It's hard for Santa Rosa Real Estate to escape the total economic collapse the US is experiencing. The stats keep coming and nothing is good. But I see and end coming to this slide, and my money is still on Spring 2009.
A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year, the Mortgage Bankers Association reported. That's up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007.
The only bright spot in the report is the devastation wrought by subprime ARMs appears to be waning. Their 30-day delinquency rate continues to fall and is at the lowest point since the first quarter of 2007.