RESIDENTIAL MORTGAGE FORECLOSURES HIT ALL TIME RECORD
By Daniel at 28 May, 2009, 9:55 pm
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
“More Homeowners Facing Foreclosure ” By Jack Healy - NYT
“More homeowners than ever before are falling behind on their mortgage payments and sliding into foreclosure, according to figures released on Thursday, a sign that the country’s housing crisis is spreading through the ranks of previously stable borrowers.
About 5.4 million of the country’s 45 million home loans were delinquent or in some stage of the foreclosure process in the first three months of the year, according to the Mortgage Bankers Association. About 12.07 percent of all mortgages were delinquent or in foreclosure, up from 11.93 percent at the end of 2008.”
The full article is at:
http://www.nytimes.com/2009/05/29/business/economy/29home.html?hp
Foreclosures are now spreading heavily into prime “creditworthy” borrowers where rates soared to 6% of these borrowers in default or some stage of foreclosure:
http://www.comcast.net/articles/finance/20090528/US.Foreclosures/
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Trackbacks & Pingbacks