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Long-term unemployment woes increasing rate prime mortgage foreclosures

posted 39 weeks ago on Blown Mortgage

As the unemployment rate continues to grow it is hitting an increasing number of people who had prime mortgages. The result is a huge increase in foreclosures among primes. In the first three months of the year, prime fixed-rate loans accounted for nearly half of the increase in foreclosure proceedings, according to the Mortgage Bankers Association. "At the end of the fourth quarter, 2.4% of prime mortgages were seriously delinquent, more than double the 1.1% at the end of March 2008, according to a report by the Office of the Comptroller of the Currency and the Office of Thrift Supervision." Some folks seem to believe that the unemployment rate will soon peak at 10%. The fact that the unemployment rate jumped to 9.4% from 8.9% is ignored as a ?baked in the cake? event as everyone expects
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