From CNBC:
What’s behind a sudden foreclosure spike
Foreclosures had been falling steadily to the lowest levels in nine years, but a curious spike in October may be the first sign of a crack in the recovery.
The number of properties with a foreclosure filing, which includes default notices, scheduled auctions and bank repossessions, jumped 27 percent in October compared with September, according to a new report from Attom Data Solutions. The volume is still down 8 percent from a year ago, but annual drops had been in the double digits all year, until now. Government-insured FHA loans are fueling much of the jump.
“While some states are still slogging through the remnants of the last housing crisis, the foreclosure activity increases in states such as Arizona, Colorado and Georgia are more heavily tied to loans originated since 2009 — after most of the risky lending fueling the last housing boom had stopped,” said Daren Blomquist, senior vice president at Attom Data Solutions.
“The increase in October isn’t enough evidence to indicate a new foreclosure crisis emerging in these states, but it certainly demonstrates that this housing recovery is not completely devoid of risk.”
The spike, the biggest monthly jump since August 2007, may be due to a dynamic in the recovery itself: When the mortgage market crashed, and private capital fled entirely, the government stepped in. Government-insured FHA loans jumped from about 3 percent of mortgage originations in 2005 to as high as 18 percent in 2010, according to Inside Mortgage Finance.These loans, which require just a 3.5 percent down payment, are by definition more risky. Not only do borrowers have far less of a cushion in prices, but the credit score minimum is lower. Borrowers who use FHA loans, which require mortgage insurance, are likely doing so because don’t have the income to afford a higher down payment.
“In digging into the numbers among loans that were originated in the seven years from 2009 to 2015, FHA and VA loans account for 49 percent of all active loans in foreclosure. By comparison, among loans in that were originated in the previous seven years from 2002 to 2008, FHA and VA loans account for just 12 percent of all active loans in foreclosure. Most of the risk during that time was subprime, which were exotic loan products outside of the FHA and VA credit box,” said Blomquist.
Good Morning New Jersey
Clinton is blaming Comey for the loss? Jesus, is she really that clueless?
http://www.nytimes.com/2016/11/13/us/politics/hillary-clinton-james-comey.html
What’s next, blaming Russia?
Amen! There is not a location right now in nj, where renting makes more sense than owning. The windows are small for when renting makes more sense than owning. Most of the time, people that choose to rent over owning (that can own), are holding themselves back on the basis of principle…..out to show the world how smart and right they are.
“One thing I agree with 3b is that house is a consumable. So why not have one with stability and freedom? Why rent a car on a monthly basis when you can buy it, especially if you are a finance wizard?”
Yes, couldn’t have said it better myself.
“Why don’t you please repeat the specific question that you are talking about? I already requested you repeat it… I am hostile towards self-contradicting posters, and you have done quite a bit. It indicates that that you don’t give a sh1t about what you say. If you are as successful as you say you are with your investments, then dumping 500K or 1M cash on a house should be chump change — if it goes south, nothing major lost.”
Not picking sides in this debate, but you have to admit that comey coming out a week before the election with the message that they are looking at the emails again had a major impact on some people’s vote. I am only saying this because that’s what it did for me and a lot of people around me. It was the nail in the cofin on the decision of which way to vote. That made her look like she actually committed a crime when they ended up not finding anything again. So basically, by him coming out a week before the election and presenting it it in the way he did, certainly made her look guilty.
grim says:
November 13, 2016 at 7:15 am
Clinton is blaming Comey for the loss? Jesus, is she really that clueless?
http://www.nytimes.com/2016/11/13/us/politics/hillary-clinton-james-comey.html
And it’s funny. Now Trump stopped calling Hillary “crooked.” He is complimenting her now. Why still not rallying for her to be arrested? Why is she a good person all of a sudden?
They should get rid of the election process and instead base it on a competition. Why in the world would you choose voting over a competition? A competition is not based on popularity, but on who can get the job done. So why are we basing our leadership on a popularity contest?
What happens when a ceo is brought in on popularity vote? Always ends badly. What happens when a ceo is brought in on the basis of competitiveness? Usually always ends well.
ExPat,
Those youtube videos from yesterday are great!
Lost why the need to constantly bring me into your unending mission to convince yourself your decision to buy was right? And therefore everyone should buy? As for flea bag and agreeing with him or her go back and look for the simple questions I asked. And fyi I do not contradict myself. Period.
You know how she could have avoided the whole Comey issue. Release the emails she deleted months ago. She dug her own grave. Beyond that, I am alarmed that Carlos Danger somehow had access to 650k of emails.
Bottom line, her deletion of emails and refusal to even discuss it buried her. It showed she had something to hide and was a major blow to the idea that she is not corrupt.
She could have just followed the law and avoided all of this. Her fault, not his.
God bless Carlos Danger!
Stronger Together.
