24 percent of properties with a mortgage were underwater in the fourth quarter…medium price of a U.S. home down 28 percent from July 2006 peak…
More than half of U.S. borrowers who received loan modifications on delinquent mortgages defaulted again after nine months, according to a federal report.
The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said in a joint report today. The figure, which measures payments at least 30 days late, climbed to 57.9 percent for changes made in the prior 12 months.
Read the full article, “Half of U.S. Home Loan Modifications Default Again” at Bloomberg (March 25, 2010).