Consumer Law

"Problem" Home Mortgages Hit Record High

By Brian Wolfman

This story in today's Washington Post explains that a new bank industry survey shows that the percentage of home mortgages delinquent or in foreclosure is at a record high. Here's a couple paragraphs to give you a flavor:

More than 14 percent of borrowers were in trouble on their mortgage during the third quarter, a new record, according to an industry survey released Thursday, which also suggests that the foreclosure rate is likely not to peak until next year as unemployment rates continue to rise. * * *

About 9.6 percent of borrowers were delinquent on their mortgage during the third quarter, according to the survey, and another 4.5 percent more were somewhere in the foreclosure process. Overall, about 14 percent of mortgage loans or 7.4 million households were delinquent or in the foreclosure process during the quarter, according to the group.

Ugh.

Full post as published by CL&P Blog on November 20, 2009 (boomark / email).