(Source: The Washington Post)
Record levels of (US) homeowners were behind on their mortgage or in the foreclosure process during the second quarter, according to industry data released Thursday that illustrate the challenges facing government efforts to stem the housing crisis.
The problem has continued to shift from the subprime loans that helped spark the foreclosure crisis to prime borrowers that are struggling under the impact of the declining economy, including rising unemployment, according to the Mortgage Bankers Association. Foreclosure rates are likely to continue to rise until late next year, said Jay Brinkmann, the group’s chief economist.
Read the full article by Renae Merle “Mortgage Delinquencies Hit Record High” in the Washington Post (August 20, 2009).