24% of FHA Loans written in 2007 in Default. 20% of FHA loans written in 2008 are in default.
Recap of findings of the latest RealtyTrac report:
* The foreclosures surged 15% as compared to one year ago.
* For Every 409 U.S. homes – 1 is now facing default.
*Over 87,000 homes were repossessed just in January 2010 alone. That’s a 31% increase over January of 2009.
*The number of pending foreclosures will increase by nearly 40% to a record high of 3.5 million as compared to the old record of 2.8 million in 2009.
*Home values plunged even further by 17% in December 2009.
*Fannie Mae conventional loan delinquency rates have more than doubled from 2008 year end to 5.3% by the close of 2009.