I'm SO Glad I Don't Live in FL, CA, AZ, or NV!!

The latest foreclosure and delinquent loan rate information for the country as provided by the Mortgage Banker Association or MBA is out and unfortunately it isn't good. Overall, 14.41% of ALL U.S. mortgage loans are either at least one payment delinquent or are already in foreclosure. This is a new record that exceeds any value recorded since the quarterly MBA report was first delivered in 1972. Another way of looking at this is that 1 in 7 mortgages are in at least some form of delinquency. Of course, a 1 month delinquent mortgage loan is quite different from a 90+ day overdue mortgage loan but that rate is at record heights as well. Almost 5% of all residential mortgage loans nationwide are in a 90+ day delinquent situation.

As usual, the worst offenders are the states that had the largest run-up in prices during the housing bubble of the first half of the decade. Florida, California, Arizona, and Nevada top the list for delinquent loans and foreclosures with 43% of all new foreclosures started being from one of these four states. In fact, 25% of all Florida loans were delinquent or in foreclosure as of the end of the third quarter. While the pace of delinquencies is challenging here in the Smoky Mountains at least we aren't that bad off. If you are looking to buy a Gatlinburg, Pigeon Forge, or Sevierville cabin, chalet, or residence however there are lots of opportunities. For a free list of all foreclosure and short sale properties listed by any area firm just click here. For free professional advice regarding purchasing or selling Gatlinburg area real estate please contact us!

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