MBA Says One in Eight U.S. Mortgages Delinquent in Q4, 2008

(CEP News) - Mortgage delinquencies for U.S. homes in the fourth quarter of 2008 rose to a new record high with one homeowner in 8 behind on one or more mortgage payment, according to a report from the Mortgage Bankers’ Association on Thursday.

The result is above the 6.99% rate reports in the third quarter, also a record high for the time.

The organization also said that foreclosure rates in the United States reached a record 3.3% in Q4 versus a 2.97% rate in Q3 and 2.04% in Q4 2007.

5.06% of prime mortgages are considered delinquent compared to 4.34% the quarter prior and 21.88% of subprime mortgage holders were behind on payments also up from 20.03% previously.

By Erik Kevin Franco, efranco@economicnews.ca

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Posted in Categories: Economy, Eurozone, Housing, Releases, USA.

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