It's official: the foreclosure rate is no longer driven primarily by low-quality (subprime) loans. With 48% of such loans at least delinquent they remain a serious factor, but the new driving force is unemployment. States with rapidly deteriorating economies (Texas, Georgia, New York & Louisiana) have contributed greatly to the latest spike in foreclosures.
Nationally, 12% of all homes with a mortgage are now at least one month behind - that's 5.4 million homes, and this is a 20% increase in delinquency from late last year. Adding to this joy, the February '09 jobless numbers will be released about two hours from now...
Help Us Publish These Three New Books
13 hours ago
No comments:
Post a Comment