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More Homeowners Fall Behind on Mortgages
About one in seven American households with mortgages is behind on payments or in foreclosure, according to new data from the Mortgage Bankers Association. That is up from about one in 10 a year ago.
The group reported Thursday that 14.4% of first-lien mortgages on one-to-four-family homes in the third quarter were 30 days or more overdue or in the foreclosure process. That is the highest rate since the MBA began reporting such data in 1972, and works out to about 7.5 million households at risk of losing homes. The percentage is up from 10% a year earlier and 7.3% two years ago.
Loan defaults have been rising swiftly for more than three years. At first, the problem largely reflected loose lending practices during the housing boom that allowed millions of people to buy homes they couldn’t afford. Now the problem is compounded by rising unemployment, which hit 10.2% in October, the highest since 1982.
Read more at: The Wall Street Journal
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{Photography by Sleepy Neko}
Problem mortgages hit new high at 14 percent
Data mean foreclosures may not peak until next year
More than 14 percent of borrowers were in trouble on their mortgage during the third quarter, a new record, according to an industry survey released Thursday, which also suggests that the foreclosure rate is likely not to peak until next year as unemployment rates continue to rise.
Unemployment remains a big driver of the problem, according to the Mortgage Bankers Association, which conducts the survey. Those with delinquent loans now include a growing portion of people traditionally considered creditworthy and people whose mortgages are insured by the Federal Housing Administration.
“The outlook is that delinquency rates and foreclosure rates will continue to worsen before they improve,” said Jay Brinkmann, the group’s chief economist.
About 9.6 percent of borrowers were delinquent on their mortgage during the third quarter, according to the survey, and another 4.5 percent more were somewhere in the foreclosure process. Overall, about 14 percent of mortgage loans or 7.4 million households were delinquent or in the foreclosure process during the quarter, according to the group.
Read more at: The Washington Post
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{Photography by The Truth About . . .}
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