I read in the news yesterday that 1 out of every 10 households in America are behind in their mortgage payments by at least 1 month. This in my opinion is outright scary. The Mortgage Bankers Association officiallyannounced this news about American households. They also say that the problem is stemming more and more as a result of people losing jobs and the bad economy. Before now the bulk of the blame went to the adjustable rate mortgages and sub-prime borrowers. Now, it seems as though the tough economy and job less is a major factor as well.
Congress needs to be focusing more on this issue and I hpoe they can come up with some sort of relief for homeowners directly. I don't know whether dropping the rates would help at this point. Rates are already low and we have not seen a spark.
Josh McKnight
Keller Williams Real Estate
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