Friday, December 05, 2008

Record 1 in 10 Americans in mortgage trouble - Mortgage Mess- msnbc.com

WASHINGTON - A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted from risky loans to the crumbling U.S. economy.

The percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier, the Mortgage Bankers Association said Friday.

The foreclosure crisis continued to be concentrated in states like Florida, where a stunning 7.3 percent of all loans were in foreclosure at the end of September, by far the highest in the country.
Record 1 in 10 Americans in mortgage trouble - Mortgage Mess- msnbc.com
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