Foreclosure Numbers Lower In Alaska
July 10th, 2008
Compared to the national chaos the foreclosure numbers are lower in Alaska. By area Alaska to the north west of the North American continent is the largest state in USA. Per capita it is one of the richest and racially Alaska is the most diverse state. But foreclosure number, although less than the rest of the country, has not spared Alaska. Alaska or Alyeska means the ‘great land’.
As per reports coming in during the first week of June 2008, the house loan rates are one of the best in the country. The delinquencies in mortgages were well below the national average during the first quarter of the current year, according to Mortgage Bankers Association. Out of 92,000 loans, payments of 3.4% of these were delinquent. The national average is 6.4%. North and South Dakota, Hawaii, Oregon, Montana and Washington rates were better than Alaska. The highest delinquencies recorded were Mississippi (9.4%), Michigan (7.8%) and Georgia (7.4%).
The next step following delinquencies is foreclosures Here too Alaska’s numbers are less than other regions of the country In the first quarter of this year, 0.77 % of all the mortgages in Alaska were sitting in foreclosure. The number makes Alaska rank the second lowest in the nation coming just after Montana. Of the foreclosures that started during this quarter, the percentage was 0.35% of the Alaskan mortgages. North Dakota and Wyoming only had lesser foreclosure numbers.
Most of the delinquencies and foreclosures noted, emanated from the sub-prime mortgages contracted here. These were given mostly to those with weak credit history. The national percentage for sub-prime loans heading for foreclosure was 18.8% while in Alaska it was 7.7%. Nationally 4.1% of the sub-prime loans started on foreclosure. In Alaska the first lot of entry into the foreclosure zone was 1.2%.
In every respect Alaska fares better than the national figures. The delinquency rates in Alaska were 3.4% as against the national figure of 6.4%. 0.35% of loans were foreclosed for the first time in Alaska while the national figure was 0.99%.
Each state has its distinct foreclosure laws although more or less the outline is the same for all. In Alaska both judicial and non-judicial foreclosure are permitted. The Deed of Trust is the primary security instrument. Foreclosures are usually started after 90 days of failure to pay dues. The right of redemption varies from one individual case to another. The same applies to deficiencies of judgment.
- Civil Courts are Clogged by Staggering Number of Foreclosures
- Scam Companies Are Proliferating, Thanks to Foreclosure Crisis
- The Obama Government Aggressively Responding to the Foreclosure Crisis
- Foreclosure Measures Being Discussed by Congress and HUD Secretary
- Ben Bernanke Facing Brickbats As Well As Kudos for His Foreclosure Mitigation Plans
- House Builders and Mortgage Associations Wake Up To the Benefits of Empowering Judges to Modify Loans to Avoid Foreclosures
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August 13th, 2008 at 6:16 am
Habitat for Humanity has long been building and renovating properties for low income potential homeowners, the current housing price declines are now providing additional opportunities for Habitats to buy homes for renovation. This is one of the better solutions to large numbers of foreclosed homes in a low income area. It doesn’t require large amounts of government money, it’s not mandated by legislators, it’s a free market solution to a localized problem.
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Alicemark
Alaska Drug Treatment