LMAO!
The DNC is responsible for the loss. I’m still convinced Bernie would have won. More Dems would have switched from Clinton to Sanders then switched from Sanders to Clinton. The DNC needs to look in the mirror. Yes, the right has been hell bent on smearing the Clintons for 20 years. Why anoint such an easy target? And there was too much smoke on the foundation, the emails, and Hillary’s love affair with Wall Street. She was so bad, we elected a moron who straight up lies to the populace. He simply ignores facts.
Best result of this election? Anon gets to suck it!
I don’t think anyone near Hillary has the heart to tell her the truth.
DNC Headquarters: Wednesday, November 9th, 3:00 AM:
https://www.youtube.com/watch?v=WPZn4rbiB8g
I see this as the perfect example for why the second amendment exists.
How else do we overthrow a government of tyranny? The founding fathers knew full well that an armed citizenry was yet another check and balance against government power.
3b – The hopelessly lost pumper suffers from a mind that can’t be quieted. His brain is unfortunately stuck in an OCD or schizophrenic loop and he is powerless to stop it. The voices tell him,
“Keep posting and it will come true.
Keep posting and it will come true.
Keep posting and it will come true.
Keep posting and it will come true.
Keep posting and it will come true.
Keep posting and it will come true.
Keep posting and it will come true…
Lost why the need to constantly bring me into your unending mission to convince yourself your decision to buy was right? And therefore everyone should buy?
via Armstrong Economics and Wikileaks:
The Clinton strategy was all about manipulating the Republicans to nominate the worst candidate Clinton called for forcing “all Republican candidates to lock themselves into extreme conservative positions that will hurt them in a general election.”
It was not Putin trying to rig the elections, it was Hillary. Clinton saw the Republican field as crowded and she viewed as “positive” for her. “Many of the lesser known can serve as a cudgel to move the more established candidates further to the right.” Clinton then took the strategic position saying “we don’t want to marginalize the more extreme candidates, but make them more ‘Pied Piper’ candidates who actually represent the mainstream of the Republican Party.”
Her manipulative strategy was
to have the press build up Donald Trump, Sen. Ted Cruz and Ben Carson. “We need to be elevating the Pied Piper candidates so that they are leaders of the pack and tell the press to [sic] them seriously.”
https://www.armstrongeconomics.com/international-news/north_america/2016-u-s-presidential-election/the-real-clinton-conspiracy-that-backfired-the-worst-candiate-in-american-history/
There’s a wonderful video put out by the hacking group Anonymous re Hillary and her record. The fact is she’s avoided prosecution on a number of occasions due to records gone missing and witnesses refusing to testify or taking the fall for her. It’s the Clinton modus operandi. She was a lousy candidate.
Grim,
Ha, OMG. #butthurt.
Joyce,
Maher & Holder video is priceless.
Maybe the libs will understand it now?
Good read
https://www.lifezette.com/healthzette/post-election-not-too-soon-to-start-overhauling-obamacare/
3b
You’re being ten times worse than Comrade. How many times have you now said you’re done responding? Just stop responding OR stop saying you’re going to stop.
relo,
If I recall, Holder said a couple of times how proud he was helping fight to get people the right to vote. So (assuming) he spent his time helping indirectly people to vote illegally for all we know while letting actual dead as a door nail criminals go scott free.
F you holder
Joyce,
excellent article. Trump was pushing a few of points since he first declared his candidacy. Hopefully we’ll make Some progress next year.
Joyce:
Holder: “I don’t suspect the new AG will hold my values”. Good grief, let’s hope not. That would be a YUGE (sp. intentional) step in the right direction.
Grim,
Based on the conversation we overheard at dinner last night, I don’t know. It was like Garrison Keillor was at the adjacent table.
Joyce: you are right. I have said that numerous times as far as lost/ pumpkin but sometimes he just really just gets to me. He lures me in I know my own fault. But going forward I will redouble my efforts to ignore lost/ pumpkin as well as flea bag.
Interesting, file this one away and see where it goes.
http://www.bloomberg.com/news/features/2016-11-13/obscure-casino-run-by-a-trump-protege-is-raising-big-questions
Grim, you can’t discount Comey like that 1% in WI and PA and you have a different conversation.
Net Neutrality heading for the garbage can.
https://www.bloomberg.com/news/articles/2016-11-11/does-net-neutrality-stand-a-chance-in-the-trump-era
Considering the floated concept of “net neutrality” it should die quickly.
Use your internet searching skills and find (on this site) what the crux of the issue is.
Interesting, file this one away and see where it goes.
http://tinyurl.com/gtmhck7
This will annoy a few in here for many years.
http://www.vox.com/policy-and-politics/2016/9/23/13029670/obama-after-presidency
FHA/VA cause new bump in foreclosures? | New Jersey Real Estate Report
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