Foreclosures Hit All-Time High
12:40 p.m. update And then there’s this……
NEW YORK (AP) The Federal Reserve says Americans’ percentage of equity in their homes has fallen below 50 percent for the first time on record since 1945.
We already knew this, didn’t we? Of course, that’s an all-time high that will probably be broke by another all-time high in the first quarter of 08. But according to President Noodlebrain we’re all doing okie dokie. Stay tuned………
Home foreclosures soared to an all-time high in the final quarter of last year, underscoring the suffering of distressed homeowners and the growing danger the housing meltdown poses for the economy.
The Mortgage Bankers Association, in a quarterly snapshot of the mortgage market released Thursday, said the proportion of all mortgages nationwide that fell into foreclosure shot up to a record high of 0.83 percent in the October-to-December quarter. That surpassed the previous high of 0.78 percent set in the prior quarter.
”Clearly it’s the worst it’s been,” chief association economist Doug Duncan said in an interview with The Associated Press.
More homeowners — at the same time — fell behind on their monthly payments.
The delinquency rate for all mortgages climbed to 5.82 percent in the fourth quarter. That was up from the 5.59 percent in the third quarter and was the highest since 1985. Payments are considered delinquent if they are 30 or more days past due.
More at the NY Times
