also said 39.8 percent of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7 percent from last year.

“I’m trying to find optimism in these numbers, but I’m pretty hard pressed to do that,” Adams said, despite a recent burst of relatively positive news that has fueled hope that the U.S. housing market has turned a corner. Reuters

Pretty depressing isn’t it? On a positive note…..actually, I can’t think of anything positive about this right now, but I’ll get back with you when I can.

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