It is about to begin as lenders and borrowers both sing the mortgage blues. Foreclosure numbers are in, and we must ask if any lenders are going to re-state their income or take bigger mark-downs as a result.
Michigan led the nation in foreclosure starts with a rate of 1% of outstanding loans, with Ohio in second place with .98% and Indiana with .91%. Michigan ranked second in overall delinquency rates with a rate of 7.55%, behind Mississippi with a rate of 9.33%. Louisiana was third with a rate of 7.29%. Other states with high mortgage delinquency rates are Illinois, Kentucky, Tennessee and Pennsylvania.
States responsible for most of the nationwide increase in foreclosure actions are California, Florida, Nevada and Arizona, the study said. These four states have a disproportionately high share of investor loans and are more likely to default because they do not occupy the homes.
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The Subprime Mortgage Crisis Before, During, and After
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