Alaska continues to have one of the lowest levels of foreclosures and delinquent residential mortgage loans in the country according to the Mortgage Bankers Association 2nd quarter survey.
Alaska ranked 2nd best of all 50 states in both total foreclosures in progress and those started in the 2nd quarter of 2010. Alaska’s total foreclosure rate of 1.4% compares to 4.6% nationally. Alaska’s rate averaged 0.9% in 2008 and then began to rise in 2009 to a high of 1.4% at the 3rd quarter. It has remained at that level for the last nine months. Nationally the foreclosure rate was 2.8% in 2008 and continued to rise each quarter, reaching its current level of 4.6% by year end 2009. It has remained constant at this level in 2010.
Subprime loans, to traditionally unqualified borrowers, were a major source of the mortgage problems that plagued the country recently. However, Alaska continues to have the lowest level of subprime loans delinquent or foreclosed in the nation. Alaska’s subprime delinquency rate is only 11.9% while the national average is 25.9%. The second lowest state is Colorado at 19.1%, so Alaska is far ahead of the pack in this important category. It is important to note that Alaska is still 5% worse than its recent low of 6.3% in the 3rd quarter of 2008 and Alaska’s rate did increase by 0.5% from 11.4% at the 1st quarter of 2010.
Remember that you may not know everything about the property before you bid on it or put in an offer. In some states, the property is auctioned and you might not get the chance to see it before you buy. This could spell trouble if there is structural damage to the home. Keep in mind that most of the time those who are being evicted from their home will take the appliances. Some will even damage or vandalize the home, and most distressed home owners have no money to use to keep up a home, which means the home may have problems that will cost a lot to fix. Be sure you factor in the cost of potential repairs when considering how much of a bargain a particular property is going to be.
mortgage information
Posted by: Account Deleted | Sunday, September 12, 2010 at 09:16 PM