U.S. mortgage foreclosures reach record high

[UpInArms]

Source: Reuters

NEW YORK, Dec 6 (Reuters) - U.S home foreclosures and the rate of homes entering the foreclosure process rose to a record in the third quarter, as homeowners battled slumping house prices and spiking loan payments, the Mortgage Bankers Association said on Thursday.

Problems with payments on all loan types drove up the pace of homes entering the foreclosure process, the trade group said in its delinquency and foreclosure survey,

About 994,000 U.S. households are in the process of foreclosure, said Doug Duncan, the MBA's chief economist.

"Not all of them will lose their house, but that's how many are currently at serious risk of losing their house," he said.

<snip>

Late payments on mortgages jumped to the highest level since 1986, according to the survey that the group started in 1972. The survey covers 85 percent of the mortgage market.

Read more: http://www.reuters.com/article/bondsNews/idUSN0621155820071206?sp=true

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"Ah'm gonna pick up whar ma Daddy lef' off" GWB campaign 2000

[Wcross]

1. Give it another year!

This is just the tip of the iceberg.

[cliss]

3. I think so too.

The biggest problem are the declining prices. If housing prices could stabilize, or stay at a certain level, we could recover (slowly but surely). But real estate prices are sinking by the day. THAT's what's going to crater the entire market.
I've read that there will be around 2 million homes in foreclosure soon.

People are NOT going to hang on to a house that is declining in value. They will bail on it.

[Tight_rope]

2. This is just putting a bandaid on a gun shot wound.

This won't stop the bleeding

[Supersedeas]

4. nothing to see here -- spend spend spend is the MSM message