by Bill McBride on 9/29/2009 10:33:00 AM
Tuesday, September 29, 2009
Here is a hockey stick graph ...
Click on graph for larger image in new window.
Fannie Mae reported that the serious delinquency rate for conventional loans in its single-family guarantee business increased to 4.17 percent in July, up from 3.94 percent in June - and up from 1.45% in July 2008.
"Includes seriously delinquent conventional single-family loans as a percent of the total number of conventional single-family loans. These rates are based on conventional single-family mortgage loans and exclude reverse mortgages and non-Fannie Mae mortgage securities held in our portfolio."
Just more evidence of some shadow inventory and the next wave of foreclosures.
Update: These stats include Home Affordable Modification Program (HAMP) loans in trial modifications.