Mortgage Foreclosures in America

According to an AP story published today “a record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. And the wave of foreclosures isn't expected to crest until the end of next year, the Mortgage Bankers Association said Thursday.

The foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process.”

This same article reports that “almost half of all adjustable-rate loans made to borrowers with shaky credit were past due or in foreclosure.”

These numbers are hard to fathom. This is earth shaking to the people who believed in the American Dream. Really!
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