David Kirkpatrick

December 6, 2008

Mortgage delinquencies and foreclosures way up

Filed under: Business, Politics — Tags: , , , , , — David Kirkpatrick @ 1:07 pm

Now this is not really news, but as an economic indicator it’s very, very distressing. While Rome burns and corporate socialism goes on unabated, Main Street USA has been enduring a slow rot for a couple of years now.

There will be a heavy price to pay as a nation if this problem does not meet a real solution soon. I feel happy I have a very manageable mortgage, fixed at a great rate. I have friends who aren’t so lucky.

Some got a little greedy buying a home and some just got screwed by the broker/bank combo pressing them into loans that would never be workable under any circumstances, then completely hiding the nature of the loan before the shit hit the fan.

I bet a lot of these homeowners in trouble faced the same set of circumstances.

From the link:

One in 10 American homeowners fell behind on mortgage payments or were in foreclosure during the third quarter as the world’s largest economy shed jobs and real estate prices tumbled.

The share of mortgages 30 days or more overdue rose to a seasonally adjusted 6.99 percent while loans already in foreclosure rose to 2.97 percent, both all-time highs in a survey that goes back 29 years, the Mortgage Bankers Association said in a report today. The gain in delinquencies was driven by an increase of loans with payments 90 days or more overdue.

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