Friday, December 05, 2008

One in 10 American homeowners fell behind on mortgage payments

One in 10 American homeowners fell behind on mortgage payments or were in foreclosure during the third quarter as the world’s largest economy shed jobs and real estate prices tumbled.
The share of mortgages 30 days or more overdue rose to a seasonally adjusted 6.99 percent while loans already in foreclosure rose to 2.97 percent, both all-time highs in a survey that goes back 29 years, the Mortgage Bankers Association said in a report today. The gain in delinquencies was driven by an increase of loans with payments 90 days or more overdue.

This is currently not the best news to hear in times like this; on the positive side, the Obama Administration may deal with this in a more direct manner then the current administration.

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