Really?

The real estate columnist for Greenwich Post says that “60% of mortgages nation-wide are entering  the foreclosure process.”  I don’t think that’s so, but she gives no source so I can’t check it out. If her number is anything close to being accurate, fill your bathtub with water, stock up on ammunition and get out those MREs, but again, I don’t think she’s right.

11 Comments

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11 responses to “Really?

  1. Peg

    Hmmm; 12% of homes are in trouble in Las Vegas – but this woman is claiming 60% nationwide?

    http://www.nj.com/business/index.ssf/2010/01/us_foreclosure_activity_spread.html

    I. Don’t. Think. So.

    Wonder if this lady will still be employed at the end of the week!

  2. Chimney

    What a ridiculous statement to make- do people actually buy real estate from this lady, or is this her full-time job?

  3. Chimney

    I’d be willing to bet a lot of money that it’s closer to 3% than 60%- any takers?

    • christopherfountain

      Well, FHA admits to a 25% default rate for its own loans, and overall, we’re certainly up to 10% and climbing, but 60%? I have my doubts.

  4. DR

    I have water & plenty of ammunition, but not sure about MREs. What is a MRE and where can I get them?

  5. FlyAngler

    Me thinks there is a subtlety being missed here. 60% sounds like the percentage of modified mortgages that wind up back in trouble within a year of modifications.

    Or, the number of subprime that are not current.

    Shoeless, can you shed some light?

  6. Greenwich Ex-Pat

    I dunno, she may be a lot closer to the real scene than all the magical thinking happy talk statistics put out by various agencies, organizations, etc. For example, if FHA is admitting to 25%, you can probably double it.

    But then again, I’m a curmudgeonly pessimist who believes things are rather worse than we’re being told. But, think happy thoughts and all will be well.

    “Sub-prime is contained” Ben Bernanke

  7. Old School Grump

    Could just be a proof reading error. It’s the kind of thing spell check wouldn’t flag, and it seems more and more publications don’t do anything beyond spell check. I’ve seen the WSJ say “billion” when they meant to say “trillion,” in the “What’s News” section on the front page of the print edition no less, so can’t be too surprised by the Greenwich Post.

  8. '73Refugee

    Now that’s a number that would be “unexpected.”

  9. WorthyChief

    A friend of mine is a realtor in Northeastern CT where FHA is common means of financing. They always have a high default rate even when times are good because they always loan to sketchy buyers who can’t get money from a real bank.