Home loan delinquency rate shows increase

[deadparrot]

More Americans fell behind on their mortgage payments at the end of last year as they struggled in the face of hurricane damage, rising interest rates, higher gas prices and holiday credit card bills, the Mortgage Bankers Association said Thursday.

The percentage of Americans who were delinquent on their home loans rose to 4.7% in the fourth quarter, the highest level since mid-2003. Late mortgage payments soared in the hurricane-stricken states of Louisiana and Mississippi. (Chart: Rates in all 50 states.)

And homes in foreclosure reached alarming levels in a handful of Midwest states - Ohio, Indiana and Michigan, for example - that were once the backbone of Industrial America but have seen an exodus of manufacturing jobs.

About one in five mortgages in Louisiana and Mississippi was overdue. But "the results in those two states simply magnify the trend in the national data," said Doug Duncan, chief economist for the MBA.

http://news.yahoo.com/s/usatoday/homeloandelinquencyrateshowsincrease

[MadMaddie]

1. Hunh...Ohio with high forclosure rates....and their jobs being

outsourced who would have thunk?:sarcasm:

[Virginia Dare]

2. This spells T-R-O-U-B-L-E....EOM

[MadMaddie]

3. With a big capital T.....

[SpiralHawk]

6. ...and that rhymes with B, and that stands for BushCo & CABAL

cabal of corrupt Republican cronies

[meegbear]

4. I wouldn't be surprised if some shitheads are lobbying congress now ...

Give us the right to increase interest rates on mortgages like the credit cards companies can for late payments.

[depakid]

5. You ain't seen nothin yet

When this house of cards goes, the late 80's will look like boom times....

[MadMaddie]

7. Isn't that the truth...

I am trying to get all of my debt payed off...this year!!

[SLCPUNK]

9. You can do it......

I owe nothing on Credit cards and my wife will be debt free by this summer. You can do it!

[NYC]

11. Congratulations!

And congratulate your wife for me when she reaches zero in the summer. I keep telling people I know to pay off their credit cards, but not everyone listens.

Welcome to DU. :hi:

[NashVegas]

8. 1,000,000 Defaults Expected on ARMs This Year

This was just reported on my local news.

[NYC]

10. Demand for Home Loans at Lowest Level This Year.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2182651

Closely related.

...Consumer demand for home mortgage loan applications fell last week to the lowest level this year despite a marked drop in interest rates, as industry trade group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity or the week ended March 17 decreased 1.6 percent to 565.0 from the previous week’s 574.4, its lowest level of 2006.