NJ ranked 9th in # of delinquent home loans at 15%

by: Jason Springer

Fri May 21, 2010 at 10:15:00 AM EDT

Recently released numbers show just how much trouble people are having with their homes. Though we're 9th overall, it looks like we have the 6th most serious delinquencies, meaning they are greater than 90 days behind and in foreclosure. We have a 15% total delinquency rate. Here's a graph that illustrates things, click to enlarge:

Check out this analysis:

This highlights a couple more points that Brinkmann made this morning: 1) the largest category of delinquent loans are fixed rate prime loans, and 2) this is not just a "sand state" problem. Brinkmann argued the foreclosure crisis is now being driven by economic problems as opposed to the bursting of the housing price bubble - and this is showing up in prime loans and all states. Although Florida and Nevada are very high, notice that the blue bar (new delinquencies) are higher in many other states.

It's tough for many people out there. And these numbers don't eveb take into account the people who are just avoiding foreclosure or those under water whose homes are worth substantially less than the amount owed on the mortgage.

Jason Springer :: NJ ranked 9th in # of delinquent home loans at 15%

Tags: foreclosures, homes, mortage, (All Tags)

Print Friendly View

Send As Email

NJ ranked 9th in # of delinquent home loans at 15% | 5 comments

Delinquencies will get worse (0.00 / 0)

Serious delinquencies in home loans will only increase as a result of our governor's budget cuts which are resulting in the firing of teachers, first responders, non-profit social/medical services staff, and a host of state, county, municipal, and private business employees. This is no way to lead NJ out of its recession. Increased taxes for the higher income residents should be a part of NJ's recovery plan. And, incidentally, the higher income residents, even with a one or two per cent tax increase, will remain well enough off so they will not increase serious delinquencies. They will just have to tighten their belts further, as other New Jerseyans are already doing.

"The work goes on, the cause endures, the hope still lives, and the dream shall never die." - Sen. Ted Kennedy

by: Bill Orr @ Fri May 21, 2010 at 17:53:03 PM UTC

by: you @ soon

To post this comment click here:

Otherwise click cancel.

The "rich" already have had "shared pain" (0.00 / 0)

His tax surcharge started last year for them while everyone else had no tax hike ,they even enjoyed rebates ...while the "rich lost thoes plus the property tax exemption on state returns ....it's time the ordinary folk shared some pain as well

by: speedkillsu @ Fri May 21, 2010 at 22:34:38 PM UTC

by: you @ soon

To post this comment click here:

Otherwise click cancel.

Let's trade places (0.00 / 0)

Anytime a "rich" person complains that they are being penalized for being "rich", I'd be happy to change places with them.

From any perspective other than a self-absorbed rich person, the rich haven't sacrificed a bit in this economic crisis.

I don't know if you are a self-absorbed rich person or not, but you sure are defending them.

by: princetonblue @ Sat May 22, 2010 at 00:15:55 AM UTC

[ Parent ]

I do find it amusing (0.00 / 0)

that you believe you are entitled to take someone's money ,just for the simple fact he makes more than you

by: speedkillsu @ Sat May 22, 2010 at 09:43:06 AM UTC

[ Parent ]

"Taking Money" = Taxes (0.00 / 0)

I believe everyone has a responsibility to pay taxes, which is the cost of living in a civilized society that provides the climate by which one can live and make a living.

Unless you are advocating an end to all taxes, the right to "take money" from people in the form of taxes is a given. What we are talking about is the percentage.

Contrary to what you assert, all people's earnings are treated equally. What we are discussing is what the percentage of taxes should be on income over $400,000 or $1,000,000.

by: princetonblue @ Sat May 22, 2010 at 16:05:33 PM UTC

[ Parent ]