Thursday, May 28, 2009

Over 6 Million Homeowners in Trouble

Over 6 million homes are late on their mortgages! If 12% of the homeowners with mortgages are late on their mortgages and there are approximately 50,762,000 million mortgages than approximately 6,091,440 homeowners are delinquent! Lets take a look at the mortgage chart -

From this article from the New York Times titled 12 Pct. Are Behind on Mortgage or in Foreclosure we see the housing crisis anywhere but near the bottom. Let's take a look -

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.

At the same time, almost half of all adjustable-rate loans made to borrowers with shaky credit were past due or in foreclosure.

Trouble behind and trouble ahead. Do you really believe things will turn by the end of the year? Maybe the declines will just slow down a bit...

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