Word: realtytrak
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Being rich during a recession can almost be as bad as being poor. The only difference is that the rich have more to lose. RealtyTrak, a research firm that follows mortgage trends, recently reported that the foreclosure rate on homes valued at more than $729,750, also known as the jumbo-mortgage limit, rose 127% in the first ten weeks of this year compared to the same period a year ago. Bloomberg, reports that "about $500 billion of prime-jumbo mortgages are bundled into bonds, according to Memphis, Tennessee-based FTN Financial." The default rate on those bonds may rise...
Home foreclosures in the first quarter of 2006 were up 72% over a year earlier, according to a study by RealtyTrak Inc. of Irvine, Calif. And in such states as Alabama, Michigan and Missouri, a fifth of homeowners in the higher-interest subprime category of ARMS were at least 30 days late in making a mortgage payment at the end of 2005, according to the Mortgage Bankers Association...
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