Jumbos Are Failing
The unemployment crises in the United States has hit every economic level. A new report form Trulia.com, a comprehensive real estate website, suggests that homeowners with jumbo mortgages, once the most credit worthy buyers in the country, are now failing at unprecedented levels.
Jumbo loans are any mortgage loan that exceeds $729,750. Conforming loans are eligible for purchase by Freddie Mac or Fannie Mae. The original limit on comforming loans was $417,000 in the U.S. In February 2008, President Bush increased the limit to $729,750.
Fannie Mae and Freddie Mac are not liable for any amount of a mortgage that exceeds the limit. When the economy was running on all cylinders, Americans were qualified for large mortgages and with the high prices commanded by the market, jumbo loans were a way of life for high income families.
Trulia.com suggests that many of the foreclosures in this price range are strategic defaults. Homeowners now realize that the home they spent $1 million to acquire has been discounted by as much as 30 percent. Many high income homeowners are stunned that the amount of their jumbo mortgage now exceeds their property value. These homeowners have determined not to put more good money into a bad situation and are allowing their mortgage to default.
Ironically foreclosures in some of the areas hit hardest by the recession are showing signs that they have peaked. However, foreclosure in many of the nation’s metropolitan areas have continued to rise.
RealtyTrac confirms that in 154 or 206 metropolitan areas with populations of 200,000 or more, foreclosure filings continue to post year-over-year gains. The Fort Lauderdale-Miami-Pompano Beach area leads the country with 94,466 foreclosure filings in the first half of 2010. Investors have been hesitant to attempt short sales on jumbo mortgages but Fannie and Freddie have enacted legislation to halt strategic defaults.
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