Spotted this deceptive short news piece in industry news yesterday:
"First-mortgage delinquency improved for the fourth month in a row and stands at its lowest level since before the financial crisis. It's a similar story for second liens.
The 90-day delinquency rate on first mortgages finished April 12 basis points lower than in March. It was the fourth consecutive month that 90-day delinquency improved and the lowest rate since July 2007.Compared to April 2011, the rate of late payments on first mortgages was down 28 BPS."
The Trick here? The math utilized does not include the most serious delinquency category ever, Those in Foreclosure! Hell, if you remove that growing gagging number, it's no wonder things don't all that bad - this sort of BS reporting has always troubled me over the years, who do these guys really think they are kidding? Not me.
Thoughts about the residential real estate mortgage industry from a 40+ year insider eyewitness
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