Thursday, January 18, 2007

New Stats -- New York and New Jersey

CNN 01/17/2007

New York 4,690 in December
1 in 1,637 homes
+ 5.0% over last year
"4.7% of all US foreclosures were in NY"


New Jersey 3,865 in December
1 in 856 homes
+44.76% over last year

CNN 01/17/2007

"Doug Duncan, chief economist for the Mortgage Bankers Association, estimates that $500 billion to $800 billion in loans outstanding went to borrowers who will face difficulties."

"Americans continue having difficulties paying their mortgage obligations, with December foreclosure rates above the 100,000 mark for the fifth straight month."

NY TIMES 12/20/06

"About one in five subprime mortgages made in the last two years are likely to go into foreclosure, according to a report released yesterday, ending the dream of homeownership for millions of Americans."

"1.1 million homeowners who took out subprime loans in the last two years will lose their houses in the next few years."

"2.2 million borrowers who took subprime loans from 1998 to 2006 are likely to lose their homes."

"The highest default rates are expected to be in cities in California, Nevada, Michigan and New Jersey as well as Washington, D.C."

Read more at:
http://money.cnn.com/2007/01/16/real_estate/December_foreclosures_up_from_2005/index.htm
http://homefinance.nytimes.com/nyt/article/news/2006.12.20.20home/

About Me

Philadelphia, PA, United States
Bob Diamond is a practicing real estate attorney, real estate developer, and published author of three books on foreclosure investing. You may be familiar with Bob from his appearances on FOX, NBC, or CNBC or on his real estate radio show. Inside the investor world, Bob is known as the ‘guru’s guru’ and teaches advanced real estate investing techniques including buying discounted liens, notes and judgments, buying out of bankruptcy, short sales, taking under and subject to, straight equity purchases, multi-units and even condo conversions.