Mortgage Loan Delinquencies Prepare To Set New Records In 2009
Not the news we want to hear but what we NEED to hear!
The foreclosure mill continues to churn as mortgage loan delinquencies prepare to set new records in 2009. According to a report released by TransUnion, mortgage defaults increased for the 11th straight quarter, with delinquencies for the third quarter averaging 6.25 percent, up 58% over 2008.
Those states that have been particularly hard hit by the housing crisis will continue to suffer high rates of foreclosure; however, the overall rate is unlikely to experience a dramatic increase due to the various efforts at mitigation. With the unemployment rate expected to remain at record highs well into 2010, defaults and subsequent foreclosure will remain a problem for the housing market.
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