Recovery horizon just keeps getting farther away
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‘Delinquent Mortgages Set to Nearly Double in 2009,’ in Tuesday’s Wall St. Journal, included some telling statistics. No, it wasn’t this part that caused me to sit up and take notice:
The number of consumers with delinquent mortgages is poised to almost double by the end of next year, hitting its highest level in at least 16 years, according to a leading credit bureau. TransUnion LLC, which analyzed about 27 million consumer records in its database, predicted that the proportion of consumers with mortgages that are 60 days or more past-due will hit 7.17% in the fourth quarter of 2009.
But this part: ‘Mortgage delinquencies are likely to peak in the first quarter of 2010....’
That’s a long time till we hit the peak and an even longer time as the economy recovers, jobs return and housing rebounds. If I had to call the home price bottom, I just moved it out at least two years ... to 2012. What a mess. You?
--Lauren Beale
Thoughts? Comments?
