UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review has been on the web since 1995. See main page for full contents

August 23, 2009

WHAT REBOUND?

Kevin G. Hall McClatchy Newspapers - Delinquency and foreclosure rates for U.S. mortgages continued to rise in the second quarter, with loans to the most qualified borrowers going bust at an unnerving clip, especially in hard-hit states such as Florida and California. The numbers reported by the Mortgage Bankers Association show clearly that rising job losses are worsening the nation's housing troubles and threaten the Obama administration's efforts to keep owners from losing their homes. . . Nowhere is there less sunshine in this picture than Florida. The survey found that from April to June, 12 percent of all Florida mortgages were in the foreclosure process and about 23 percent of all Florida mortgages - almost one in four - were late on payments or under threat of foreclosure. In California, 10.8 percent of all mortgages were 90 days or more past due or in foreclosure. While the Golden State accounts for 13.3 percent of U.S. mortgages, it's also the site of almost 20 percent of foreclosure starts from April to June.

1 Comments:

Anonymous Anonymous said...

Roubini was right all along!

August 23, 2009 7:36 PM  

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