About 1 in every 7 home loans was either past due or in foreclosure at the end of the third quarter.
About one in every seven home loans in the country was either past due or in foreclosure at the end of the third quarter, according to the Mortgage Bankers Association's most recent National Delinquency Survey. That's the highest delinquency rate in the survey's history (the data begin in 1972).
It's important to note that mortgage delinquencies continue breaking records in the face of Uncle Sam's sweeping effort to keep struggling borrowers in their homes. Although the initiative has put more than 650,000 borrowers into trial loan modifications, there is growing concern that the Obama administration's initiative isn't well-suited for today's housing crisis. For example, although unemployment is the key force behind current delinquencies, borrowers who can't make mortgage payments because of a job loss can't participate in the program. Observers in growing numbers have called this a key shortcoming of the Obama administration's housing rescue. Expected Failure rates of those on currently in "Loan Modification" status to be 1 in 3 Foreclosure Rates will continue to raise in early 2010
So as they say in Minnesota
FARGO and much MOORHEAD
What is ahead for the housing market in 2010 -
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