According to a report by the Associated Press, 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.
The Mortgage Bankers Association said Friday 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.
Distress in the home loan market started about two years ago as increasing numbers of adjustable-rate loans reset to higher interest rates. But the latest wave of delinquencies is coming from the surge in unemployment.
http://www.theyeshivaworld.com/article.php?p=26834
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