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Paul Kiesel
Paul Kiesel
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Foreclosure Statistics of the Day

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According to a report released this morning by the Mortgage Bankers Association (MBA), almost 1 in 10 homeowners with a mortgage faced foreclosure or fell behind in their payments during the first three months of 2008.

This marks the worst quarter for American homeowners in nearly 30 years (1979). Rates of foreclosure and late payments surged to the highest levels since 1979.

The MBA’s first quarter report also showed that a record 2.5% of all loans being serviced by its members are now in foreclosure, which means: that 1.1 million homeowners are about to lose their home. What’s even more unfortunate is thata large numberof the homes in foreclosureare situated in just four states. Arizona, California, Florida and Nevada comprise over 35% of all homes in foreclosure, with the total of home in foreclosure exceeding 400,000. In fact, foreclosure rates in those four states are almost double the national average of 2.5%.

And Angelo Mozilo still claims this housing crash was unforeseeable. With home prices at all time highs just two years ago, and mortgage companies wanting to get their hands on every centthat couldhave been made fromall of the”bubbled” homes’ equity, it only makes sense that 1. The housing bubble would eventually burst and come back to reasonable levels (prices)and 2. That Mozilo, as a businessman and whohad been ultra-successful in building his mortgage empire, knew EXACTLY what he was doing and how much money he could make on theinterest only loans and teaser rate mortgages that Countrywide initiated.