U.S. mortgage delinquencies set record

[Robb]

Source: Reuters

High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc credit bureau showed on Monday.

Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up from 7.32 percent in July, according to the data obtained exclusively by Reuters.

August marked the fourth consecutive monthly increase in delinquencies, and the report showed an accelerating pace. By comparison, 4.89 percent of mortgages were 30 days past due in August 2008, while in August 2007, the rate was 3.44 percent, Equifax data showed.

Read more: http://www.reuters.com/article/GCA-Housing/idUSTRE58K29E20090921

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Oh, good. Glad to hear we're pulling out of this. :eyes:

[Yuugal]

1. Why do you hate Obama? nt

[rfranklin]

2. Why do you blame this mess on Obama?

This has been brewing for thirty years since Reagan and the right wing put an end to the rising middle class and substituted easy credit.

[Aragorn]

5. I feel

trickled on.

[saigon68]

4. Hate Him?

Get real

The Scumbag used condom CHIMPANZEE (see below) is more responsible for this than any one. Although another poster opined it started when Carter was relieved by the voters

[n2doc]

3. Nothing to see here, move along....

The recession is over, didn't ya hear?

:sarcasm:

Second crash, coming up. I wonder how much the banks will ask for this time?

[nc4bo]

7. Word hasn't trickled down yet about that recession is over thing....

That 2nd crash looms on the horizon.

We've gone from liquid trickle to something much more solid.

[Javaman]

13. "something much more solid."

:rofl:

on the nose!

[closeupready]

8. They will demand as much as they want, incl. to cover bonuses, and Obama will give it to them.

Make no mistake about who calls the shots in DC.

[tinkerbell41]

6. Not that this isn't a serious issue.

But please keep in mind homeowners who asked for help with the Making Home Affordable Program are being reported as late. I was never late in 11 yrs. When I applied to program(due to layoff)they started reporting me as delinquent, because I wasn't making a full payment. Yes, this sucks.

[Robb]

10. Yes

...But given the dismal number of modifications being undertaken -- and the even smaller number of permanent mods after the three-month trial modifications -- I don't think those in HAMP are adding much to the number.

[tinkerbell41]

11. Problem is...

The banks take verbal info over the phone, pre-qualify right then and there, next payment due in 30 days(skipping a month) for trial, 3 mos of trial payments, takes about a month to get paperwork,now we are being told after making our last trial payment that they are so backed up it could be 2 mos or more to receive final docs. Which will make me about 6-7 mos delinquent.
Just because you were pre-qualified if numbers don't match you are denied. So you have a ton of people showing delinquent because they start the trial and then don't qualify after 6 mos. My bank tells me they have been deluged with applications. Whether to believe them is the question.

[Robb]

12. Good luck, and trust your gut. nt

[bemildred]

9. Gee, who could have predicted this?

Most people cannot pay their mortagages with GOOD jobs.