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May 10, 2010

60 day delinquent mortgages show (not so) "surprising" 1Q drop

From the mental fissionist mega-geniuses at All Propaganda.

The rate of late mortgage payments dropped in the first quarter for the first time since 2006, according to credit reporting agency TransUnion.

The 60-day delinquency rate slipped to 6.77 percent, from 6.89 percent in the fourth quarter of 2009. That was the first decline after 12 consecutive quarters of steady increases, TransUnion said.

The first-quarter figure still represents a substantial jump from a year ago, when delinquencies were at 5.22 percent. But FJ Guarrera, vice president in TransUnion's financial services business unit, said it's still good news.

"To see it turn down is a very, very strong sign," Guarrera said, adding that positive economic indicators like Friday's increase in job creation make the outlook even better...

Before these clowns get all giddy and start polishing each other's knobs, maybe they should consider that maybe, just maybe, this is kinda due to something worthy of a tad less euphoria? Perhaps something along the lines of more lenders finally pulling the trigger on foreclosures? Enough dead/written down/foreclosed mortgages just might, I realize this is a real long shot, just maybe, probably just crazy talk anyway, change the number of "late" mortgages still on the books making it go down?

But that scenario would kinda deflate the gestalt of this group lovefest now wouldn't it?

I know, its all crazy talk, a 1:1,000,000 shot that my scenario is true, and we got a better chance of finding a Stargate buried under home plate at Yankee Stadium tomorrow.


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posted by Purp at 11:11 AM

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