Crew Capital Management Thoughts on Investment

Welcome to the Crew Capital Management Thoughts on Investment blog. At Crew Capital, investment education is key to how we work with our clients. We hope our conversation and analysis entice you to think further on your investment strategies and planning. For further discussion, please contact us at rjung@crewcapital.com

Thank you!
Robert F. Jung, CFA CPA*

*CPA inactve

Thursday, September 18, 2008

Home Prices Driving Loan Defaults

Housing inventory sits at nearly 12-months, or more than twice the average level. Foreclosures are adding to supply. As a result, more downside in home prices seems assured. Home prices are already down about 15% from the 2006 peak, according to S&P Case Schiller. Many of the major banks are forecasting additional price declines of that same magnitude. Less well publicized is that home prices doubled nationally from 1998 through mid-2006, and ballooned by far larger amounts in the markets now seeing the biggest declines. Still, for those that signed up for highly leveraged mortgages late in the boom, delinquency rates continue to skyrocket. The percentage of home loans more than 30 days past due is already at its highest level since the early 1990’s. On September 5, the Mortgage Bankers Association reported that as of June 30 more than 9% of mortgage loans were either at least one payment past due (6.4%) or in foreclosure (2.75%), both records.


Source: Argus Research Market Watch, September 18, 2008
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