Homeowners Losing The Battle To Stay Current On Their Mortgage Payments
Recent statistics compiles by the federal regulators tell us that more home owners than ever are losing the battle to make their monthly mortgage payments. Over 900,000 households are in the foreclosure process, up 71% from a year ago. That figure represents 2.04% of all mortgages, the highest rate in the report’s quarterly, 36-year history.
The foreclosure rates for prime and subprime adjustable rate mortgages both more than doubled compared with a year ago, from 0.41% for prime ARMs to 1.06% and from 2.70% for subprime ARMs to 5.29%. But it was subprime ARMs that contributed most heavily to the nation’s soaring foreclosure rates. Many of these loans come with low introductory rates that reset higher, often to unaffordable levels, in two or three years.
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