Sunday, November 28, 2010

16 Months Of Free Shelter

492: The number of days since the average borrower in foreclosure last made a mortgage payment.
Banks can’t foreclose fast enough to keep up with all the people defaulting on their mortgage loans. That’s a problem, because it could make stiffing the bank even more attractive to struggling borrowers.

In recent months, the number of borrowers entering severe delinquency — meaning they missed their third monthly mortgage payment — has been on the decline, falling to about 700,000 in October, according to mortgage-data provider LPS Applied Analytics. But it’s still more than double the number of foreclosure processes started.
As a result, banks are taking progressively longer to foreclose. The average borrower in the foreclosure process hadn’t made a payment in 492 days as of the end of October, according to LPS. That compares to 382 days a year ago and a low of 244 days in August 2007.


  1. Yikes! Sorry I must have stumbled into by accident...Here I thought this was supposed to be comments about people living rent free in their semi-foreclosed homes...My bad!

    Carry on.

  2. 3:07...Dont worry. School starts again today and the kiddies will be back annoying their teachers soon.

  3. Geez, if that's the case, they need to go to better schools. Those first couple posters couldn't string a complete sensical sentence together if their collectives lives depended on it!

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