I don't see how the OC Register can say we're out of the recession, housing prices will go up, when CA is broke, unemployment is high, and the fed spends over a $trillion per year more than it receives.
From OC Register
8.4% of O.C. mortgages 90 days late
June 7th, 2010, 3:43 pm · 9 Comments · posted by Jon Lansner
According to CoreLogic’s latest late-mortgage report, 8.40% of Orange County home-loan borrowers as of April are 90 days-plus late with their house payments. That’s +2.60 percentage points vs. a year ago. Also …
April OC CA US
90+ day delinquency (This year) 8.40% 11.60% 8.90%
90+ day delinquency (Last year) 5.80% 8.45% 6.03%
Percentage pt. chg. in delinquency
+2.60 +3.15 +2.87
Foreclosure rate (This year) 2.37% 3.14% 3.20%
Foreclosure rate (Last year) 2.22% 3.20% 2.46%
Percentage pt. chg. in foreclosure
+0.15 -0.06 +0.74
REO rate (This year) 0.35% 0.76% 0.57%
REO rate (Last Year) 0.45% 1.02% 0.58%
Percentage pt. chg. in REO
-0.10 -0.26 -0.01
Compare that change in delinquency rate to the national movement in a year of +2.87 percentage points vs. a year earlier or +3.15 percentage points in California.
2.37% of Orange County homes were in the foreclosure process; +0.15 percentage points vs. a year earlier.
0.35% of Orange County homes were repossessed by banks as REO (real estate owned); -0.10 percentage points vs. a year earlier.
Orange County 90-day delinquency rate is -3.20 percentage points vs. the state’s slow-pay rate and -0.50 percentage points vs. national pace
At right is a table showing how Orange County mortgage troubles compare to state and national payment woes.
Read this from Dr. Housing Bubble:
This has been the worst May on record dating back to 1962. Many Americans are finally waking up realizing that they have been scammed