The delinquency risks for home mortgages in Hampton Roads remained slight in the first quarter compared with metro areas elsewhere in the country, according to a publication that analyzes lending risks. The Virginia Beach-Norfolk-Newport News region ranked 343rd in level of delinquency risk among 381 markets nationwide, according to Core Mortgage Risk Monitor. That was unchanged from the region's rank in the previous quarter.
Among the country's 100 largest markets, Bakersfield, Calif., faced the highest risk of mortgage delinquency, according to the publication, compiled by California-based First American CoreLogic. The Virginia Beach-Norfolk-Newport News region ranked among the 10 markets with the lowest risks out of those 100. Richmond and the Washington-Arlington-Alexandria-D.C. area were also on the list of least risky markets.
Core Mortgage Risk Monitor said it determined the rankings by measuring several factors, including the prospects for mortgage fraud, risk to collateral and the economic health of each region's economy.
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This is certainly good, but not surprising news
It is great to know that our area is in the top 10% nationwide for low risk of forclosures. There has not been the same degree of mortgage gamesmanship here or the wild runup and sudden significant drops in real estate values. Sure there have been some drops here and there, but that is to be expected as a normal market correction. Lending standards are now "tougher", meaning how they should have been all along, prices are stable and interest rates are low. As soon as the media stops scaring everyone, and the national scene returns to a more stable environment, things will be back to normal.
Hopefully it will pick up
Hopefully it will pick up. How bad are delinquencies? I know there has to be a good amount of subprime loans here based on the housing costs. Here is a real tool where you can peek at the loan types in a region. It's from the NY Federal Reserve Bank: www.newyorkfed.org/mortgagemaps/ .
Few foreclosures here
There have been only a few foreclosures here compared to other places in the U.S.
Ohio, Nevada, Florida, California, and Georgia are the places that have the biggest problems.