The Alaska Department of Labor and Workforce Development
recently revealed that in 2007, the State of Alaska had 830 foreclosures, which was about
a 38 percent increase from 2006. Home foreclosures have been rampant all year
in the nationwide collapse of the housing bubble. As lenders Fannie Mae and
Freddie Mac are taken under government control, how is Alaska and Kodiak faring? Mary Donaldson has
Brian Laurent is a research analyst for the Alaska
Department of Labor and Workforce Development. He says for 2007, Kodiak had its
second highest foreclosure rate since 2000, with the total number at 10 homes.
The highest number of home foreclosures since 2000 was in 2002, with 17 homes being
foreclosed on. Kodiak’s lowest foreclosure number this decade was in 2004 with
six. For the first two quarters in 2008, there were six home foreclosures.
says because numbers are so small in the Kodiak recording district, that making
trend predictions are hard to do, unless the foreclosure numbers end up
changing dramatically. As it stands today, Kodiak has reported 2 more
foreclosures compared to last years report during the same time. He says
foreclosure rates are on the rise state-wide, but not nearly as dramatically as
the rest of the country.
says average loan-to-value (LTV) ratios play an important role in foreclosure
(Laurent 1 :26s “…less equity up front.”)
He says LTV ratios also depend on what type of mortgage
the borrower takes out, and could determine whether or not they will have
mortgage trouble later on.
(Laurent 2 :44s “…unable to refinance.”)
He says increasing LTV ratios are an indicator that
homeowners might be stretching to buy there homes. Laurent says inflation could
be why some home mortgage borrowers are getting into trouble.
(Laurent 3 :35s “…qualify for a mortgage.”)
says the number of mortgage loans also increased in Kodiak from 2006 to 2007.
(Laurent 4 :26s “…as
a whole decreased.”)
Mortgage loans in Kodiak went up by three from the second
half of 2006 to the second half of 2007, from 109 loans to 112. Anchorage has 2 thousand
six total loans for the second half of 2007, which was a decrease of 498 loans
from the same period the previous year.
I’m Mary Donaldson.
HOST TAG: To find a link to the State’s recent survey
on Alaska Mortgages, click here.