Rate Update and Foreclosure Update

• Although mortgage interest rates are very, very low, rates are not as low as they should be based on the mortgage bond market. We are already seeing the effect of the federal government’s mandate that Fannie Mae and Freddie Mac increase the fees on loans that are sold to them.  To find out more, click here and read the paragraph that starts with “Did you wonder…”

• In December, we sent out some information that, in our opinion, showed that the foreclosure crisis was behind us due to the fact that fewer and fewer homeowners are behind on their mortgage payments.  To read more, click here.  An update of those numbers shows that December foreclosure starts and delinquencies were even lower than November.

• Some interesting information that we found on foreclosures is how much quicker states that do not require court intervention in the foreclosure process (non-judicial states) are recovering from the foreclosure crisis compared to states where foreclosures are processed through the courts (judicial states).  One specific statistic shows that foreclosure inventories in judicial states are 2.5 times higher than foreclosure inventories in non-judicial states.

• FYI:  Illinois is a judicial state that requires court intervention in the foreclosure process.  Missouri does not require court intervention.

• If you like charts and would like to view this foreclosure and delinquency information for yourself, click here.

• By the way, have you read the story about the multiple homeowners in St. Charles that live on the same street and are all having problems with their garage door openers?  If not, click here.  It is a little interesting.

Have a great day and a great rest of the week!