Foreclosure Filings Fall in May

Wait until these Arm rates resets...

Read this:
http://www.streeteasy.com/nyc/talk/discussion/11885-are-we-done-with-foreclosures

I knew you'd hate it. Too bad...

I don't hate it, i'm just realistic.

300k per month is super high, if continued it'll lead to more than 3 million on a year. but some initiated foreclosures end up being resolved, used to be 50% before this bubble. anybody knows how much is that rate now?

admin, i don't have the number, but i've read it's very low this time, primarily due to HELOCs. the presence of more than one lender makes it very difficult. plus, even for those that are resolved, the recidivism rate is very high.

By the way, i don't know what you're excited about Inquirer?
"...Despite the dip, this was the third month in a row that foreclosure filings exceeded 300,000 and the third highest monthly total since the firm began collecting the data in 2005, according to RealtyTrac..."
That means in the last 3 month, more 900.000 foreclosures were filed. Is that good news to you?

"Filings fall 6% from April yet still stand 18% above May 2008."

"sledgehammer - report abuse Wait until these Arm rates resets..."

i jut had two of my properties ARM reset. They reset downward making my monthly payments lower.

I also had both places appraised by a bank in anticpation of a refi. They were both appraised higher than the last time they were valued - 2006.

I'm sure the foreclosure rate will be completely unaffected by rising interest rates and ARM resets. Enjoy the calm inquirer.

"admin, i don't have the number, but i've read it's very low this time, primarily due to HELOCs. the presence of more than one lender makes it very difficult. plus, even for those that are resolved, the recidivism rate is very high."

yep, i assume the amount of negative equity is without precedent, it has to be a big factor pushing this rate down. family members were a big source of help towards preventing the house to go to auction. but nowadays, even if they could help out the homeowner might not see the point retaining the "money pit".

"They were both appraised higher than the last time they were valued - 2006."

in nyc? which bank is that?

anybody knows the number of homeowners helped already with gov programs? some of the programs helped just a few guys, but which ones did make a big impact so far? if any?

hey fitz--if "two of your properties ARM reset" you are clearly way invested in this serious downturn--based on your claimed appraisals, do you really think your properties could be sold for more that their 26006 values? all very fishy to me--either you stole those properties in 2006, you own the appraisers, or......

Some good news!
Thank god!

"do you really think your properties could be sold for more that their 26006 values? all very fishy to me--either you stole those properties in 2006, you own the appraisers, or......"

the bank deserves some puts!

Sorry to be bearer of bad...I mean AWFUL news, but the FACT is that the bulk of Option ARM resets has yet to occur. When those waves hit, look out below.

http://mortgagenewsclips.com/wp-content/uploads/2009/05/dr2.jpg

"the FACT is that the bulk of Option ARM resets has yet to occur."

The bulk of option ARMs (70% to be exact) are in California and Florida, so let's not get excited over nothing.