Mortgage Foreclosure Rates Continue to Climb

jschreiber — Mon, 07 Dec 2009 20:43:44 +0000

Mortgage loan delinquencies increased for the eleventh straight quarter. Payments on 6.25 percent of residential mortgages were sixty days or more past due during the third calendar quarter of 2009. The delinquency rate during the second quarter was 5.81 percent. Year over year, mortgage borrower delinquency is up approximately 58 percent from the delinquency rate of 3.96 percent during the third quarter of 2008. These statistics are gleaned from approximately 27 million anonymous, randonly sampled, individual credit files. These files represent approximately ten percent of U.S. consumers who have credit.

The highest delinquency rates were found in Nevada and Florida, while the lowest delinquency rates were found in smaller populated states like North and South Dakota and Vermont.

The average national mortgage debt per borrower dropped slightly from $193,811 in the second quarter to $193,121. On a year over year basis, the third quarter 2009 average was up slightly from $192, 287 in the third quarter of 2008.

While it continues to be a positive sitgn that the increase in mortgage borrower delinquency rates has slowed for three consecutive quarters, we have to keep things in perspective. Delinquency rates are rising and expected to peak at record levels. Until the housing market can consistently demonstrate several months of home value appreciation and the unemployment rate improves, mortgage delinquencies will continue to rise. Unfortunately, as delinquencies rise, home values likewise will become more depressed.

Schreiber Invited to Speak at Continuing Legal Education Seminar

jschreiber — Sun, 06 Sep 2009 20:38:18 +0000

Marion attorney Jeffrey A. Schreiber has been invited to speak at an upcoming continuing legal education seminar entitled “Basic Bankruptcy” scheduled for presentation on October 16, 2009, at the Grand Wayne Convention Center in Fort Wayne. He will be accompanied by the Hon. Robert Grant, the presiding U.S. Bankruptcy Judge in Fort Wayne, along with other experts in the field.

The program is sponsored by the Indiana Continuing Legal Education Forum. It is the mission of the Commission for Continuing Legal Education to enhance the quality of legal services and professionalism in Indiana through administering, developing and regulating continuing legal education requirements, mediation training standards, and attorney specialization programs

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Mortgage Foreclosure Rates Continue to Climb

Schreiber Invited to Speak at Continuing Legal Education Seminar