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I have theorized about the 20% Downpayment Myth on the blog and in trade rags such as Chicago Real Estate Executive. Why do banks like to see a home buyer make a downpayment of at least 20%? Because that's the typical "discount" offered on homes against which the mortgage has...
I went back in time on some research today, re-reading the post, "The Coming Foreclosure Boom". It wasn't from so far back as November 5, 1955 (it was only from March 2006), but it felt like ancient history to me. Some of the highlighted ideas in that original blog entry...
What is Stockton, California, Alex? According to RealtyTrac, California was home to six of the leading 10 foreclosure cities in April 2007. These cities were (with ranking): #1 Stockton #2 Vallejo-Fairfield #4 Riverside-San Bernardino #6 Modesto #7 Sacramento #8 Merced Stockton -- as leading foreclosure city in the nation --...
There is an emerging pattern in which mortgage defaults by state inversely correlate to the rate of home appreciation. We first noticed this trend in California, where foreclosure rates are ultra-low. Now, I've found two "Top 10" lists that add support for the pattern. Table 1 lists Q4 2005 state...
I recently speculated about Californians and why their default rates had been so low. That theory may hold more water now that Iowans are defaulting on their home loans at a faster clip than the national average. The biggest difference between homes in Iowa and California is the rate at...
The San Francisco Chronicle reports that mortgage deliquencies in California reached "historic" lows in Q1 2005. California's seasonally-adjusted default rate of 1.82% is the lowest in 26 years and 0.31% lower than Q4 2004. California foreclosures represented 0.2% of total loans outstanding -- the lowest figure in the country. One...
