August 21, 09 (Hamsayeh.Net) - US economic vows have reached new picks. According to Washington Post reporting the proportion of homeowners delinquent on their mortgage or in foreclosure increased to its highest levels in the past forty years. This is despite gigantic injections of funds to help borrowers and homeowners.
As it was foreseen, one of the biggest problems in the current recession is the increasing unemployment among ordinary and professionals workers across the board. The recession's impact on the market could send foreclosure rates up through the end of next year. Overall, one out of eight mortgage loans were delinquent during the first quarter.
That is the highest level ever recorded by the survey, which has been conducted since 1972, and breaks the high mark set during the first quarter. It is up from about 9 percent during the second quarter of 2008.
This comes as the Obama administration push lenders to do more to help borrowers under the federal Making Home Affordable program.
The prevention program pays lenders to lower borrowers' mortgage payments. It has helped more than 200,000 borrowers since it started in March, but the administration is aiming to reach 500,000 by Nov. 1.
Source: Agencies
August 21, 2009
MSN - - - Wikipedia - Hamsayeh.Net
