Foreclosures Continuing to Rise across the Country

The number of homeowners delinquent on their mortgage payments and the number of home foreclosures rose to record levels in the first quarter of this year. Interest rates on home loans climbed as the government’s efforts to contain falling home prices appeared to lose momentum. The foreclosure report on claims that the delinquency rate climbed from 7.88 percent to a seasonally-adjusted 9.12 percent, and the number of home loans entering foreclosure rose to 1.37 percent. The Mortgage Bankers Association said that the 1.37 percent jump represented the largest increase in history and that the 9.12 percent jump in foreclosures was also an all-time record since they began tracking in 1972. The housing decline—now in its third year with no sign of a turnaround—has thus far resisted government efforts to reverse or stabilize foreclosure and delinquency rates. In a sign that job losses across the country are fueling a new wave of foreclosures, prime fixed-rate mortgages to the most creditworthy borrowers accounted for the single largest share of new home foreclosures at 29 percent. Jay Brinkman, the MBA’s chief economist, said in a recent interview, “If people don’t have a paycheck they can’t support a mortgage. The longer the recession lasts, the more people run through their savings reserves, leading to higher delinquencies and higher foreclosures.” Right now, one in every eight American homeowner is either late on a house payment or their home is already in foreclosure as the economy continues to shed jobs and people fall behind. The MBA claims that around half of the latest wave of foreclosures is in four states: Nevada, Florida, California and Arizona. If you’re thinking about buying a foreclosed Louisville home as an investment or primary residence, visit for the area’s most extensive Louisville real estate listings and foreclosures.

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

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