According to this TransUnion press release, TransUnion.com: Mortgage Loan Delinquency Rates on Course to Hit Record in 2009 - Deceleration in Rate Climb Continues for Third Consecutive Quarter, in the 3rd quarter of 2009 the rate of mortgage loan delinquencies (the ratio of borrowers 60 or more days past due - a precursor to future foreclosures) increased 58% over the 3rd quarter of 2008 to reach an all time record of 6.25% (up from 3.96%). The rate of mortgage loan delinquencies has now increased for the 11th consecutive quarter. Below are the quarterly rates of increase in the rate of mortgage loan delinquencies in 2009:
- 2009 Q3: approximate 7.57% increase from 2009 Q2.
- 2009 Q2: approximate 11.3% increase from 2009 Q1.
- 2009 Q1: approximate 14% increase from 2008 Q4.
Personally, I think that Mr. Guarrera is being overly optimistic. I see no reason why mortgage loan delinquencies, foreclosures and short sales will be lower in the near future. Job losses, even at a slightly slower pace, are still job losses and people who do not have jobs tend to have a difficult time paying their mortgages. Beyond that, the housing market still has too much new construction and too many "shadow foreclosures" (homes that should be foreclosed due to mortgage non-payment, but are not) that will come onto the market within the next year.
If you are a Middle TN homeowner, property owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in and around Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN and Belle Meade TN). If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.