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Record 12% of Mortgages Are Delinquent

Discussion in 'Forex Daily News & Outlook' started by godoftrading, May 29, 2009.

  1. godoftrading

    godoftrading New Member

    Feb 23, 2009
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    12 pct. are behind on mortgage or in foreclosure

    Delinquencies and foreclosures set record in 1st quarter, driven by prime loan defaults

    NEW YORK (AP) -- An industry report shows that a record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit.

    The Mortgage Bankers Association said Thursday the foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process.

    At the same time, almost half of all adjustable-rate loans to borrowers with shaky credit were past due or in foreclosure.

    California, Nevada, Arizona and Florida accounted for 46 percent of new foreclosures in the country.

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