Sales of new US homes slid 8.3 percent in August to their lowest level in seven years, Commerce Department data showed today (September 27, 2007). The report showed new-home sales at a seasonally adjusted annual pace of 795,000, worse than market expectations of a decline to a rate of 825,000. The pace of [...]

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The number of borrowers in the U.S. falling behind on the riskier types of home mortgages continues to grow, according to new data from First American Loan Performance, a research firm in San Francisco.
The rapid rise in overdue payments and defaults has forced dozens of lenders out of business or into bankruptcy protection in recent [...]

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According to some data, foreclosures were up 42% nationally in 2006. That pales in comparison to what lies in store, based on data from sub-prime lender Novastar Financial’s recent securitizations.
Some things to note when looking at these charts:

Securitizations from 2004 saw a big spike in defaults around months 24-27 when many of the 2-year ARMs [...]

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First American CoreLogic released a study recently investigating the impact of mortgage payment reset and provides insight into which loans will be most affected when adjustable-rate mortgages convert from low introductory interest rates to higher prevailing market rates. The study is titled “Mortgage Payment Reset: The Issue and the Impact.”The study examines 26 million mortgages [...]

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