Jobs, Foreclosures and The Weekend Poll
We have seriously bad news out of the Mortgage Bankers Association. More than 9 percent of all mortgage loans outstanding on one- to four-unit homes were at least one month behind on payments during the second quarter. That number, which is adjusted to reflect seasonal trends, broke the previous quarter's record level of delinquencies, and it doesn't even include people already in the foreclosure process. Count them in, and 13.6 percent (not seasonally adjusted) of loans are in trouble. That's the most MBA has recorded since the group started keeping track in 1972. Prime-credit, fixed-rate loans are leading the way, and MBA economists blame job losses for the trend. With job losses still coming, there's little reason to expect these numbers to turn around soon.
WEEKEND READING: In Saturday's Real Estate section, the Post's Dina ElBoghdady tells the story of two people who invested in foreclosure homes. One is a seasoned investor; the other a handy first-time homeowner. Who do you think fares best? And Emma L. Carew has tips on how to be more savvy when filing a homeowner's insurance claim.
CHAT DAY: Join me for the Real Estate Live chat today at 1 p.m. As always, you can submit comments early.
The Weekend Poll
This is a non-scientific user poll. Results are not statistically valid and cannot be assumed to reflect the views of Washington Post users as a group or the general population.
August 21, 2009; 6:00 AM ET
Categories: Foreclosure , Mortgages , Poll , The economy , Weekend Poll
Save & Share: Previous: Wells Fargo Being Sued Over Home Equity Loans
Next: Chat Plus: Pay Off the Second Mortgage or Save the Cash?
Posted by: cavatellie | August 21, 2009 11:56 AM | Report abuse
Posted by: kingstowne_renter | August 25, 2009 3:51 PM | Report abuse
Posted by: rubytuesday | August 26, 2009 8:44 AM | Report abuse
The comments to this entry are closed.