Monday, January 14, 2008

Northampton County Has Record Foreclosure Rate

According to the Northampton County Sheriff's office, its February Sheriff's Sale list stands at 86, the largest number of foreclosures in the county's history. But we're not in a recession.


Anonymous said...

given the long builing boom in the county, is 86 a large number as a percentage of all mortgages ?
That is, has there ever been a larger percentage of foreclosures relative to all mortgages?

Bernie O'Hare said...

has there ever been a larger percentage of foreclosures relative to all mortgages

There is no statistical evidence to answer that question. I could do so, but it would take me several weeks.

There have been large numbers of mortgages before. It's a cyclical thing. But I don't really know for sure that this foreclosure rate is the highest percentage of foreclosures as against existing mortgages. I suspect so, but can't be sure.

I'd have to check against the late 20s and early 30s. But according to the sheriff's office, Feb will mark the month in which the highest number of properties are being sold - ever.

Anonymous said...

Perhaps a little perspective is needed. Are they any figures easily available for recent months?

If a year ago it was 85, this number wouldn't mean much.

Stand alone statistics should always be suspect until they are put in context.

Bernie O'Hare said...

RS, I've done some of that. In 2005, an average of 45 properties was listed for sale monthly. In 2006, that figure remained steady. In 2007, as of April, 57 properties were being listed monthly.

86 is a big jump.

Bernie O'Hare said...

To give you a little perspective, check out this post from last year.

I'll look over the 2007 figures.

Anonymous said...

While foreclosures have increased (mostly due to the sub-prime mess), a less interesting story is that 96% of all US mortgages are being paid on time despite several recent, significant economic challenges (e.g. rising interest rates on adjustables, rising fuel costs, rising unemployment). I admit to a preference for viewing the glass half full, but the mortgage glass is much more than that.