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10% US Homeowners Fell Behind on Mortgage Payments
December 7th, 2008 8:56 PM

Mortgage Delinquencies, Foreclosures Rise to Record

Dec. 5 (Bloomberg) -- 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.

“Until we see a turnaround in the job situation, we’re not going to see these numbers improve,” said Jay Brinkmann, chief economist of the Washington-based bankers group, in an interview. “We’re seeing more loans build up in the 90-days bucket as lenders work to modify loans and states put in place programs that delay foreclosures.”

The U.S. economy has shed 1.91 million jobs this year, while falling home prices have made it difficult for people who can’t pay their mortgages to sell their property. Payrolls declined in each month of 2008 through November, the Labor Department said today in Washington. complete story

Source: Bloomberg.com - Kathleen M. Howley

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Posted by Real Estate - Associates on December 7th, 2008 8:56 PMPost a Comment (1)

Introducing 2 New Orlando Real Estate Blogs
December 13th, 2008 3:08 PM

Two New Orlando Real Estate Blogs

The Topics Covered are :

  1. Orlando Short Sales and Foreclosure Info

Orlando area Real Estate Blog - This website Blog is operated by a dedicated team of full time real estate associates who live in and service the Greater Orlando Area. This group of Top Producers have decades of experience to draw upon that will assist with any clients situation. Whether you are Looking to Buy or Looking to Sell, the Orlando Real Estate Associates can help.

Orlando Short Sales and Foreclosure Blog - We are a team of licensed Realtors and loss mitigation experts in Orlando who specialize in foreclosures, pre-foreclosures and the short sales of all types of property. There is much interest in the various stages of distressed properties these days. A lot of information, some good and some bad, is floating around. Our goal is to help provide some clarity and guidance on this complex subject.


Posted by Real Estate - Associates on December 13th, 2008 3:08 PMPost a Comment (0)

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